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By Anthony Termini, Benzinga
Many Americans aged 18 to 27 either still live with their parents or rely on them for some financial support, according to a recent survey conducted by Bank of America.
Tax and accounting consultants, Ernst & Young point out in a similar survey that more than half of GenZers say they are worried about not having enough money.
In 2021 an article on the HuffPost website, explained how "millennials are facing the scariest financial future of any generation since the Great Depression."
Prior to that, The Wall Street Journal conducted a survey that found "more than half of millennials surveyed feel overwhelmed by financial obligations." Their survey also noted that they don’t trust traditional financial institutions.
Layered atop these sentiments is the reality that the way Americans earn a living is changing. According to management consultants McKinsey & Company, in 2022, some 58 million Americans identified themselves as independent (or gig) workers. TechReport.com notes that “over two-thirds of full-time gig workers find it a more secure form of employment than a regular job.”
All of this seems to support what think tank New America, has reported. They found that in general, "Americans believe the American Dream… is becoming more difficult to attain."
Amid such a landscape, one company may offer Millennials and Gen Zers a reason to feel optimistic about their financial futures.
Wolfpack Financial Is Poised To Roll Out A Novel Approach To Investing
Wolfpack Financial is a native app investment company focused on helping Millennials and Gen Zers control their finances and build generational wealth. The company, incorporated in Delaware with headquarters in New York, is not a traditional brokerage.
Wolfpack offers an investment opportunity with multiple benefits for beginning and inexperienced investors. For example, the app makes it possible for an investor to open an account with a minimum of $5. What’s more, Wolfpack offers up to $50 in rewards to new customers meeting certain conditions who download the mobile app and fund their accounts with a minimum of $100.
These same customers also automatically receive pre-approval for up to $2,000 in “Booster Loans” and priority access to them when they are launched later this year.
Wolfpack’s Booster Loan program is one of the features that makes the app unique and particularly beneficial for the young customer base the company caters to. Booster Loans are a type of lending product that gives investors an opportunity to augment their cash purchases.
The patent-pending innovation is a Buy-Now-Pay-Later system for buying stocks and ETFs. Wolfpack’s technology allows a customer to use smart leverage to purchase assets and then pay back the borrowed funds over a fixed 10-week repayment schedule. Booster Loans make it possible for an investor with $100 cash to invest up to $200 in a stock or ETF.
Individual Wolfpack customers enjoy this unique investment opportunity, and the company also has an enterprise version it intends to license to banks and brokerage firms that don’t have a similar offering or functionality. Wolfpack notes that more than 90% of such U.S. institutions fall into that category, which results in cash outflows to other companies that do provide those services.
Booster Loans are the only fully collateralized Buy-Now-Pay-Later lending product on the market, says Wolfpack, and the company will use it to help its strategic partners be more competitive with firms like Robinhood Markets (NASDAQ: HOOD) or WeBull.
Another factor that makes Wolfpack unique in the industry is that there are no penalties for consumers using the Wolfpack app. The company also offers commission-free trades and fractional share trading and lets investors buy securities for as little as $5.00 per trade. Wolfpack prides itself on its product, noting that Booster Loans are a better alternative to personal loans, credit cards and traditional margin lending because of its lower interest rate.
Why Millennials And Gen Zers May Want To Begin Their Investment Journeys Now
While the financial stress felt by Millennials and Gen Zers is real, there is still much for them to be optimistic about. Collectively, they stand to benefit from one of the greatest wealth transfers in history.
Some $84 trillion is expected to be inherited by these Americans in the next 20 years – about $16 trillion of that will be transferred in the next decade.
Wolfpack believes that an important part of being able to manage that future wealth can be gained from the investment experience and education it offers to the current generation of beginning and inexperienced investors. These may be some of the greatest benefits Wolfpack users get from the app.
Investment information about Wolfpack is available on the Wefunder website, and those interested in the Rewards and Priority Access being offered to new account holders should visit the company’s website.
Featured photo by Nattanan Kanchanaprat from Pixabay.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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