Money Pools with Friends

April 13, 2021

Co-savings with friends to reach financial goals together 

Money bills folded and placed on a table

Most US citizens would be unable to survive 6 months with their emergency fund. According to Showbiz CheatSheet, 23% of Americans are unable to spend $100 in the case of an emergency.

This shocking statistic shows the need for communities to moblize and use their collective power to uplift each other economically.

Statistics show that younger Americans have fewer savings, with the average savings for those up to 35 being $1580.

Besides addressing socio-economic factors, encouraging group economics is a viable solution to tackling the younger generations’ lack of money.

How Joola can help

Unlike financial institutions, Joola has little to no barriers to entry. We don’t require a credit check to access funding and neither do we have exorbitant lending fees. We pride ourselves in providing an alternative lending option to banks and better rewards for saving money.

Besides addressing structural issues that impact people’s ability to save, another solution to this issue is to encourage people to pool their financial resources together for a common goal, which is exactly what Joola sets out to do. 

Join us in our quest to promote group savings: