LOS ANGELES, Jan. 23, 2019 /PRNewswire-PRWeb/ -- After launching last fall, U-Nest today announced that its college savings app has been used by more than 500 families looking to save money for their children's education. U-Nest is the first mobile app designed to help parents build, manage, and optimize a tax-free college fund with a 529 College Savings Plan. Easy to set up in as little as five minutes, U-Nest simplifies the process, providing families from every economic background a straightforward, realistic route to financing their children's education.
Seventy percent of people in the U.S. don't know about 529 College Savings Plans. Meanwhile, student debt in the U.S. continues to soar to unprecedented levels reaching roughly $1.5 trillion. In addition to educating parents about the tax-free benefits of 529 Plans, U-Nest is demystifying the lengthy and complicated process of setting up a plan, and breaking the cycle of student debt passed from generation to generation. With U-Nest, parents can quickly establish a 529 Plan, set monthly contributions (as little as $25/month) based on the in-app college savings calculator, track their progress, and easily adjust contributions over time, all from their phones.
The app is gaining popularity among millennial parents hungry for affordable, accessible and easy ways to save for their family's future.
"Getting started with U-Nest was incredibly quick and easy, and I love being able to calculate the savings my daughters will have by the time they're in college," said Olga Viter, U-Nest user and mother of 9-year-old twin daughters from California. "The investment options and ability to withdraw the funds tax-free means every dollar I put in can multiply faster and cover a bigger portion of my children's education expenses."
CEO, founder, and mother of three, Ksenia Yudina holds a CFA designation, and spent over a decade as a financial adviser helping parents understand how best to establish savings funds for their children. "This process is complicated even for seasoned financial advisors, but it doesn't have to be. We built U-Nest to remove the barrier to 529 Plans for families who can't afford expensive financial advisors to guide them," says Yudina. "We want to take away that stress for families who are feeling overwhelmed. This is the value that U-Nest provides."
U-Nest financial experts optimize plans to ensure money is invested in the smartest way possible based on the plans available, the child's age, and the parents' contribution level. U-Nest acts as a digital financial advisor and rebalances accounts over time to achieve a more conservative asset allocation as children get older. Unlike financial advisors that can cost upwards of $200 per hour, U-Nest has waived all underlying broker-dealer commissions, and the advisory fee is a simple and transparent $3/ month.
"As a parent with student debt, I understand first-hand the immense pressure parents feel to get their kids to college without strapping them with massive loan debt for the rest of their lives," says Yudina. "We're excited to open up the savings market to a much broader range of families to get sensible and achievable college fund plans in place. We are committed to relieving the burden of student loans from parents and hope to change the trend for future generations."
To open a U-Nest account, visit https://www.u-nest.com/download/ or https://itunes.apple.com/us/app/u-nest-save-money-for-kids/id1437147882?mt=8.
About U-Nest
U-Nest is on a mission to help all parents simply and smartly save and grow the money needed to fund their children's education. With an easy-to-use mobile app that in minutes establishes and manages a 529 College Savings Plan, U-Nest gives families the tools they need to fund a comprehensive education savings plan so their children are free to pursue the education they deserve without being saddled with crushing student loans. The U-Nest team has decades of experience as certified financial advisors, fintech technologists, and entrepreneurs.
The company is based in Los Angeles, CA. To find out more and get started, visit https://u-nest.com/.
SOURCE U-Nest
Share this article