A third of people surveyed about their smartphones by the Financial Services Compensation Scheme (FSCS) said apps made them spend at all hours and lose track of their finances.
Two-thirds said apps made it easier to spend, particularly from bed at the start or the end of the day. Women surveyed said they typically spent £131 via apps during a month, while men spent £115. Men were more likely to spend via apps on gambling, travel, socialising, entertainment and music, while women favoured food and shopping apps.
Mark Oakes, head of communications at the FSCS, said: “Being able to make purchases at the touch of a button removes the thinking time you would usually have if you were in a shop. It requires discipline to stay in control of your money, not only spending but also saving, but it’s worth doing. Setting aside just a little a month can add up to a big sum.”
The MALG Conference 2017 in November will be all about how technology will shape the future of money advice and we will be looking at how the downsides can be mitigated to enable us to maximise the benefits.