MoneyLion - Detailed Review
Self Improvement Tools
MoneyLion - Product Overview
MoneyLion Overview
MoneyLion is a fintech company that offers a comprehensive suite of financial services, making it a valuable tool in the self-improvement and personal finance category.Primary Function
MoneyLion’s primary function is to provide users with a one-stop platform for managing their finances. This includes lending, financial advisory services, and investment opportunities. The platform aims to help users make informed financial decisions and improve their overall financial health.Target Audience
MoneyLion’s target audience is diverse but primarily focuses on tech-savvy millennials and Gen Z individuals. However, it also caters to a broader demographic, including young professionals, students, and gig economy workers who value flexibility, transparency, and financial literacy. The platform is particularly appealing to those seeking convenient and affordable financial solutions.Key Features
Borrowing
MoneyLion offers personal loans with competitive rates and flexible terms. Users can access loans of up to $1,000 with interest rates ranging from 5.99% to 29.99% APR, payable over 12 months, without the need for a credit check.Saving
The platform includes features like automated savings and round-up tools to help users build their savings effortlessly. MoneyLion’s services also include a checking account and various savings tools to help users reach their financial goals faster.Investing
MoneyLion provides access to investment accounts, allowing users to grow their wealth. The platform offers a managed investment account that moves saved money into a portfolio of ETFs without charging management fees. Users can start investing with as little as $1.Financial Education and Advice
MoneyLion emphasizes financial education and empowerment through its blog, webinars, and personalized financial advice. This helps users make informed decisions about their money and build a strong financial foundation.Membership Programs
MoneyLion offers several membership programs, such as the MoneyLion Plus and MoneyLion WOW memberships. These programs provide benefits like cashback on loans, income boosting opportunities, credit building tools, and premium insurance protections. Members can also earn cashback on everyday spending and participate in weekly giveaways.Rewards and Incentives
Users can earn points and rewards for various activities, such as connecting a bank account or keeping their credit utilization low. The MoneyLion WOW membership, for example, offers unlimited cashback shakes on qualifying purchases, waived monthly fees for RoarMoney, and other exclusive benefits.Conclusion
In summary, MoneyLion is a versatile financial platform that offers a wide range of services to help users manage, save, borrow, and invest their money effectively, all while providing educational resources and rewarding incentives. MoneyLion - User Interface and Experience
User-Friendly Interface
MoneyLion’s app is designed to be easy to use, with a clear and simple layout that allows users to quickly find and utilize the various financial tools and services. The interface is intuitive, ensuring that users can navigate it without much difficulty, even if they are new to financial management apps.
Automated Savings and Financial Tools
The app includes features like automated savings tools, such as the “Round Up” feature, which rounds up purchases and deposits the spare change into a savings account. This feature helps users build savings effortlessly. Additionally, MoneyLion offers tools for budgeting and tracking spending, providing users with a better grasp of their financial situation.
AI-Driven Guidance
MoneyLion incorporates AI-driven guidance to provide personalized and actionable financial advice. This includes personalized insights into spending patterns and behaviors, as well as recommended products and offers based on the user’s financial situation. The AI system aims to bridge the gap between generic financial information and the user’s unique financial needs, making the advice more relevant and useful.
Engagement and Rewards
To encourage user engagement, MoneyLion has a rewards program that incentivizes users to interact with the platform. Users can earn points by completing specific actions, such as logging in daily or referring friends, which can be redeemed for cash or other rewards. This gamified approach helps users stay motivated to achieve their financial goals.
Accessibility and Transparency
The app is available to users across the United States, and many of its services, such as cash advances and credit monitoring, are offered at no cost or at a low cost. MoneyLion also prioritizes data security and transparency, ensuring that user data is securely stored and not shared with external parties.
Real User Experiences
Users have praised MoneyLion for its ease of use and helpful customer service. Many users report feeling more in control of their finances and have seen improvements in their credit scores through MoneyLion’s Credit Builder program. The platform’s learning resources also provide useful tips for managing budgets, saving money, and making smart financial decisions.
Overall, the user experience with MoneyLion is positive, with users appreciating the simplicity, accessibility, and personalized financial guidance the platform offers.
