The unique platform, developed by two Millennials, provides budgeting and forecasting analytics to help young people achieve their financial goals.
REDMOND, Wash., January 30, 2025 (Ecnetnews.com)
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Lakefront Finance, the free financial planning and education app made by young adults, for young adults, has opened early sign-up access to its platform, officially launching its creators’ mission of improving financial literacy for underprivileged and early-career individuals and helping them build a secure future.
Louis Brion and Christopher Heung, both 2017 graduates of Stanford University, created Lakefront Finance because of their own experiences as they moved from students to young professionals starting their careers.
“Even after graduating from college and getting our first jobs, we realized that we weren’t adequately prepared to navigate the world of personal finance, and talking to our peers, we found out that many were in the same boat,” said Brion, Lakefront Finance’s CEO.
Younger generations are pessimistic about their impending economic realities, he said: They see home ownership as inaccessible, and even saving money for major purchases is difficult. In that sense, Lakefront Finance is designed to address financial inequality, to help people without wealth to build wealth.
Brion was recently quoted in an article for GoBankingRates regarding habits that Gen Z needs to adopt in order to build wealth. “[w]hile the economy and quality of life is vastly different from the time baby boomers were the age that Gen Zers are now, there are cross generational strategies, habits and mindsets that have helped people build wealth that will always work: Limiting your spending, increasing your income and building a diversified portfolio of investment,” Brion said.
The Lakefront Finance app gives people the tools and education they need to build financial literacy and keep track of their finances, allowing them to make progress toward those financial goals. It allows users to connect all of their financial accounts (such as checking accounts, credit cards and investments) to give them a 360-degree view of their finances.
“Speaking openly about those financial challenges still carries some stigma, so we wanted to even the playing field and help people from any background have the knowledge and confidence to set and achieve lofty long-term financial goals,” Brion said.
Users can then create budgets that are automatically updated with their transaction data so they can set financial goals, such as eliminating debt, saving for college or buying a car, and track their progress. The app’s financial dashboard uses data visualizations and predictive analytics to provide step-by-step guidance on how to achieve those goals.
All client data is stored in Amazon Web Services servers, protected by AWS’ industry-leading security, and Lakefront Finance does not share data with third parties and has no ability to conduct transactions. “Our access to our clients is purely read-only, and just to allow us to provide the best budgeting and personal finance guidance that we can,” Brion said.
The Lakefront Finance app is free to download and use, because of the founders’ belief that basic financial education and budgeting tooling should be free for everyone. Lakefront Finance generates revenue by partnering with banks that offer high yield savings accounts to users referred by the app, and in the future may offer fee-based premium features for advanced reporting and investment analytics.
The Lakefront Finance app is browser-based, designed to be accessible to people who may not own a computer. It can run on virtually any device, such as a student’s Chromebook at school, a library computer, or a smartphone. Brion said that future updates to the app will allow users to connect to government and non-profit programs for housing, food security, and more.
“Lakefront has a different perspective on increasing financial mobility,” Brion said. “Our mission is to improve financial outcomes for everyone, not just for high earners planning their retirement. And with the launch of our app, we’re thrilled to finally be bringing financial literacy – and hope for their financial future – to people who need it.”
To access the free Lakefront Future app and its education and planning features, visit their signup page.
About Lakefront Finance
Lakefront Finance is a financial services company dedicated to democratizing financial accessibility for all. Founded with the vision to simplify the financial landscape, Lakefront Finance aims to empower Gen Alpha, Gen Z, and Millennials to set and achieve lofty financial goals by giving them tools to understand their current financial situation while nudging them in the right direction through personalized services and innovative visualizations designed to enhance financial literacy and management.
Source: Lakefront Finance
