Intuit, the maker of small business and professional accounting and tax programs, has launched Turbo, a free financial service app that brings together the three numbers that matter most for U.S. households: verified IRS-filed income, credit score and debt-to-income ratio, into a first of its kind financial health profile. Turbo, which is available at www.MyTurbo.com and in the Apple App Store, shows consumers where they truly stand financially– beyond the credit score - so they can take the first steps toward achieving their financial dreams.
According to a recent survey of 1,500 millennials commissioned by Turbo, the majority are stressed and overwhelmed by their finances. Only 12 percent feel very prepared for their financial future and less than half feel like they make enough to pay for bills and save for the future. To top it off, although seven in ten millennials have checked their credit score in the last six months, 55% do not feel it is the best indicator of their financial health.
“It's [the credit score is] one part of it. It may not accurately paint the whole financial picture, but I've used it as an indicator of my financial health,” said 29-year-old survey respondent, Abigail.
With customer consent, Turbo completes the story by effortlessly translating the verified financial data from an individual’s tax return and credit report into a robust and easy to understand personal profile. Key Turbo features include:
- True Financial Profile: Turbo shows the three key numbers that matter to your financial health – verified IRS-filed income, credit score and debt-to-income ratio. For each of your numbers, get the “whys” behind them, key takeaways, and comparisons to people like you.
- Customized Advice and Insights: Turbo provides customized advice and insights, like how a user might improve their debt-to-income ratio or improve their credit score, so they can qualify and secure a loan at the best rate possible.
- Benchmarking: Turbo will help consumers benchmark themselves against people like them using verified tax and credit data, so they can see where they truly stand financially.
- 24/7 credit monitoring: Turbo alerts you as soon as we notice new or suspicious activity on your credit report. Get instant access to your report and see what’s changed.
“We are at a pivotal moment when our country’s largest workforce isn’t collectively capable of planning for their financial future,” said Dan Wernikoff, executive vice president and general manager of Intuit’s Consumer Group. “Through TurboTax and Mint, we’ve accumulated unique insights into the financial lives of millions of consumers and with their consent have leveraged those insights to create Turbo. It’s time to empower this generation – and everyone – to finally know where they stand, so they can take the first steps toward financial freedom.”
The Turbo survey also found that 6 in 10 millennials are hesitant to discuss their financial situation with friends because they are embarrassed that they make less money or are ashamed of poor financial decisions in their past. In light of the findings, Turbo launched today the #RealMoneyTalk campaign. The campaign encourages Americans to have unfiltered conversations about their finances, so they can learn where they stand financially and take the first steps toward achieving financial health.
“The best way to demystify money is to start talking honestly,” said Greg Johnson, senior vice president of marketing. “#RealMoneyTalk is about knowing where you stand – because you can’t take the first step to financial freedom if you don’t know or can’t acknowledge where you stand. And wherever that may be, you’re not alone. There will be millions of others in the same situation, right there with you.”
#RealMoneyTalk will feature honest money conversations from a range of influential and everyday voices across @IntuitTurbo Facebook, Twitter, and Instagram social channels, encouraging followers to engage and share their own stories.
Turbo is free for everyone and available at www.MyTurbo.com and in the Apple App Store. It will soon be available for Android in Google Play.