Latest technologies like smartphone apps and contactless debit and credit cards have made it much faster and easier to pay for things. However, a new research commissioned by MARU in partnership with Tangerine Bank has revealed that these tap to pay options have led to some people feeling disconnected from their money.
“Apps and taps for payment are becoming such a way of life that some Canadians feel they’re not as strongly connected to their money,” said Mark Nicholson, Vice President of Client Experience at Tangerine. “One in five (20 per cent) of our survey respondents, feel that way. And on top of the lost connection to money, a large majority of Canadians with a bank account – 71 per cent – wish they could save more money each month, and almost half (47 per cent) say they’re worried about their financial future.”
Nearly 70% of Canadians aged 18-24 said they’re worried about their financial future compared to a 46% average for all other age groups. Almost 30% of younger respondents also said they’re unsure that they’ll be able to pay off their debts, as compared to only 17.5% among other age groups.
The survey also found that only 37% of Canadians set a budget every month and stick to it. When asked where their monthly spending goes, respondents listed phone, internet, TV, transportation, utilities and rent as part of their monthly spending.
In an effort to help Canadians focus on saving and keep better track of their spending, Tangerine has introduced two new features on its mobile app and online banking i.e. Goals and Left to Spend. Goals lets users establish one or multiple savings priorities, whereas Left to Spend monitors regular expenses.
To learn more about the new features in Tangerine’s mobile banking, click here.