MoneyLion - Key Features and Functionality
MoneyLion Overview
MoneyLion is a comprehensive financial platform that offers a variety of features and tools to help users manage their finances effectively. Here are the main features, especially focusing on how AI is integrated into the product:
Mobile Banking (RoarMoney)
MoneyLion’s RoarMoney is an online banking platform that provides a range of traditional and digital banking features. This includes a checking account with a virtual and physical debit card, free ATM access at Allpoint ATMs, and the potential to receive paychecks up to two days early through direct deposit. The account is FDIC-insured up to $250,000, ensuring the security of user funds.
Cash Advances (Instacash)
Users can access cash advances of up to $1,000 for members and up to $500 for non-members with regular deposits in their linked account. These advances, known as Instacash, can be requested without interest or fees, although instant delivery via the Turbo Delivery feature incurs additional fees. This feature helps users manage unexpected expenses without incurring high costs.
Credit Building
MoneyLion’s Credit Builder Plus program allows users to build credit while accessing money upfront, a unique feature among credit-building programs. The platform offers free credit score tracking and personalized credit-building tips to help users improve their credit scores over time.
Investment Accounts
MoneyLion provides automated investment portfolios that simplify the investment process for beginners. Users can also use the “Round Up” feature, which rounds up purchases to the nearest dollar and invests the spare change into their investment portfolio. This feature helps users build their investment portfolios effortlessly.
AI-Driven Insights and Personalized Recommendations
MoneyLion leverages AI to provide personalized financial insights and recommendations. The platform uses advanced algorithms to analyze user data and suggest ways to save money, recommend investment strategies, or offer credit-building tips. This AI-driven approach ensures that users receive advice relevant to their unique financial situations.
Safety Net and Round Ups
The Safety Net feature is a comprehensive tool that includes RoarMoney, Instacash, Investing, and Round Up products. The Round Up feature automatically rounds up purchases and invests the spare change, helping users save and invest without much effort. This feature is particularly useful for building savings and investment portfolios over time.
MoneyLion Checkout
MoneyLion Checkout integrates financial transactions across multiple providers in real-time, using consumer-permissioned data and third-party data sources to pre-fill application forms and streamline the prequalification process. This feature, enhanced by AI-driven insights, helps financial services partners offer personalized products and improve operational efficiency.
Rewards Program
MoneyLion has a rewards program that incentivizes user engagement. By completing specific actions such as logging in daily or referring friends, users can earn points that can be redeemed for cash or other rewards. This gamified approach motivates users to stay engaged and work towards their financial goals.
Conclusion
In summary, MoneyLion’s integration of AI enhances the user experience by providing personalized financial insights, streamlining financial transactions, and offering tailored recommendations to help users achieve their financial goals.
MoneyLion - Performance and Accuracy
Performance and Accuracy Evaluation of MoneyLion
AI-Driven Guidance and Personalization
MoneyLion leverages AI and predictive analytics to provide personalized financial advice, which is a significant strength. Their Financial Goals Positioning System (fGPS) offers dynamic, course-correcting financial planning and advice, helping users manage short- and long-term financial decisions effectively. This system analyzes the full picture of users’ personal assets, liabilities, incomes, and expenses to deliver intelligent, turn-by-turn guidance.Financial Insights and Recommendations
The AI-driven guidance at MoneyLion provides users with personalized insights into their spending patterns and behaviors. It recommends products and offers that can help users make meaningful financial progress. For instance, the platform can suggest ways to manage short-term expenses, make informed credit and financing decisions, and optimize insurance coverage.Data Privacy and Security
MoneyLion prioritizes data privacy and security, ensuring that user financial data is securely stored within the platform and not shared with external AI companies. They use strong encryption and maintain clear transparency about how user data is used, which enhances trust and accuracy in their AI-driven advice.Efficiency and Cost Savings
MoneyLion’s use of AI and optimized database solutions, such as Amazon Aurora I/O-Optimized, has led to significant cost savings and improved performance. This transition resulted in a 55% reduction in their monthly Aurora expenditure, indicating efficient use of resources without compromising on database performance.User Engagement and Experience
The platform is highly rated for its customer experience, with multiple ways to contact customer service and a thorough FAQ section. Users can interact with the platform to get real-time answers to financial questions and explore various tools, which enhances engagement and the overall user experience.Areas for Improvement
While MoneyLion’s AI-driven tools are advanced, there are some limitations. For example, the MoneyLion Instacash feature, while transparent and user-friendly, has some structural limitations, such as a $100 borrowing limit per request, which may require multiple requests for larger amounts. This can lead to delays in receiving the full amount needed. Additionally, the underwriting and consumer protection aspects of MoneyLion’s cash advance service could be improved. The platform currently does not review more than a couple of months of borrowers’ expenses, which might not fully protect users from overextending their finances.Future Developments
MoneyLion is continuously integrating new AI technologies to enhance its services. For instance, they are developing a generative AI-powered search engine that will allow users to ask detailed questions about their financial activities and receive personalized recommendations. This is expected to transform how consumers search for, identify, and buy financial products.Conclusion
In summary, MoneyLion’s AI-driven tools demonstrate strong performance and accuracy in providing personalized financial advice and insights. However, there are areas such as borrowing limits and underwriting processes that could be refined to better serve users. The platform’s commitment to data privacy and security, along with its ongoing innovations, positions it well in the self-improvement tools category. MoneyLion - Pricing and Plans
MoneyLion Financial Services Overview
MoneyLion offers a variety of financial services with a structured pricing model, allowing users to choose the services that best fit their needs. Here’s a breakdown of the different plans and features:
Credit Builder Plus Membership
- This membership costs $19.99 per month.
