Gen Z Social Finance App

Half social media, half personal finance, Frich is a new social finance app that blends both together. It relies on user-generated survey data to generate reports about how young people spend and earn money.

Have you ever wondered how much your neighbor is paying for rent? Are you curious to know what a “normal” grocery budget looks like? If so, Frich is on a mission to answer all your burning money questions. Should you download Frich? Here’s what we think.

Launched in 2021 by two former models who wanted to better understand their own finances, Frich is a social finance app geared at helping Gen Z establish mindful spending habits. Users share details of their spending and participate in challenges to hold one another accountable to reaching their financial goals.

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

The app breaks down day-to-day living expenses, helps users compare their income to other users, and starts important conversations like the role of money in the home.

What Does It Offer?

Frich is different than most money management apps you are likely familiar with. Here’s a closer look at the apps main features. 

Question of the Day

The Question of the Day is Frich’s core feature. Each day, the app polls users about certain financial topics. Frich compiles the data and breaks it down to reveal patterns and trends amongst its user base.

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

Do you know how much you sibling(s) makes?

Based on respondents answers, Frich provided the following analysis:

Let’s start easy. We know that many of you look up to your siblings & 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 sibling for money advice, maybe it’d be good context to know how much they make to assess whether their advice truly fits your situation.

According to Frich’s website, answering questions unlocks tools. The more questions you answer, the more opportunities you’ll have to build your financial savvy on the platform.

Resources

The Resource hub provides insights focused on five key areas:

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

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

Perks

Perks are tools and resources picked by the Frich team to help users make smarter decisions about their money. Tool recommendations are personalized and tailored to an individual user’s goals and needs.

Frich is a social finance platform that leverages user-generated content to help users understand their finances. Frich analyzes the data they collect to help you understand how you compare to your peers and makes customized recommendations to help you improve your finances. 

Frich is free to join. The company generates revenue from affiliate products it recommends and insights it generates from user-provided data.

How Does Frich Compare?

Frich is a social comparison tool that can help you contextualize your finances but it won’t help you manage your money. Here are similar apps you can use to manage your finances while also connecting with friends about money.

YNAB

YNAB is a popular budgeting app that helps you put every dollar in your paycheck to work. The app has a cult-like following with a large community of users. There are forums dedicated to answering questions and users are encouraged to help one another get better at budgeting. YNAB is $99 a year but comes with a free 34-day trial.

eToro

Known for offering cryptocurrency, eToro is a social investing platform. Users are encouraged to share their trades and strategies with one another and copy them. Aside from crypto, the platform also offers exchange-traded funds (ETFs) and stocks. It requires a minimum $10 investment and stocks and ETFs can be traded for free.

To use Frich, create an account and begin answering questions. The more questions you answer, the more insights you’ll get on how to manage your finances.

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

Responses are anonymized on the platform to maintain user security. Full details regarding how data is collected and used are discussed in Frich’s privacy policy.

You can contact Frich by sending an email to: [email protected]. Alternatively, Frich maintains social media accounts on Instagram, X, TikTok, and LinkedIn. You can send a DM to any of those accounts.

Frich is for young adults who are interested in comparing their finances with other young adults. It might be useful if you live in a large city and are interested in understanding how you rank compared to your peers in other large cities. 

Frich is free so there is no cost to use the platform. That being said, all of the data collected by Frich is user-generated. It’s only reflective of the users providing the data, not all young people. This could skew the results, leading you to draw incorrect conclusions around your own financial well-being. Frich is a new app so it’s too soon to say what the long-term consequences of social financial comparison could be, if any.

Check out Frich here >>