Australian consumers would rather ditch their social media apps than banking apps amid the soaring cost of living, new research by the nation’s biggest lender has found.
According to Commonwealth Bank’s research, 66 per cent of consumers said they couldn’t live without their banking apps, while only 55 per cent felt the same way about their social media apps.
CBA executive general manager digital operations technology, Fredrik Lindstrom, said consumers were prioritising managing their finances due to cost of living stress.
“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,” Mr Lindstrom said.
The bank said on Friday it would launch a new money management system called Money Plan to enable consumers to manage their finances within the CommBank app.
The move comes after 56 per cent of study respondents said non-core banking features such as bill prediction, spend tracker and categorisation made it easier to manage their money.
The research, which surveyed 1072 Australians, found half of respondents aged 25-34 preferred to manage or budget their money using a banking app.
Women were more likely than men to use app features such as spend tracking, setting a savings goal and budgeting, the study showed.
It also found two in three young Australians (18-34) said they did not feel secure about their financial situation (64 per cent), with over half reporting that they didn’t feel in control of their finances (56 per cent).
The bank is currently rolling out a pilot of its Kit digital information tool, which aims to help young people learn about financial management.
Shares in Commonwealth Bank were up 1.17 per cent on Friday at 1:10pm to $106.70 per share.