New York, New York--(Newsfile Corp. - December 31, 2021) - StoreCash, which was founded by CEO Daricus Releford, CTO Phani Mullapudi and CDO Sheetal Ravi to teach young people financial literacy, has introduced a mobile app that helps minority teens and other community members develop financial literacy.
The app is envisioned as a means to close the wealth gap and help minorities and lower-income people create generational wealth. Mullapudi is originally from India, which is among the top 10 countries in the world with a large wealth gap, and he saw that gap firsthand. Once the three visionaries got together and focused on their common, passion-driven goal, StoreCash was born.
Financial literacy is taught in schools, but not in many minority schools and not in underrepresented communities, which increases the wealth gap. With the StoreCash app, the company aims to close this gap.
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According to Federal Reserve reports, only 71 percent of Americans have a savings account, and only 22 percent of all Americans have $1,000 to $5,000 in savings. In general, people know how to earn money and spend money, but many don't know how to save or invest it. The StoreCash team's biggest challenge was reaching the root of the problem and introducing financial literacy education at a young age.
The StoreCash app is available to anyone aged 13 and up to change the mindset in underserved communities as early as possible. The vision is to create a bank that provides financial literacy and offers the maximum cashback at retailers that users already shop with - regardless of the app user's age. Indeed, most banks and financial institutions only focus on adults at least 18 years old.
StoreCash is solving this issue by providing a gamified banking application that enables young students from underrepresented communities, along with their parents, to learn in a fun and interesting way. They have created financial literacy tools and resources, such as tips of the week and investment 101, that help users feel safe and have fun while learning.
Global Problems, Innovative Solutions
Founder and CEO Daricus Releford
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"The impact I want to have in this world is to increase the wealth of lower-income communities by providing them with the financial tools and resources to gain generational wealth. We're also aiming to help these communities save money on everyday items to create additional funds for them to invest," Releford said. "We're creating a new strategy for those who haven't been represented to create a financially literate mindset."
StoreCash is available on the Apple App Store and Google Play. For more information, visit storecashapp.com.
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