Turbo Survey Finds That a Majority of Millennials Don’t Think Credit
Score is Best Indicator of Financial Health
SAN DIEGO–(BUSINESS WIRE)–Today, Intuit Inc. (Nasdaq: INTU),
the maker of TurboTax® and Mint®,
launched Turbo, the first and
only financial service that brings together the three numbers that
matter most: verified IRS-filed income, credit score and debt-to-income
ratio, into a first of its kind financial health profile. Turbo, which
is available now 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
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
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
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.”
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
Intuit’s mission is to Power Prosperity Around the World. Its global
products and platforms, including TurboTax,
QuickBooks, Mint and Turbo, are
designed to empower consumers, self-employed, and small
businesses to improve their financial lives, finding them more money
with the least amount of work, while giving them complete confidence in
their actions and decisions. Intuit’s innovative ecosystem of financial
management solutions serves partners and 46 million customers worldwide,
unleashing the power of many for the prosperity of one. For the latest
news and in-depth information about Intuit and its brands, visit Intuit.com
and follow on Facebook.