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HSBC adds savings tool to mobile app

HSBC has added a feature to its mobile app in the UK to help customers identify, plan and manage their saving goals.

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HSBC adds savings tool to mobile app

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The 'Savings Goal' tool lets users choose from a list of short to medium term goals including travel, a new car or new business venture - and set the due date and amount target. They can then set up a regular transfer of funds into their savings account and track their progress.

A survey of 2001 Brits for HSBC shows that 23% of the population save a portion of their wages as soon as they’re paid. Gen Z are the biggest savers with 87% having a savings account and just under half putting away 20% or more of their monthly income. Only 12% of 45-54-year-olds doing the same.

The most popular savings goals according to the research are travel, emergency funds and home improvements, with 20% of the Gen Z population saving towards a house deposit.

Despite their commitment to saving, under 24s say they are most likely to dip into their savings pot to fund everyday living expenses (21%) or pay off debt (20%), making an average of three withdrawals each year. They’re also most likely to worry about whether they are saving enough - with one in five feeling stressed about it.

Pella Frost, head, everyday banking, HSBC UK, says: “Saving money can be easier when you have a goal in mind. With Savings Goals you can make a plan for achieving your aims and contribute on a regular basis."

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