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Aussies would rather delete their social media apps than banking apps, CBA research shows

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.

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