- It includes access to credit-builder loans with principal amounts ranging from $500 to $1,000 and APRs from 5.99% to 29.99%.
- A portion of the loan proceeds may be deposited into a reserve account, which you cannot access until the loan is paid off.
RoarMoney Account
- This is a checking account offered in partnership with MetaBank.
- There is no monthly administrative fee, but there is a $1 monthly fee for the account itself.
- Features include zero fees for ATM withdrawals at in-network ATMs, and $3 for out-of-network ATMs.
Instacash
- This service provides 0% APR cash advances.
- There is no monthly fee for Instacash, but users pay $3.99 to $4.99 for instant access to funds.
- The available Instacash limit is based on direct deposits, account transaction history, and other factors determined by MoneyLion.
Investment Services
- MoneyLion offers investment accounts with no asset-based portfolio management fees, periodic rebalancing fees, or trading fees.
- There is a monthly account fee of $1, $3 (for accounts valued over $5,000), or $5 (for accounts valued over $25,000).
Managed Investing
- This service, part of the MoneyLion Plus subscription, costs $1 per month.
- It automatically invests a portion of your savings into a portfolio of ETFs.
MoneyLion Plus Subscription
- This subscription involves a monthly fee of $29, with $50 deposited into your investment account.
- Users can earn $1 cash back for daily logins, potentially offsetting the monthly fee.
Free Options
- MoneyLion offers several free services, including:
- Free ATM withdrawals at in-network ATMs.
- No fees for bill pay (electronic) and regular funds delivery.
- Access to financial tracking tools like Financial Heartbeat®.
- Freebies and rewards through the app, such as birthday treats and exclusive offers.
Additional Fees
- Other fees to note include:
- $3 for out-of-network ATM withdrawals.
- $3 3% for international ATM withdrawals.
- $25 for expedited shipping of a replacement physical card.
- $2.50 for bill pay via paper check.
MoneyLion’s pricing structure is designed to be transparent and flexible, allowing users to select the services that best align with their financial goals and needs.
MoneyLion - Integration and Compatibility
Integration with Banks
Partnership with Pathward, N.A.
