Mogo launches newly designed mobile app and introduces Canadians to the 4 habits of financial health
Mogo launched its newly redesigned mobile app that makes it easier than ever for Canadians to get in control of their financial health. Financial stress continues to be the number one stressor for Canadians and is even more pronounced among millennials, with surveys showing that 76% cite it as their top source of stress. Almost 6 in 10 Canadians now carry credit card debt and getting out of debt has been the number one financial goal nine years in a row. Mogo’s newly redesigned mobile app helps Canadians master the four habits of financial health and get on top of their finances.
The 4 Habits of Financial Health
One of the challenges most Canadians face is simply knowing where to start and what to do when it comes to managing their personal finances. Mogo’s goal is to make it easy for consumers to move away from bad money habits and begin adopting the habits that will actually help them achieve their money goals. This includes in-app educational content called “Money Class” that walks the user through the keys to each habit in a simple and engaging way.
Getting rich isn’t a trick or a hack. It comes down to four simple habits. Mogo’s digital solutions are now designed to help members better follow and master these habits. Specifically, we’ve redesigned the Mogo app around the 4 habits of financial health, which are:
1) Monitor and protect: Monitoring and protecting your credit score is critical if you want to achieve your goals. A bad credit score could cost you thousands in increased interest, and ID fraud can prevent you from qualifying for a mortgage. We make it easy to manage this with our free credit score monitoring, as well as MogoProtect for ID fraud protection.
3) Borrow responsibly: Be smart with credit – borrow only when you need to and pay it off quickly to get back to building wealth. With MogoMoney, you get a pre-approval that doesn’t impact your credit score and a transparent loan experience that will help you get debt-free faster, so you can get back to saving. Our goal is to offer consumers across the entire credit spectrum access to loans at the best rate possible based on their credit profile, which will increasingly be powered by our new partner lending program.
4) Save and invest wisely: Sixty-eight percent of Canadians say they won’t have enough savings to last through retirement. With the right strategy, investing even small amounts can help you build millions. Through MogoWealth, we plan to give our members the ability to save and invest wisely in a range of best-in-class digital investment products offered through strategic partnerships with leading asset managers.