[ti:Websites Show Young People How to Save ] [ar:Christopher Cruise] [al:Education Report] [by:www.51voa.com] [00:00.00]This is the VOA Special English [00:02.95]Education Report. [00:04.65]Young people are perhaps [00:06.29]better-known for spending money [00:08.18]than saving it. [00:10.02]But some new banking websites [00:11.98]are seeking to change that. [00:13.67]These websites offer young people [00:15.96]the information and tools they need [00:18.85]to watch over their money. [00:20.99]The websites also let the users [00:23.43]share their financial experiences [00:25.62]with other young people. [00:27.76]Nineteen-year-old Alix Scott [00:30.29]has been working [00:31.29]at a store this summer. [00:33.03]She is saving money [00:34.43]to pay for college next year. [00:36.37]ALIX SCOTT: "I have to save for [00:37.77]all my college money [00:38.91]because my parents, they can't [00:41.05]afford to co-sign on loans. [00:42.55]So, I have to rely [00:43.99]on my own savings." [00:45.23]But instead of putting her money [00:47.23]in a local bank, Miz Scott [00:49.52]began using SmartyPig, [00:51.47]a web-based banking service. [00:53.95]ALIX SCOTT: "When I do that, [00:54.85]I overcome the impulses [00:57.10]to just spend the money." [00:58.31]Michael Ferrari developed SmartyPig [01:00.90]with a friend in two thousand seven. [01:03.39]MICHAEL FERRARI: "SmartyPig [01:05.35]is really all about helping people [01:07.30]save for very specific financial goals. [01:10.59]So that could be a wedding, [01:12.23]a vacation, an I-phone." [01:14.68]Mister Ferrari says [01:16.57]SmartyPig opened after he started [01:19.16]a college savings account [01:21.03]for his new baby. [01:22.57]He says that experience helped him [01:25.11]realize the power of saving [01:27.26]for a specific goal. [01:29.50]Helping other savers pay attention [01:31.93]to their goals is the idea [01:34.42]behind his on-line company. [01:36.81]MICHAEL FERRARI: "For example, [01:37.71]I'm saving up for a vacation. [01:39.90]I want to save five thousand dollars. [01:41.84]I want to meet this goal [01:43.23]in three years. [01:44.18]SmartyPig will actually calculate [01:46.12]how much money you need [01:49.35]to allocate every month. [01:50.80]You don't have to move [01:51.80]from your existing bank, [01:53.21]we'll actually go in [01:54.31]and withdraw those funds [01:55.97]on the day you specify every month [01:59.07]and we'll put them [02:00.11]into your SmartyPig account, [02:01.32]where they'll actually [02:02.81]accrue interest, as well." [02:04.95]Mister Ferrari says [02:06.69]his website also enables outsiders [02:09.53]to add money to the accounts of its users. [02:13.27]MICHAEL FERRARI: "Perhaps maybe [02:15.00]a holiday is coming up [02:15.80]or your birthday is coming up, [02:16.74]and rather than getting a gift, [02:17.89]your friends, your family [02:19.63]can actually contribute [02:21.32]to any of your SmartyPig goals." [02:23.66]Twenty-two-year-old Khang Nguyen [02:26.36]is studying civil engineering in college. [02:29.64]He likes being able [02:31.43]to share his saving goals [02:33.28]with his online community. [02:35.66]KHANG NGUYEN: "I think [02:36.39]it's actually a good thing [02:37.34]that they are able to see it. [02:38.39]Like, a bunch of my friends [02:39.78]after they found out, you know, [02:40.88]about what I do, they always come [02:42.22]ask me for financial advice." [02:43.27]A growing number of young people [02:45.80]have shown an interest [02:47.30]in online banking sites like SmartyPig. [02:50.03]They say they like [02:51.60]the ease of operation [02:52.95]and services the sites offer. [02:55.20]These personal finance websites [02:57.90]offer tools that help users [02:59.84]follow their spending, [03:01.48]set up a budget, [03:02.83]and combine their investments. [03:05.43]And they all involve social media, [03:08.62]which interests young adults [03:10.46]who are already at ease [03:13.09]about sharing their personal [03:14.89]information online. [03:16.98]Janet Stauble is with [03:18.99]the personal finance website [03:20.98]bankrate dot com. [03:22.82]JANET STAUBLE: "There's all kinds [03:23.81]of individuals who have their own blogs [03:25.61]who are talking about money, [03:26.90]creating videos, making info-graphics. [03:29.29]You just kind of see personal [03:31.78]finance information in places [03:33.02]that you wouldn't expect." [03:34.02]Miz Stauble says [03:35.23]people share things on the Internet [03:37.02]that they might not say to their friends. [03:39.91]JANET STAUBLE: "It's not likely that, [03:41.21]you know, you might go to a friend [03:42.71]and say, ˇ®Hey, I paid off [03:43.70]one thousand dollars [03:44.70]on my credit card today,' [03:46.15]but people write up blog posts [03:47.89]about it and they explain how they did it, [03:49.94]and how much closer they are [03:51.84]to their financial goal, [03:53.29]whatever it is." [03:54.18]And that's the VOA Special English [03:57.05]Education Report. [03:58.54]I'm Christopher Cruise.