Are you appy with how much money you spend?
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.