Empower Vs. Mint: Which Should I Use?

(Personal Capital is now Empower)

Thanks to the technology boom of the 21st century, there’s an app for almost any purpose you could think of. This, of course, includes personal finance apps.

You’ve probably already heard of two of the biggest names in financial apps: Mint and Empower. 

So which of these apps could help you improve your own financial situation? The answer lies in your unique situation. The best app for you will depend on the features you need most. 

Today, I want to dive into the details of each platform to help you decide which is the best for your needs!

How Do Mint and Empower Compare?

Both of these apps have many useful features. Here’s a helpful break of these features:

Budgeting

Although you can monitor your cash flow with Empower, you cannot use the platform to create a budget. You will be able to look at a detailed list of your expenses based on different categories but you will not be able to set limits for those categories. 

On the flip side, Mint offers robust budgeting capabilities. The key feature of the entire platform is tracking your budget and helping you stick to it. You can break down your spending into multiple categories and set personalized limits on each category. 

Overall, the budgeting features offered by Mint are very useful and Empower leaves something to be desired in the budgeting arena. 

Investments

Empower is better equipped to help you analyze and adjust your investment strategy. In fact, the majority of the platform is centered around managing your investments.

Additionally, Empower offers a 401(k) fee analyzer to help you determine which funds in your retirement account are the most costly as well as strategies to help you lower your fees. 

Mint will allow you to see your portfolio values over time, but it won’t offer tools to help with your retirement planning or asset allocation strategy. If you are looking for help managing your investments, Empower is the clear winner. 

Pricing

Mint is a completely free tool to use. You will not need to include a line item for Mint fees in your new budget. 

Empower offers a free version with some capabilities, but their paid version offers more features. The free version will allow you to analyze your current investment mix. The platform will provide recommendations to you based on this analysis. 

The paid version of Empower includes all of the benefits of the free version plus the use of Empower’s Wealth Management program. The Wealth Management program will take control of your investment portfolio and actively manage your funds.

Currently, the fees for the Wealth Management program are those found below:

• 0.89% for the first $1 million.
• 0.79% for the first $3 million.
• 0.69% for the next $2 million.
• 0.59% for the next $5 million.
• 0.49% for over $10 million.

The fees above are all-inclusive for their management services without any additional hidden fees. 

Bill Alerts

All of these apps will let you know when you have an upcoming bill due. It can be a useful feature to help you manage your finances effectively. 

Retirement Planning

Empower offers some guidance for your retirement planning. The tool will help you determine how much you should be saving for retirement based on your goals. 

On the other hand, Mint does not offer any retirement planning advice. It simply focuses on your current financial picture. 

Customer Service

Mint offers customer service every day from 5 AM to 9 PM PCT. You’ll have the opportunity to chat with support agents online. Empower also offers customer support around the clock.   Empower

Although both offer customer support, many have reported that Empower is more responsive. However, this will vary widely based on the issue you have with the software. 

Security

Mint offers multi-factor authentication to protect your account.  It will require that you authenticate your device with a pin sent to your phone. Plus, the mobile app requires a pin to access your information.

Empower also requires that you authenticate your devices with a unique pin. Additionally, the software uses secure TLS protocols. 

Both of these apps offer robust security measures to ensure that your data is safe.

Access on the Go

Mint and Empower both offer a mobile app to help you manage your finances on the go. You’ll be able to check in with your financial picture at any point throughout your busy day. 

What Is Empower?

Empower is an aggregator that brings together your financial details in one place. You will be able to connect different kinds of financial accounts to see a complete picture.

Although the focus of the program is investing, Empower goes beyond investment management. It also allows you to track your net worth, monitor your cash flow, and more. 

It is important to note that Empower offers two different levels of membership, free and paid. The free version is a solid way to see the big picture in your finances. The paid version offers financial advisory services to help take your investment portfolio to the next level. 

Who Is Empower Best For?

If you already have a handle on budgeting, then building an investment portfolio is very probably going to be your next step.

Empower offers a wealth of tools to help you take your investment strategy to the next level. Whether you are just starting your investment portfolio, or want to optimize your current retirement accounts, Empower offers solid tools and advice. 

In addition to investment advice, you’ll be able to keep tabs on your spending and monitor your progress towards goals. 

How Does Empower Stand Out?

Empower puts a focus on the investment component of their platform and it shows. With Empower, you’ll have access to projected values of your portfolio over time, retirement forecasting, and a personalized investment strategy based on your unique risk tolerance. 

Read MU30’s full Empower review.

What Is Mint?

Mint is a personal finance manager that serves as an aggregator for a complete picture of your financial life. What’s great about Mint is that you can easily connect your financial accounts and see your entire finances from one dashboard. 

Mint is also a great tool to help you both create and stick to a budget, as well as help you get a handle on your credit score including receiving free updates.

Who Is Mint Best For?

If you are just getting started with your personal finance journey, then building a budget may very well your top priority. Mint provides user-friendly tools to get your finances on track without feeling overwhelmed.

Although it doesn’t provide investment guidance, Mint helps you establish good financial habits and work toward the goals you have set out for yourself financially.  

How Does Mint Stand Out?

Budgeting is the major feature that Mint has to offer. After you sync up your accounts, all of your transactions will be monitored by Mint. Specifically, each transaction is sorted into an appropriate category so you can carefully track your spending. You’ll be able to create your own sub-categories to show your expenses in a way that makes sense for you. 

As you continue to use Mint, you’ll be able to uncover your spending habits. With this information, you may decide to create some behavior changes to lower your expenses as necessary to reach your goals. 

Through Mint you can create goals for your money. The program will help you track your progress towards these goals. 

Read MU30’s full Mint review. 

Summary

I’ve found Empower and Mint to be fairly useful financial tools in their own ways. You will definitely know where you are on your financial journey to decide which one is going to end up being more useful than the other. So take a good look at your financial needs to figure out what you really need help with.

I’d say if you need help tackling your budget or tracking your spending, Mint is the way to go. If you need help with your investment strategy, then Empower is a clear winner.

Read More:

• 8 Best Budgeting Apps To Take Control Of Your Finances
• The Best Personal Finance Apps