Chris Johnson, Founder and CEO & Bryan Garnett, President & PrincipalFinaciti combines cutting-edge financial technology with engaging educational content in its robust application, which assists individuals in making small, impactful changes in financial habits while exploring income-boosting opportunities.
The app’s content is tailored to tackle the most prominent roadblock on the path of savings—impulse spending—which can quickly derail financial goals. Finaciti addresses this by taking a deep dive into brain science.
“Our brain favors immediate gratification, as opposed to long-term outcome. The reason behind this is dopamine, a neurotransmitter associated with pleasure and reward that is released when you do something you like,” says Chris Johnson, founder and CEO of Finaciti.
Cravings for dopamine reinforce the habit of seeking instant rewards. By educating users on why they lean toward specific financial choices, Finaciti uses the knowledge that our brains prefer instant rewards and encourages users to reward themselves when they do something positive, especially something that moves them toward a long-term goal.
This is the intent with which Johnson founded Finaciti, with the help of Gary Olson. Their firm is not holding back when it comes to fostering financial literacy. The founders believe it is all the more important for paycheck-to-paycheck earners to develop positive financial behaviors early on, as they have less room for error. Most of their income is typically allocated toward essential expenses, leaving them with less discretionary income to save or invest. Rather than spending this on impulse purchases, they need to divert it toward building a financial safety net for the future.
The Science Behind the Finaciti Approach
The internet overflows with financial advice to avoid wasteful expenses. Despite this, most of it does not stick. For instance, frequenting a coffee shop is labeled a wasteful expense, but this does not keep people from overspending on the coffee they love. Instead of attempting to stop people from small indulgences, Finaciti suggests users reward themselves for achieving small financial goals. For example, successfully setting up automated savings from a checking or savings account is worth celebrating by indulging in a favorite beverage. “Our brains are reward seeking machines and will keep us performing positive actions if we reward ourselves after positive behavior”, says Johnson. What is better, going to that coffee shop and feeling guilty about it later, or enjoying a coffee as a celebration for achieving a small financial goal with future benefits? It is instant gratification while taking steps toward a secure future.
A reward for every positive action resonates positively in the brain, generating satisfaction and a sense of confidence. Apart from that, the anticipation for a better future also creates a deeper level of gratification. This forms the key to the financial recommendations made by Finaciti’s solution, which encourages individuals to identify small, meaningful actions that hold personal significance and make them feel good about themselves.
“We combine our financial literacy tool with an engaging and actionable training method to reinforce positive financial behavior among individuals through meaningful rewards,” says Johnson.
The realization that most people prefer to avoid reading dry financial content prompted Finaciti to break down its educational content into bite-sized lessons lasting less than five minutes each. This content is curated by comedy writers, who make it fun and engaging. With Finaciti, the lessons are more enjoyable, rather than a turn-off. Each lesson is followed by an action item, where the individual inputs some data and completes a financial action before moving on to the next task. It guides people through a plan that caters to their current financial situation.
For paycheck-to-paycheck earners, the solution provides step-by-step instructions on what they need to achieve financial stability. By engaging in the reading-action cycle, users are completely engaged as they work through the plan. Over time, they gain all the knowledge they need to manage their budget and income without assistance.
We combine our financial literacy tool with an engaging and actionable training method to reinforce positive financial behavior among individuals through meaningful rewards
Built on the foundation of promoting financial wellness for everyone, Finaciti diversifies the knowledge and resources that were once only available to the wealthy. Instead of catering to individuals having assets over $250,000, it assists the more than 90 percent of ‘left out’ Americans in becoming financially capable, stable, and confident.
Recent surveys show that approximately 64 percent of Americans live paycheck to paycheck. Around 28 percent struggle to pay their bills on time and often face severe financial distress. Financially stressed individuals are less productive at work and are twice as likely to leave their job, leading to higher turnover rates. In industries with lower average wages, such as hospitality, retail, construction and manufacturing, the percentage of stressed employees can be as high as 60 percent of the workforce. On average, a severely stressed employee costs their company over $15,000 annually.
This is why many employers are seeking Finaciti’s assistance to alleviate financial stress and improve the overall wellbeing of their employees. Company leaders are successfully turning liabilities into assets by empowering their workforce to be more confident and capable in managing their finances.
Enabling Individuals to Gain Financial Independence
Finaciti has guided many individuals toward their financial goals. One among them was a working professional with an almost six-figure income. Despite this, he was not in a position to afford new tires for his car.
On Finaciti’s recommendation, he engaged in a 15-day paycheck challenge, a program designed for people living paycheck-to-paycheck. It comprised a series of easy savings tips, where the company guided them on making better purchases without changing their lifestyle. This enabled them to spend less and save more. He and his wife also received support from a live coach, and in about a month, they could save enough money to buy the tires. While this instance showcases the simpler aspects of Finaciti’s education and action approach, the firm has also become the go-to for more complex situations.
Many single parents find respite in Finaciti when faced with significant financial constraints. Recently, a single mother used its solution to seek help from a life coach and create guardianship documents for her children, free of charge. She gained peace of mind knowing that if something were to happen to her, her kids would be cared for without the interference of lengthy court proceedings. The value offered by Finaciti’s solution often creates a significant impact on people’s lives.
A Workforce Focused on Innovation and Growth
Johnson and Olson work with Bryan Garnett, president and principal, to keep Finaciti on its track to success. Garnett has a background of 22 years in the Air Force and substantial expertise in the human resources and hospitality fields. With Finaciti expanding to additional markets, it employs Spanish translator, Abby Johnson, who maintains a translation for the application’s content.
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Our Brain Favors Immediate Gratification As Opposed To A Long-Term Outcome. The Reason Behind This Is Dopamine, A Neurotransmitter Associated With Pleasure And Reward That Is Released When You Do Something You Like
Aumone is a highly qualified researcher and educator with a Ph.D. in neuroeconomics, a relatively new field that examines the brain’s response during financial decision-making. He plays a crucial role in validating and enhancing the content used in Finaciti’s financial literacy education.
Draelos contributes to Finaciti’s AI strategy. With a Ph.D. in neural networks, he helps the firm leverage technology to augment its financial literacy tools.
Financial literacy is a core competency, but its underlying focus on innovation enables it to explore new horizons. AI’s accountability and goal-setting aspects bolster the capabilities of its solution.
Fostering Financial Independence: Scripting Success Stories
Finaciti’s strength lies in its extensive financial knowledge, technical expertise, and innovation. The effectiveness of its solution has garnered interest from employers worldwide seeking to alleviate their employees’ financial stress. It recently received numerous requests from construction companies seeking to license its app, in both languages, as a financial wellness offering for their staff.
Ultimately, Finaciti is differentiated by its ability to combine financial literacy, cutting-edge technology, and brain science. It goes beyond simply providing knowledge to empower individuals on their financial journey, helping them bridge the gap between their current l situation and their desired future.
When stress levels decrease, work productivity increases, securing growth for a workforce and its employers. Companies can anticipate lower costs associated with mental health and wellness, fewer sick days and time away for medical appointments, and greater engagement at work.
Driven by its customer-friendly approach for financial wellness and backed by a team of experts, Finaciti is lifting people toward their financial dreams.
