Are you appy with how much money you spend?

Coventry Telegraph - - YOUR MONEY -

MANY of us now man­age much of our spend­ing and sav­ing through apps. But, while they make money mat­ters more con­ve­nient, could some be en­cour­ag­ing you to over-spend?

A sur­vey has found that nearly a third (31%) of peo­ple be­lieve apps are mak­ing their fi­nances worse, by en­cour­ag­ing them to spend more or mean­ing they lose track of their out­go­ings.

One-in-seven (15%) peo­ple ad­mit to spend­ing us­ing apps while at work, while many more use apps to shop from their bed, ac­cord­ing to the Fi­nan­cial Ser­vices Com­pen­sa­tion Scheme (FSCS)’s re­search.

Women spend slightly more than men us­ing apps in a typ­i­cal month, the re­search found, at £131 ver­sus £115.

Women are more likely to spend on food and gen­eral shop­ping, while men tend to spend more than women on apps for so­cial­is­ing, mu­sic and en­ter­tain­ment, trav­el­ling and gam­bling.

It’s may be quick and easy to click the “buy” but­ton, but per­haps you should step back a mo­ment. Con­sider go­ing off to make a cup of tea be­fore mak­ing a fi­nal de­ci­sion.

There are also lots of apps which can help peo­ple to make and stick to a bud­get and iden­tify po­ten­tial ar­eas of over­spend­ing.

But the FSCS’s re­search found that less than one-in-five (18%) re­spon­dents have an app that helps them to save or man­age their money bet­ter.

Those sur­veyed said they would be more likely to save if it were eas­ier to set money aside, if sav­ings tools could show them how much they could or should save or if they were given reg­u­lar re­minders to do so.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.