The U.S. Department of the Treasury is looking for ways to make managing your money and making sound financial decisions easier by using the tools we use every day, namely smart phones and tablets.
The Treasury recently hosted a financial mobile app contest offering cash prizes to individuals across the country for designing the best apps that could help “Americans make smart financial choices, access high quality financial products and services, and ultimately control and shape their financial futures,” a Treasury press release said.
Winning ideas included apps that would make it easier to manage student loans, save for a car, connect low-income households with resources in their communities, track and control impulse spending, and calculate the full cost of purchases made on credit cards.
The grand prize was $10,000, two runners-up were awarded $5,000, and two honorable mentions received $2,500. Read the full descriptions of the winning apps.
“As we work to improve our nation’s financial capability, we must look to how technology is changing personal finance,” Treasury Deputy Secretary Neal Wolin said at the award ceremony. “App designs like the ones we saw today have real potential to be game changers in our efforts toward greater financial understanding and access.”
Winners can pursue development of their app concepts by competing in the Financial Capability Development (FinCapDev) Competition.