Many people spend beyond what they make, particularly in early adulthood while they're learning how to create financial habits.
In 2016, the average American aged 25-34 made only $6024 more than they spent, totaling 90% of their after-tax income. Those aged 35-44 saved $12,827 after expenditures, dropping their spending to 84%. Because incomes generally increase over time, this means that it's harder to save the less you have.
Source: Bureau of Labor Statistics
Young adults aged 25-34 are carrying a heavy load of credit card debt. Data from different sources vary, but survey averages are quoted from $3000 to $7500 as revolving credit usage. They also carry the highest number of cards—averaging almost 3—and use revolving credit as income.
Over half of Americans 25-34 say debt negatively affects their health. This is particularly true for student loan debt, where borrowers own on average a total of $21,000 each. The cumulative debt is forcing young adults to reconsider things like buying homes and starting families.
If people knew how much they had available to spend on a daily basis, they could spend within their means.
By creating an app that will allow easy monitoring of spending, users will be able to quickly and easily monitor remaining balances and create good spending and saving habits.
Millennials are still a thing, and they're at an age where habits are still in formative stages.
Millennials are the largest living generation, surpassing Baby Boomers and Generation X. Today in 2018, they are split roughly between early/new millennials (ages 18-24) and late/old millennials (ages 25-34). As they reach their prime working and spending years, they're having significant impact on the American economy, particularly by how they buy and sell.
Millennials have come of age during a time of technological change, globalization and economic disruption. They're the first generation where digital technology is native. They're rarely disconnected; they sleep with their cell phones and use social media to not only drive connections but stay connected to news and media.
Millennials are dedicated to experiences; they focus on wellness and devote time and money to exercising and eating right. They're price-conscious. With access to technology, they're able to seek out deals, and do much of their purchasing online. Likewise, they handle their finances online, and manage their money themselves.