MoneyLion partners with banks, notably Pathward, N.A., a Member FDIC, to offer its RoarMoney accounts. This partnership allows MoneyLion to provide features like the MoneyLion Debit Mastercard and RoarMoney virtual card, while ensuring users’ deposits are protected by FDIC insurance.Linking Bank Accounts
Users can easily link their existing bank accounts to their MoneyLion account. This integration is facilitated through secure APIs, enabling users to view all their finances in one place. The MoneyLion app uses encryption to keep financial information safe and private, making it simple to track spending, find savings, and make smart financial decisions.Credit Data Integration
Partnership with TransUnion
MoneyLion has formed a partnership with TransUnion to integrate comprehensive credit data into its platform. This integration helps financial institutions make more efficient decisions and offer suitable products to consumers at the right time in their financial journey. This partnership enhances the overall financial experience by providing more accurate and personalized financial products and advice.Mobile App Compatibility
The MoneyLion app is available on both iOS and Android platforms, ensuring widespread compatibility. The app is optimized for app store visibility, and the sign-up process is designed to be quick and hassle-free, typically taking only 2-3 minutes to complete the KYC (Know Your Customer) details.AI-Driven Guidance
MoneyLion leverages AI to provide personalized financial advice. The app analyzes spending patterns, income cycles, and credit scores to offer insights and recommend financial products. This AI-driven guidance is accessible through the app, ensuring users can get real-time answers to their financial questions and explore various financial tools in one place.Security and Privacy
MoneyLion prioritizes data security and privacy. The company uses strong encryption to keep user data safe and does not share customer data with third-party providers for training AI models. This ensures that users’ financial information remains secure and private within the MoneyLion platform.Conclusion
In summary, MoneyLion integrates seamlessly with banks, credit data providers, and other financial tools to offer a comprehensive financial management experience. Its compatibility across iOS and Android devices, along with its secure and private data handling practices, makes it a reliable choice for managing finances. MoneyLion - Customer Support and Resources
Customer Support Options
Phone Support
You can contact MoneyLion customer service via several phone numbers. The primary toll-free number is 1-888-659-8244, which is used by 91% of consumers. Other numbers include 1-212-905-4948 and 1-801-252-4427. For texting support, you can use 1-516-916-5466.
Live Chat
MoneyLion provides a live chat option on their official website. To initiate a chat, you need to log in with your MoneyLion account credentials. This service is available instantly.
Email Support
Customers can reach out to MoneyLion via email for different types of inquiries. Key email addresses include customercare@moneylion.com for general customer service, complaints@moneylion.com for feedback and complaints, debtconsolidation@moneylion.com for debt consolidation issues, and bankruptcy@moneylion.com for legal problems. Responses are typically received within one to two business days.
Availability
Phone Hours
Customer service is available from 8 AM to 7 PM ET on weekdays for banking issues, and from 10 AM to 5 PM ET on Saturdays. For lending and investment issues, the hours are from 9 AM to 7 PM ET, Monday through Friday.
Online Support
Online support is available from 8 AM to 8 PM ET on weekdays and from 10 AM to 5 PM ET on weekends.
Additional Resources
Financial Tracking Tools
The MoneyLion app includes tools to track your transactions, spending, and budgets. You can use simple dashboards and charts to manage your money and set financial goals.
Educational Content
The MoneyLion app offers curated content, educational blogs, and fun surveys to help users make smart money decisions. It also allows engagement with the MoneyLion community to celebrate financial achievements.
Help Center
MoneyLion has a help center on their website where users can find answers to common questions and issues. This resource helps in self-service and quick resolution of minor problems.
User Experience
While MoneyLion provides multiple channels for customer support, user feedback indicates that many customers are dissatisfied with the service. Common issues include long wait times, difficulty in resolving problems, and poor communication with customer service representatives. However, the availability of various contact methods and resources aims to make it easier for users to get the help they need.
MoneyLion - Pros and Cons
Advantages and Disadvantages of MoneyLion
Pros
- All-in-One Financial App: MoneyLion offers a comprehensive suite of financial services, including mobile banking, credit building, investing, and cash advances, all managed through a single platform. This integration makes it convenient to handle various financial tasks in one place.
- Interest-Free Cash Advances: MoneyLion provides cash advances with 0% APR, which can be particularly helpful for users needing short-term financial assistance. These advances can be up to $1,000 for members and up to $500 for non-members with regular deposits.
- Automated Investing: The platform offers automated investment portfolios with no ongoing management or trading fees. Users can start investing with as little as $1, and features like Auto Invest and thematic investing make it accessible and engaging for beginners.
- Fee-Free ATMs and Early Direct Deposits: MoneyLion users have access to over 55,000 fee-free ATMs and can receive early direct deposits, which can be very convenient for managing daily finances.
- Loyalty Rewards: The Lion’s Share loyalty program can significantly reduce or negate various fees by rewarding active users. This program can make many of MoneyLion’s services essentially free for engaged members.
- AI-Driven Personalization: MoneyLion is integrating AI to provide personalized financial recommendations and streamline financial product purchasing decisions. This can help users find the right financial products quickly and efficiently.
