AUSSIES WOULD CHOOSE THEIR BANKING APPS OVER THEIR SOCIAL MEDIA APPS
According to a recent study from Commonwealth Bank (CBA), 66% of Australians declared they couldn’t live without their banking applications, while only 55% felt the same way about social media apps.
The study examined how Australians currently utilize their banking apps and the methods they use to manage their finances, with half of those aged between 18 and 34 (51%) preferring to manage and budget their money through their banking app rather than other techniques.
“With the cost of living placing increasing pressure on Australians, we know our customers are looking for ways to keep track of their saving and spending, and to manage their finances more conveniently, in one place… We’re hearing that Australians are using their banking app more regularly than many other apps, or that they couldn’t live without their banking app”, CBA Executive General Manager Digital Operations Technology Fredrik Lindstrom said.
The study also revealed that if non-core features were available in their existing banking app, respondents would be more inclined to use them, such as managing bills (68%), viewing all financial accounts in one place (62%), spend tracking (60%), setting savings goals (57%), budgeting (54%) and even investing in shares (48%).
The survey also revealed the following conclusions:
- Half of Australians in the 18-34 age group want to handle or budget their money through a banking app (51%).
- 50% said they would rather use a single financial management app for tracking spending, savings, budgeting and payments etc.
- Aged 25 to 34 are more likely than any other age group to have used their banking app to help save for a major purchase such as for travel (58%), a house deposit (42%) and technology (30%).
- 2 out of 3 young Australians (in the 18-34 age group) don’t feel in control of their finances.
With cost-of-living adjustments and the prospect of further interest rate hikes on the horizon, learning and having good financial management is essential. You have considerably more control over your financial destiny if you have a clear objective for your money and sound money management principles.
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