Only 15% of Aussies are using money management apps to achieve personal finance goals

Posted: 1 June 2016 1:22 pm

money computer online

Those that do use them, swear by them.

Australians might be obsessed with using the Internet and mobile apps to socialise and shop online but new research reveals most of us aren't using the web to help manage our money.

A new study, commissioned by industry super fund-owned bank ME, reveals just 15% of Aussies are using financial apps or web-based tools to boost their financial standing.

These apps and tools cover the full spectrum of money management and ME's study found the greatest value was attributed to those that could assist us in paying our bills on time, adhere to a budget, accomplish savings goals, diminish debt and purchase property.

The infographic below shows the most common uses for money managements apps and web-based tools.

A lot of the available apps and platforms are low-cost or even free, so it makes sense to give them a go.

The study says nine out of ten people that did use financial apps or web-based tools say they would continue to use them, or use them more frequently than 12 months ago.

Some good examples include the federal government's award-winning apps, TrackMySPEND, which records spending while you're on the go and TrackMyGOALS, used to set, plan, track and manage your savings objectives. Both are free.

Another app, Digit, helps you save cash without you even realising it. Digit transfers small amounts of money (usually $5-50) from your everyday bank account to a savings account every two or three days. They've also got a no-overdraft guarantee.

And if you want to boost your financial knowledge you can use ME's free online course, ed, to assist with understanding the basics of buying a home, creating a budget, managing a home loan and more.

Earlier this year we listed and analysed 10 of the best money management apps on the market.

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