Cons
- Fees for Certain Services: While the basic membership has a small $1 monthly fee, other services like the Credit Builder Plus program come with a $19.99 monthly fee. Additionally, there are fees for instant transfer of cash advances and high fees for depositing cash instantly via the Turbo Delivery feature.
- Limited Crypto and IRA Options: MoneyLion’s crypto offerings do not allow users to hold or transfer cryptocurrency to a private wallet, limiting its appeal for serious crypto investors. Moreover, the platform lacks IRA options, which is a significant drawback for those planning for retirement.
- Slow Fund Delivery: Without using Instacash or the Turbo Delivery feature, payday advance funds can take 2-5 days to be delivered, which may not be ideal for urgent financial needs.
- Credit Builder Loan Costs: While the credit builder loan can be beneficial, the rates can be high unless users maximize the loyalty rewards to offset these costs.
- Multiple Requests for Larger Sums: Cash advances are limited to $100 increments, so accessing larger sums instantly requires multiple requests and associated fees.
Overall, MoneyLion is a solid choice for those seeking an all-in-one financial solution with various perks, but it may not be the best fit for everyone, especially those looking for fee-free accounts or advanced crypto and retirement savings options.
MoneyLion - Comparison with Competitors
When Comparing MoneyLion’s AI-Driven Financial Health Tools
When comparing MoneyLion’s AI-driven financial health tools with other products in the self-improvement and financial management category, several unique features and potential alternatives stand out.MoneyLion’s Unique Features
MoneyLion’s Financial Heartbeat is a distinctive tool that simplifies financial health tracking through a visually engaging and dynamic framework. Here are its key features:- Financial Heartbeat: A visual representation of a beating heart that changes colors to reflect progress on a scale from 1-10, encapsulating five financial pillars: Save, Spend, Shield, Score, and Strive.
- AI-Driven Insights: Provides real-time recommendations and daily insights to improve financial health, using AI to analyze spending patterns, savings, credit scores, and emergency protection.
- Personalized Guidance: Offers certified financial planning advice and encourages positive daily financial behaviors through the Strive pillar.
Potential Alternatives and Competitors
Cleo
Cleo is a significant competitor in the personal finance management space, also leveraging AI. Here’s how it compares:- AI-Powered Finance: Cleo offers cash advances and a range of financial services, focusing on personal finance management through AI.
- Financial Health Tracking: While Cleo does not have a visual heartbeat feature, it provides comprehensive financial health tracking and advice.
- User Interaction: Cleo is known for its conversational interface, offering a more interactive experience compared to MoneyLion’s dashboard approach.
Rocky.AI
Rocky.AI, although primarily a personal development coach, has some overlapping features with MoneyLion in terms of AI-driven guidance and goal setting:- Goal Setting and Accountability: Rocky.AI helps users set and achieve life goals through structured prompts and accountability features.
- Personal Development: While not focused on financial health, Rocky.AI’s approach to personal growth through neuroscience-based techniques can indirectly benefit financial discipline.
- 24/7 Availability: Like MoneyLion, Rocky.AI offers continuous support, but it is more geared towards general personal development rather than financial health.
TextMei
TextMei is another AI life coach app that, although not specifically focused on financial health, offers tools that can support financial discipline:- Emotional Support and Habit Tracking: TextMei provides emotionally intelligent conversations and habit tracking, which can help users maintain financial discipline and reduce stress related to financial decisions.
- Daily Reminders and AI Journaling: These features can be adapted to support financial goal setting and tracking.
Key Differences and Considerations
- Focus Area: MoneyLion is specifically tailored for financial health, while competitors like Cleo, Rocky.AI, and TextMei have broader focuses on personal finance, personal development, and emotional support.
- User Interface: MoneyLion’s Financial Heartbeat offers a unique visual representation, whereas Cleo and other apps rely more on conversational interfaces.
- AI Capabilities: All these apps leverage AI, but MoneyLion’s AI is specifically tuned for financial insights and recommendations, making it a strong choice for those focused on improving their financial health.
MoneyLion - Frequently Asked Questions
Frequently Asked Questions about MoneyLion
Q: How does MoneyLion use AI to improve the customer experience?
MoneyLion is heavily investing in artificial intelligence (AI) to enhance the customer experience. The company uses AI to match consumers with financial product partners, increasing efficiency and ensuring security and data privacy. For instance, MoneyLion’s AI-powered search engine helps consumers identify and buy financial products by providing personalized recommendations, which would otherwise require hours of manual search.Q: What features does MoneyLion offer to help consumers manage their finances?
