Aussies more attached to banking apps than social media – report

Most Aussies would rather delete Facebook than their banking app, a new survey shows

Aussies more attached to banking apps than social media – report

Digital banking has finally hit the big time. A new survey by Commonwealth Bank found that Aussies would rather delete their social media apps than get rid of their banking apps.

According to CBA’s research, 66% of consumers said they couldn’t live without their banking apps, while only 55% said they couldn’t live without their social media apps.

Fredrik Lndstrom, CBA executive general manager for digital operations technology, told The West Australian that consumers were making their finances a priority due to spiraling cost-of-living stress.

“With the cost of living placing increasing pressure on Australians, we know our consumers are looking for ways to keep track of their saving and spending,” Lindstrom said.

On Friday, the bank announced that it would launch a new money-management system called Money Plan that would enable consumers to manage their finances within the CBA app. The announcement comes after 56% of survey respondents said that non-core banking features like bill prediction, spending trackers and categorisation made it easier to manage their money, The West Australian reported.

Read next: Big bank sets sights on 10-minute mortgage approval

The survey, which polled 1,072 Australians, revealed that half of respondents between 25 and 34 preferred to manage or budget their money using a banking app. Women were more likely than men to use app features like spend tracking, setting a savings goal and budgeting.

The survey also found that two out of three Australians between the ages of 18 and 34 did not feel secure about their financial situation, with 56% saying they didn’t feel in control of their finances, The West Australian reported.

CBA is currently rolling out a pilot for its Kit digital information tool, which aims to help educate young people about financial management.