Gen Z is on track to become the most financially illiterate and unprepared generation in decades. We have almost as much credit card debt as our student loans. In total that’s almost $ 3T for a generation that hasn’t fully entered the workforce yet. At the same time, our parents remind us that “talking about money is not polite” and financial education in school teaches us about macroeconomics (at best), but never what WE are supposed to do. People scoff at us for wasting our lives away on TikTok but what they don’t realize – we use social media to learn new life skills by leveraging the power of the community around us.
A generation ago, Millennials broke a decades long taboo and disrupted the fitness industry. From being a lonely and shameful personal problem, fitness became a celebrated and shared activity. They used social media to share their journeys to make fitness social. Frich does the same but for your finances.
Now, facing our second recession in our 20 years of life, we are slowly losing hope that we will ever reach financial wellbeing and reach the goals we’ve always dreamt of – buying a house, traveling the world or paying for a Master's degree. We are hit by the reality that our aspirational goals come with a price tag, yet with no idea how to pay for them. Frich is a social finance app that leverages the community around you to show you where you stand in terms of your finances and anonymously pools other’s success roadmaps to serve as your “fin-spiration” to reach your life goals. See how your spending compares to peers like yourself and identify the areas you need to work on to reach your life goals. Once you’ve identified your problem areas, we’ll give you a step-by-step guide to changing your habits through fun challenges together with your friends to keep each other accountable in reaching these goals.
A year after launching, Frich has more than 30,000 users across universities in the US and has secured funding from FVS and Goodwater, as well as a brand partnership with Mastercard. What we care the most about though is that Frichies with 10+ friends on the app save on average $500 more, clearly showing that the social element works.
When we close our eyes at night, we hope for a world where anyone, despite the school they went to or family they grew up in, can have an equal chance in reaching their dreams.