Crowdfund your Way Out of Debt: No Longer Bound

Zero Bound is a US-based platform that allows students and recent grads to crowdfund donations reducing their student loan debt in exchange for volunteering their time.

Users sign up to the website and agree to volunteer a certain amount of their time to a cause and set themselves a financial goal. They then spread the word to their friends and family online and receive donations for every hour of volunteering they complete. Zero Bound then transfers the donations to the user’s student loans company once they’ve reached their volunteering target.

Everyone Wins
Students are graduating with higher levels of debt than ever before at a time when job security is far from assured. This is causing concern: According to Mintel’s Marketing Financial Services to Millennials US August 2013 report, 52% of Millennials think a lot about their financial future with 41% saying they worry about money most of the time. It’s unsurprising then that we’ve seen this age group targeted with specific schemes to help them reduce the burden of debt.

At the same time, crowdfunding has become a widely acceptable way to raise cash across the globe for a number of different purposes.

Zero Bound reflects these movements. It provides an immediate and practical way to address mounting debt repayments, develops professional skills and contacts while also helping wider communities.

Organizations and businesses that take a more open-minded and fluid approach to the financial capabilities of younger generations and alter cost structures appropriately are sure to do well.

For a deep and complete analysis of the current situation of consumers and their lifestyles, Mintel published the following market research: Marketing Financial Services to Millennials in the US.

This is an observation from our Inspire trend Collective Intelligence which looks at how the market-consumer relationship has evolved from monologue to dialogue to roundtable ideation.

To read more about Mintel Inspire click here.