Money apps shine as Australians shift their finances online

Smartphones have become valuable tools for saving, investing, spending and lending money. Here’s a guide to some of the most popular apps.

Technology’s transformation of personal finance is accelerating as Australians now carry their banks, investment portfolios, super funds and financial advisers in their pockets.

Smartphones today rarely leave our sides – some even warn us when we leave them behind – and artificial intelligence is rapidly advancing the field of finance apps, particularly popular with younger generations born since 2000.

Navigating the wide range of money apps in Apple’s App Store or Google Play can be tricky, so it’s worth knowing what is popular and effective.

Technology commentator and managing director of The Gadget Group, Valens Quinn, says look for Australia-specific apps that adhere to our financial landscape, taxes and regulations.

“You can find this out by reading the app’s description … or clicking on the app developer to learn more about them,” he says.

Also check an app’s ratings and reviews to see how it scores with other consumers, and ensure it has adequate privacy measures, Quinn says. “Ideally the app’s developer should not collect any personal data,” he says.

“Use Google to source independent reviews and comparisons of financial apps such as ‘best budgeting apps’ and check the pros and cons before you choose.”

Quinn says some apps employ AI to help people invest, while other tech specialists believe it is making young adults more money-savvy through AI-powered financial assistants that assess their spending and saving.

Rowan Wilde, co-founder of app and platform HelpPay – which lets people help cover the bills of family and friends – says finance apps can be there when you need them.

“Our mobile phones are the first thing we look at in the morning and the last thing we look at at night – they’re always with us,” he says.

Money apps “can do an amazing job to help find and provide answers and relieve anxiety or stress”, Wilde says.

Here are 10 popular and well-rated apps worth examining.

Raiz: This popular Aussie app automatically rounds up your spending and injects the change into a diversified range of investments.

Spriggy Pocket Money: Helps families build good financial habits in children, allowing them to set visual savings goals and track spending.

Buddy: Budget & Save Money: Track your spending, build a budget, split bills and connect with your bank.

Spendee Budget & Money Tracker: Used by three million people globally, this combines money management tools with tips and tricks that help with decision making.

Frugl: The grocery shopping app allows consumers to compare prices, find supermarket discounts and create custom lists.

Cashrewards: Delivers cashback on top of discounts, and says it is used by 1.8 million Australians.

Spaceship Investing App: There’s no minimum investment and users can start investing in the stock market within five minutes.

Splitwise: Share expenses with family and friends without worrying about who owes who what.

HelpPay: Turns bills into links to share with others so anyone can help you pay for it. The money goes straight to the bill provider.

Australian Taxation Office: Tax time is approaching quickly, and the ATO’s app allows people to store receipts, check superannuation and access calculators and payment services.

MAKING MONEY LESS COMPLICATED

Landscaper and handyman Andrew Donkin says finance apps can help save time and money.

“Life’s only getting faster, more expensive and more complicated,” he says.

“It’s easy to lose hours managing your finances – that time has to come from somewhere else.”

Donkin, who recovered from a substance abuse problem years ago with financial and emotional help from family and friends, started using HelpPay in 2022. The app partners with energy companies including Tango and Globird Energy and enables people to get help from a social network to pay bills.

“As someone who needed a bit of help but had burned a lot of trust along the way, HelpPay gave the people I was asking for help the trust that the request was genuine and their money would go where it should,” Donkin says.

Originally published as Money apps shine as Australians shift their finances online