Judges' Choice: TEEC | To encourage and support young people by providing an understanding of their financial wellbeing.

What is the problem you found?

The problem that we identified was that young adults often have only a basic knowledge of finance and financial concepts, leaving them in situations where they're often compelled to reach out for help from financial advisors and/or accountants. The issue that was identified was that often young people are not economically well-equipped enough to afford these resources and are therefore left confused and without adequate financial assistance. It was from this problem that the idea TEEC was created. Its simplistic and educational design makes customers ask themselves, why spend hundreds of dollars on an accountant when an app can simply do it for you?

 

What is your opportunity?

How might we create an affordable resource that encourages and supports young people, by organising their finances and also providing them with a basic understanding of financial concepts?

Who is your audience?

Our target customer is young adults who are beginning to become more independent after they've graduated, and who are lacking important knowledge about their finances and how to organise them.

What Is Your Solution?

TEEC is a subscription-based app that allows users to self-manage their finances. It is targeted towards young adults who do not have the extensive knowledge or experience that accountants and financial advisers have. It creates an opportunity for a person to take control of their financial situation by managing income, expenses and savings efficiently whilst also educating them along the way. This app was developed because it was identified that youth often only have a basic knowledge of finance, leaving them in a situation where they’re often compelled to reach out for help from those in the finance industry. It was identified that often young adults are not economically well-equipped enough to afford these resources and aren’t capable of doing it themselves. Therefore, the app TEEC was designed to mitigate these issues and improve the financial wellbeing of young adults.