Lessons from Moola’s Alpha Program: How Millennials Build Financial Confidence

When Moola launched its first Alpha Program, our goal was simple: to understand how young professionals actually make financial decisions once they have structure, guidance, and clarity.

Rather than testing our technology in isolation, we wanted to observe real behaviour. Over fifteen weeks, from June to October, we ran a hands-on pilot where every participant received personalised support and feedback from a Moola expert.

More than 440 people completed our psychographic assessment, designed to evaluate financial awareness and risk appetite, and 56 were onboarded into the Alpha for detailed, one-to-one testing. We completed 2-3 iterations of manual financial modelling and receive feedback from 10 customers with fully completed processes. Each participant’s data was reviewed manually, and feedback loops informed rapid product and process improvements—compressing our average process time from six weeks to just three days by the end of the program.

As Paul Graham famously wrote, “Do things that don’t scale.” We deliberately chose to go slow so we could learn fast. Here’s what we discovered about how millennials think about managing money.

1. Millennials seek clarity, not complexity

Our users—mostly in their twenties and thirties—were educated, ambitious, and financially active. Many worked in professional or entrepreneurial roles.

Despite this, 60% had never engaged a financial advisor, and 40% had never seriously considered doing so. After completing the program, however, six in ten participants planned to take concrete steps to grow their wealth.

One participant noted that “answering the initial questions helped me consolidate what I have and what my goals are.”

The insight was clear: people don’t necessarily need more financial information; they need simpler, more coherent ways to make sense of what they already know.

2. Optimism drives action more effectively than fear

Financial advice often leans on warnings to save more, spend less, avoid mistakes. Our testing showed that positive framing works better.

When projections highlighted potential achievements, such as the year in which someone might reach a specific wealth milestone (becoming a millionaire), users described the experience as “encouraging” and “motivating.”

Fear may capture attention, but optimism sustains it. Showing people a credible path toward success helps convert intention into action.

3. The ideal model combines automation with human reassurance

Participants valued the efficiency of automated analysis but consistently emphasised the importance of human context.

As one explained, “It would have taken me much longer on my own; the discussion with a Moola Expert helped clarify which strategy suited my situation.”

Others preferred an AI-led process with the option of a human follow-up. For our Alpha users, trust in financial guidance increases when technology and human expertise work hand-in-hand.

4. People want smaller steps, not bigger dashboards

We changed our data collection process midway through the Alpha program, as we were able to streamline our input modules. Some early users who disengaged from the process reported that the initial data collection felt too dense.

After simplifying charts and presenting one recommendation per view, feedback became markedly more positive: “It was easy to digest, and I could revisit it whenever I needed a reminder.”

Users want to understand what to do next, not navigate complex interfaces. Bite-sized insights build confidence more effectively than exhaustive reports.

5. Financial literacy challenges are global, not local

Roughly 40% of participants were internationally engaged, either new to the UK financial system or managing finances across multiple countries.

For this group, basic UK concepts such as ISAs, salary-sacrifice schemes, or mortgage products were unfamiliar. It confirmed that financial education is deeply contextual - and that any modern platform must adapt to diverse financial backgrounds and cultural norms.

From research to roadmap

The Alpha Program confirmed that sustainable financial behaviour depends less on knowledge gaps and more on psychological barriers: uncertainty, information overload, and lack of confidence.

By addressing these factors directly, Moola is shaping the next phase of its platform:

• A digital interface that allows users to test different financial scenarios.

• Smarter AI guidance with the option to speak to a Moola expert when deeper interpretation is needed.

• Clear, actionable recommendations sized by their impact on long-term personal wealth.

The program demonstrated that millennials are not disengaged—they are simply underserved by products that fail to meet them where they are.

At Moola, we believe clarity and empathy are just as important as algorithms.

Doing things that don’t scale has helped us build the foundation for something that can.

We’re no longer accepting Alpha testers as we focus all our energy on building our MVP, but you can sign up to our waitlist, or try out our psychographic assessment.