App helps bridge the economic gap within the minority population

(WZAW) -- The start of a new year often brings with it a desire to adopt smart money habits and improve one’s financial situation. The United States has experienced 10 years of economic growth, but minorities are not benefiting from it. In fact, 38 percent of non-white American workers participate in employer-sponsored retirement plans.

Similarly, there is a disproportionate number of Latinos, Blacks and other diverse communities that fall well below the national averages for emergency savings, home ownership and generational wealth.

This critical divide demonstrates a persistent wealth gap that continues to plague America. To help address these widening disparities Carlos Garcia created Finhabits, a first of its kind bilingual mobile app that helps make investing a habit, with as little as $20 a week.

"I wanted to create a service that was simple, and it was inclusive of everyone who wanted to save for retirement they could do it through an app, and they could do it under seven minutes," Garcia said, during a satellite interview on NewsChannel 7 at 4 Thursda y.

The app is available in English and Spanish and lets users build an emergency reserve, invest money for mid and long-term goals, and save for their retirement. It also includes a news and education platform with financial tips and videos with advice from experts, bringing financial literacy and wealth building tools to its users.

"When you're investing with FInhabits, you're investing in ETFs that are investing in U.S. stocks, international stocks, U.S. corporate bonds, international corporate bonds, government bonds. So it's a diversified portfolio. The ETFs that we use are from Vanguard, BlackRock and Goldman Sachs," Garcia added.

An ETF, exchange-traded fund, is a collection of tens, hundreds or sometimes thousands of stocks or bonds in a single fund and can be traded on an exchange like a stock. ETFs give you a way to buy and sell a basket of assets without having to buy all the components individually.

For more information, visit finhabits.com or download the app through Google Play or the App Store.