Micro investment company Acorns said that it’s partnering with ZipRecruiter’s online job marketplace to launch a hiring portal. The joint venture will allow clients to browse available job openings and apply for the ones they’re best suited for.
Acorns’ CEO Noah Kerner said, “The more you earn, the more you can save and invest for the future. We wanted to connect those dots for people. By aligning that within Acorns, we can help people earn extra money, so they can invest more money.”
The Irving, California-based fintech company was launched eight years ago. Acorns’ new job portal will be the first one to be launched for a financial services corporation. The company had the launching on its roadmap, but the current job climate demonstrated an immediate need for this type of portal. Record unemployment has resulted from the pandemic.
The hiring portal will display both part-time and full-time job opportunities, in addition to remote job positions. It will also allow users to view career development content and setup job notifications.
Kerner said that Americans have a large barrier right now to invest money, as many are experiencing a lack of income. In a recent Acorns survey, 34 percent of people responded that they couldn’t meet their saving goals or invest. Most respondents cited that they weren’t making enough money to reach either objective. Lack of income seemed to be more of a savings barrier for men (39 percent) than it was for women (30 percent).
The economic slowdown, which resulted from coronavirus-related shutdowns, has left millions of American workers without jobs. Jobless claims have recently reached their highest number since the end of August. Though there’s been a slight recovery, unemployment still stands at 7.9 percent, which is more than twice as high as its pre-COVID-19 level.
Acorns’ most popular product offers consumers the ability to automatically invest their spare change from credit card and debit card purchases. It works by rounding up purchase amounts to the nearest dollar. For instance, if an Acorns customer purchases a latte for $3.50, the app would automatically round it up to $4.00, while placing the remaining 50 cents in an Acorns investment account. The funds would then be managed through index funds.
The average age of an Acorns consumer is a 32-year-old with an annual income ranging from $50,000 to $60,000. The company currently has more than 8.2 million accounts, highlighting a stark growth from 18 months ago when it had approximately 4.5 million accounts. Acorns manages $3.2 billion in assets.
Kerner said that even though the market has been volatile during the pandemic, consumers are staying committed to investing their funds in the markets.
“There are periods in time when there were really rocky markets, and people tended to pull money out. It’s encouraging to see more and more people saving and investing, especially during a difficult time,” Kerner said.