Washington, D.C. — An idea for a mobile application that would help low-income families with their finances — formulated by two New America analysts — received an award today from the U.S. Department of Treasury as a part of its MyMoneyAppUp Challenge, which solicited the best ideas and designs for mobile applications to help Americans with their finances.
Pamela Chan, senior policy analyst in New America’s Asset Building Program, and Eric Tyler, analyst in New America’s Global Assets Project, produced an idea for an app, entitled MOOLAH, which would serve as a financial decision-making tool to assist low-income households in the United States. MOOLAH will help users with their personal financial goals by assessing their financial situation and creating money tips that connect them to public benefits, related social services, and financial products that may help them.
Five of eight finalists received awards for their apps, announced at the MyMoneyAppUp Challenge Awards Ceremony today. MOOLAH received the runner-up prize of $5,000. The Grand Prize, worth $10,000, went to Nicole Kendrot of Hoboken, NJ for her app, Centz, which aims to make student loans easier to manage.
"Working on MOOLAH is particularly gratifying because there’s an amazing opportunity to leverage a variety of open data, consumer financial protection, and personal financial development initiatives with social service reforms to improve the economic stability of low-income families," Chan said. "This Challenge has brought together ordinary citizens, the public sector, and the private sector to make a difference."
"We’ve already seen mobile technology innovations proliferating across the world," Tyler said. "It is great to see growing support in the US for apps, like MOOLAH, that look to build on these global learnings and use this advancing technology to promote financial capability here in the US."
To read more about MOOLAH, click here.
To read about all of the MyMoneyAppUp Challenge finalists and view their App Designs, click here.
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