National Advertising Division Recommends Monarch Money Discontinue Certain Money Management Influencer Claims
New York, NY – February 26, 2026 – Following a review of social media influencer advertising for the Monarch Money app, BBB National Programs’ National Advertising Division recommended that Monarch Money, Inc. discontinue certain express consumer survey-based outcome claims.
Monarch is a personal finance technology company that provides a platform to help individuals and families manage their finances. Its Monarch Money service is offered on a paid subscription basis.
At issue for the National Advertising Division (NAD) were claims based upon the results of a consumer survey of Monarch Money users. All of the claims relied, at least in part, on yes-or-no responses to the survey, which did not include an “I don’t know” or “not sure” response option. NAD found that, in this context, survey questions formatted in this matter can inflate affirmative responses and undermine the reliability of the resulting data.
NAD found the follow-up question ambiguous because it combined two distinct behaviors—saving more and reducing spending—without clarifying which figure respondents should report. NAD also noted that Monarch’s app displays “Savings” as net cash flow (income minus expenses), which may have led some respondents to report that figure rather than actual increased savings. Based on these and other concerns, NAD concluded the claim is not supported and recommended it be discontinued.
NAD found the claim communicates a broad message about gaining a clearer understanding of one’s overall financial situation, including more than just spending. The survey, however, measured only whether users believed they had improved visibility into where their money was going. Given the breadth of the claim relative to the narrow survey question and the forced-choice yes-or-no format, NAD determined the claim is not supported and recommended it be discontinued.
Given these limitations and the forced-choice yes-or-no format, NAD determined the claim is not supported and recommended it be discontinued.
In its advertiser statement, Monarch stated that it “supports NAD’s self-regulatory process and will comply with NAD’s decision.”
All BBB National Programs case decision summaries can be found in the case decision library. For the full text of NAD, NARB, and CARU decisions, subscribe to the online archive. Per NAD/NARB Procedures, this release may not be used for promotional purposes.
Monarch is a personal finance technology company that provides a platform to help individuals and families manage their finances. Its Monarch Money service is offered on a paid subscription basis.
At issue for the National Advertising Division (NAD) were claims based upon the results of a consumer survey of Monarch Money users. All of the claims relied, at least in part, on yes-or-no responses to the survey, which did not include an “I don’t know” or “not sure” response option. NAD found that, in this context, survey questions formatted in this matter can inflate affirmative responses and undermine the reliability of the resulting data.
Members Save $200 Per Month Claim
Monarch based its claim, “On average, members save $200 per month using Monarch,” on a survey question that first asked respondents, with only “Yes” or “No” options, whether joining Monarch helped them save more or reduce unnecessary spending. Those who answered “Yes” were then asked to estimate how much they had saved or cut in unnecessary spending per month, which produced a monthly figure exceeding $215.NAD found the follow-up question ambiguous because it combined two distinct behaviors—saving more and reducing spending—without clarifying which figure respondents should report. NAD also noted that Monarch’s app displays “Savings” as net cash flow (income minus expenses), which may have led some respondents to report that figure rather than actual increased savings. Based on these and other concerns, NAD concluded the claim is not supported and recommended it be discontinued.
Clearer Picture of their Money
As support for the claim “80% of members say Monarch gives them a clearer picture of their money,” Monarch relied on a survey question asking whether, “as a result of joining Monarch,” they had “[l]earned where your money is going better than you understood before.”NAD found the claim communicates a broad message about gaining a clearer understanding of one’s overall financial situation, including more than just spending. The survey, however, measured only whether users believed they had improved visibility into where their money was going. Given the breadth of the claim relative to the narrow survey question and the forced-choice yes-or-no format, NAD determined the claim is not supported and recommended it be discontinued.
Improved Money Conversations
In support of the claim “7 in 10 couples say Monarch improved their money conversations with their partner,” Monarch relied on a survey question asking whether, “as a result of joining Monarch,” users “had better financial conversations with a partner.” NAD found the claim communicates a shared perception between two members of a couple, yet the evidence consists solely of individual self-reports and did not establish whether respondents were in couples or whether they interpreted “partner” consistently with the advertising claim.Given these limitations and the forced-choice yes-or-no format, NAD determined the claim is not supported and recommended it be discontinued.
Feel More in Control of Finances
Monarch based the claim “8 in 10 feel more in control of their finances with Monarch” on a survey question asking “Has joining Monarch changed the way you feel about finances at all … I feel more in control.” Given the forced yes-or-no response methodology, NAD concluded the claim is not supported and recommended it be discontinued.In its advertiser statement, Monarch stated that it “supports NAD’s self-regulatory process and will comply with NAD’s decision.”
All BBB National Programs case decision summaries can be found in the case decision library. For the full text of NAD, NARB, and CARU decisions, subscribe to the online archive. Per NAD/NARB Procedures, this release may not be used for promotional purposes.