Close to 1 million Canadians have signed up for TD’s money management app MySpend, the banking company has announced in a press release.
The app was developed with the U.S. startup Moven and was released in April 2016. With the app, users can track spending habits in categories such as food, travel and general shopping. Instant push notifications can be turned on as well, allowing users to be alerted each time they make a transaction. TD says more than 500,000 people have signed up for these notifications.
TD also released some statistics taken from over 2.4 million TD checking and savings accounts registered through the app.
- The top spending category by dollar amount was on home-related purchases, with mortgage, insurance and renovation being the leading costs. Where users most frequently spent their money, however, was on dining out — usually in small increments between $5 and $8 at a time.
- Overall, only 12 percent of transactions were cash withdrawals, with the rest coming digitally or from debit/credit cards.
- On average, people who used the app one to five times per month ended up spending eight percent less per month. On the other hand, people who used the app at least once a month were found to spend an average of four percent less per month.
- As for user demographics, TD says that 25 percent are between the ages of 18 and 25 years old, while 33 percent are between 25 and 35.