MoneyLion provides a range of features to help consumers manage their finances effectively. These include mobile banking, personal loans, credit-building tools, and investment options. Consumers can access personalized financial advice and track their spending through the app. Additionally, users can link their bank accounts to analyze activities related to their paycheck and receive daily financial tips based on their spending habits.Q: How does MoneyLion’s AI help with financial product decision-making?
MoneyLion’s AI-driven insights play a crucial role in financial product decision-making. The AI integrates consumer-permissioned data and third-party data sources to verify consumers and pre-fill application forms, reducing friction and simplifying the application process. This also streamlines the prequalification process, allowing financial services partners to offer personalized offers and drive operational efficiency.Q: What is MoneyLion Checkout, and how does it benefit consumers and partners?
MoneyLion Checkout is a feature that allows consumers to complete financial transactions across hundreds of providers in real-time without leaving the MoneyLion platform. It integrates key elements of financial product decision-making, simplifying the application process and enhancing the ability of financial services partners to engage consumers with personalized offers. This results in higher customer application completion rates and increased revenue for partners.Q: How does MoneyLion’s AI help consumers avoid late fees and ensure timely payments?
MoneyLion’s AI is expected to enable interaction between savings, checking, and credit accounts, helping customers avoid late fees and ensure timely payments. The integration of AI with personal devices and inter-app communication will facilitate self-driving finance elements, such as automated reminders and alternative funding sources, to help manage finances more effectively.Q: Can MoneyLion help consumers find appropriate financial products based on their financial situation?
Yes, MoneyLion uses AI to offer personalized financial product recommendations. When consumers link their bank accounts, the platform can analyze their financial data and suggest appropriate products, such as credit cards or savings accounts, based on their needs and financial situation.Q: How does MoneyLion ensure data security and privacy?
MoneyLion emphasizes the importance of data security and privacy. The company integrates AI while ensuring that consumer data is protected. MoneyLion uses consumer-permissioned data and third-party data sources securely to verify consumers and pre-fill application forms, all within a framework that respects data privacy.Q: What kind of personalized financial advice does MoneyLion offer?
MoneyLion offers personalized financial advice through its app, including daily financial tips based on the consumer’s spending habits. Consumers can also ask questions about their spending, such as how much they spent on ride-share services, and analyze activities related to their paycheck through linked bank transaction data.Q: How does MoneyLion’s AI impact the efficiency of financial transactions?
MoneyLion’s AI significantly improves the efficiency of financial transactions. By automating the prequalification process and pre-filling application forms, MoneyLion reduces friction and simplifies the application process. This has led to increased customer application completion rates and boosted revenue for financial services partners.Q: Are there any specific tools or modules that MoneyLion offers to track spending and financial activities?
Yes, MoneyLion provides modules and widgets that allow consumers to track their spending and financial activities. Consumers can link their bank accounts to analyze their financial data and receive insights into their spending habits. This helps in making informed financial decisions and promoting financial wellness. MoneyLion - Conclusion and Recommendation
Final Assessment of MoneyLion in the Self Improvement Tools AI-driven Product Category
MoneyLion stands out as a comprehensive and innovative financial management platform, particularly in the AI-driven self-improvement tools category. Here’s a detailed assessment of who would benefit most from using it and an overall recommendation.Target Audience
MoneyLion is ideally suited for tech-savvy individuals, particularly young professionals, students, and gig economy workers. These users value flexibility, transparency, and financial literacy, making MoneyLion’s offerings highly relevant. The platform’s mobile banking app and user-friendly interface cater to those who prefer managing their finances digitally.Key Benefits
- Personalized Insights: MoneyLion leverages AI to provide personalized insights into spending patterns and behaviors, helping users gain a deeper understanding of their financial situation.
- Financial Education: The platform offers prescriptive guidance to grow financial knowledge, enabling users to make informed decisions with confidence.
- Access to Financial Products: MoneyLion connects users with real-time, personalized financial products, including borrowing, saving, and investing options. This includes features like automated savings, round-up tools, and investment accounts.
- Premium Membership: The MoneyLion WOW premium membership offers exclusive benefits such as cash back on various products and services, which can add up to significant savings each year.