Gen Z Social Finance App

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Half social media, half personal finance, Frederick is a new social finance app that combines the two. It relies on user-generated survey data to produce reports on how young people spend and earn money.

Have you ever wondered how much your neighbor pays for rent? Are you curious about what a “normal” grocery budget looks like? If so, then Frich's mission is to answer all your burning questions about money. Should you download Frich? Here's our opinion.

• Social finance app
• Only available on iOS devices
• Free use
• Does not include tools for budgeting, investing or money management

What is Frich?

Launched in 2021 by two former models who wanted to better understand their own finances, Frich is a social finance app designed to help Generation Z develop more conscious spending habits. Users share details of their spending and participate in challenges to hold each other accountable for reaching their financial goals.

Frich allows users to share confidential details about their finances anonymously. The goal is to make certain money topics less taboo by increasing transparency and conversations about them.

The app breaks down daily living expenses, helps users compare their income with others, and sparks important conversations, such as the role of money in the household.

What does it offer?

Frich is different from most money management apps you're probably familiar with. Here's a closer look at the app's main features.

Question of the day

The question of the day is Frich's core feature. Every day, the app surveys its users on specific financial topics. Frich collects the data and analyzes it to uncover patterns and trends among its user base.

This is an example of a question that users might be asked:

Do you know how much your sibling(s) earn?

Based on the respondents’ answers, Frich prepared the following analysis:

Let's start simple. We know that many of you look up to your siblings and take their advice to heart. But do you know how much your siblings make? Should you know?

The consensus is that there is no consensus. You guys were pretty much 50/50 on this one (47% yes, 53% no). But next time you ask your siblings for money advice, it might be good to know how much they make to gauge whether their advice really fits your situation.

According to Frich's website, answering questions unlocks tools. The more questions you answer, the more opportunities you have to expand your financial knowledge on the platform.

resources

The resource hub provides insights focusing on five key areas:

Just like Question of the Day, users can answer questions in these categories and compare themselves with other users.

This resource section of the app is designed to give users tips on how to improve their finances. By answering questions and reviewing results, Frich hopes to motivate users to improve their finances.

Advantages

Perks are tools and resources selected by the Frich team to help users make smarter decisions about their money. The tool recommendations are personalized and tailored to each user's goals and needs.

How does Frich work?

Frich is a social finance platform that uses user-generated content to help users better understand their finances. Frich analyzes the data collected to help you understand how you compare to your competitors and provides you with personalized recommendations to help you improve your finances.

Are there any fees?

Frich is free to join and generates revenue through recommended affiliate products and insights gained from data provided by users.

How does Frich compare?

Frich is a social comparison tool that can help you put your finances in context, but it won't help you manage your money. Here are similar apps that let you manage your finances while also talking about money with friends.

YNAB

YNAB is a popular budgeting app that helps you make every dollar of your paycheck count. The app has a cult-like following with a large community of users. There are forums to answer questions and users are encouraged to help each other get better at budgeting. YNAB costs $99 per year but offers a free 34-day trial.

eToro

eToro is known for its cryptocurrency offering and is a social investing platform. Users are encouraged to share and copy their trades and strategies with each other. In addition to cryptocurrencies, the platform also offers exchange-traded funds (ETFs) and stocks. A minimum investment of $10 is required and stocks and ETFs can be traded for free.

How do I use Frich?

To use Frich, create an account and start answering questions. The more questions you answer, the more insights you'll gain into managing your finances.

Is it safe and secure?

Frich does not appear to require a connection to a bank account or financial institution. All survey questions are generated by individual user responses.

To ensure user security, responses on the platform are anonymized. For detailed information on data collection and use, please see Frich's privacy policy.

How can I contact Frich?

You can contact Frich via email at hello@getfrich.com. Alternatively, Frich maintains social media accounts on Instagram, X, TikTok and LinkedIn. You can send a DM to any of these accounts.

Is it worth it?

Frich is designed for young adults who want to compare their finances with those of other young adults. It might be useful if you live in a big city and want to know how you compare to your peers in other big cities.

Frich is free, so using the platform is free. However, all data collected by Frich is user-generated. It only reflects the users who provide the data, not all young people. This could skew the results and lead you to draw incorrect conclusions about your own financial situation. Frich is a new app, so it is too early to say what long-term consequences social financial comparison might have, if any.

Check out Frich here >>

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