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Easier ways of paying causes disconnection from money

Easier ways of paying causes disconnection from money. – 123RF stock photo
Easier ways of paying causes disconnection from money. – 123RF stock photo - Contributed

New digital innovations help track spending and achieve savings goals

SUMMERSIDE – According to new research commissioned by MARU in partnership with Tangerine Bank, the accessible use of paying for things has led people to feel 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.

Tangerine Bank, operating as Tangerine, is a Canadian direct bank that offers no-fee chequing and savings accounts, Guaranteed Investment Certificates, mortgages and mutual funds.

“One-in-five 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.”

Tangerine has introduced two new features on its mobile app and online banking to help Canadians focus on saving and keeping better track of their spending: ‘Goals’ and ‘Left to Spend’. ‘Goals’ lets users set one or more savings priorities, like a vacation or a new car, set up contributions and provide real-time updates on progress being made. ‘Left to Spend’ monitors regular expenses and calculates how much disposable income you have “left to spend” in each month or pay period.

The survey found almost 71 per cent of Canadians use online banking to track their spending, with almost 27 per cent using mobile banking apps.

“Information is power, especially when it comes to managing, spending and achieving savings goals,” said Brenda Rideout, president and CEO.

“While technology makes it easier to spend than ever before, it also empowers Canadians to manage their money. These new features are designed to make it easier for Tangerine Clients to keep fully up to date on spending and saving.”

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