Apps: Help or hindrance for savings habits?

New FSCS research

Victoria McKeever
clock • 2 min read

People struggle to keep track of their spending and find it harder to save when they shop through apps, a new FSCS study has found. We asked some industry players for their views…

The Financial Services Compensation Scheme (FSCS) found ‘out of hours' shopping can have a detrimental effect on keeping track of people's spending and saving habits. It surveyed more than 2,000 UK adults in March 2017 and found women in particular were prone to spending money through apps. Women had an average of nine apps on electronic devices that enabled spending, the survey found, while men were more likely to have an app on their phone that helped them save or manage their money.  Many respondents said apps made it much easier to spend money, while some struggled to keep trac...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

Technology 'imperative' in the great wealth transfer pivot

Technology 'imperative' in the great wealth transfer pivot

‘It will help advisers become ready’

Isabel Baxter
clock 27 January 2025 • 4 min read
What to expect from AI in financial advice in 2025

What to expect from AI in financial advice in 2025

AI has already taken root in many of our daily lives

Nick Eatock
clock 16 January 2025 • 4 min read
Majority of IFAs have no plans to use AI in their practices

Majority of IFAs have no plans to use AI in their practices

Advisers divided on the pros and cons of AI

Isabel Baxter
clock 14 January 2025 • 2 min read