Young customers aged 18-25 are using the CommBank app's free money management tools 65 per cent more than any other generation, with those in this age group who use them also two thirds more likely to boost how often they save.1
On average, the young Australians who use the tools were also growing their balance by $200 or more in at least two to four of the past six months, 2 new CommBank data has shown.
Customers who gave the budgeting tools a go, began to see more funds left over than before they tried them out, in fact that group was more than twice as likely to see savings.
Monica Wegner, who leads Everyday Banking at CBA, said it was great news that younger customers were finding the CommBank app genuinely useful, beyond just moving money and making payments.
"Gen Z are digitally savvy and of course many are looking for ways to get ahead financially. And they're increasingly choosing to budget in digital.
"We have more digitally active customers than any other Australian bank, with our customers checking into the CommBank app more than once a day on average, so for many the budgeting tools have become part of a daily flow."
"Now the data is showing younger customers who tap into these tools are seeing savings more often, so hopefully that is a sign the app is genuinely a help."
Around 3 million customers use the money management functionality monthly, making them the most popular tools of their kind in Australia.
Short-term goals like travel are driving the savings behaviour of young Australians, with around half of customers aged 18 to 29 saying a holiday is their top savings priority.
"Many of us see travel as a fantastic motivation to start saving. Cash Flow is the most-used money management tool in the app among 18 to 25-year-olds. It helps customers see exactly how much they're spending on things like eating out versus groceries.
We've found having spending patterns laid out clearly can really help with saving, particularly when there is a spending goal like a holiday top of mind," said Monica.
In addition to growing their savings through budgeting tools, eligible customers can also benefit from CommBank Yello, our customer recognition program, which in one year offers up to $460 in cashback on CommBank products and up to $680 in discounts on essential services like mobile, NBN and electricity.
Start your savings journey today by exploring our money management tools and CommBank Yello in the CommBank app.
Key data findings:
- The CommBank app's money management tools are used 65 per cent more by 18 to 25-year-olds than any other age group.
- 18 to 25-year-old's who use the tools are 67 per cent more likely to boost their regular savings.
- Gen Z customers who use the tools were able to grow their balance by $200 or more.¹
- A control group of new users of the tools showed they were more than two times more likely to accumulate savings compared to before they started using them.
- Customers who use the budgeting tools are 65 per cent more likely to have saved more in the last six months than those who haven't.
- 47 per cent of Australians aged 18 to 29 say a holiday is their top saving priority.2
CommBank app & Money Plan Insights:
- CommBank has 8.8 million active app users, with 12.3 million daily logins.
- Around 3 million customers login each month to use the app's money management tools.
- 1.4 million customers use the tools regularly.
- The money management tools on offer in the CommBank app include Money Plan, Cash Flow, Goal Tracker, Category Budgets, Bill Sense, Smart Savings and Credit Score.
- Cash Flow is the most popular among 18 to 25-year-olds, helping them categorise spending and track spending habits.
- Bill Sense is the most used feature by Baby Boomers, helping them predict and plan for upcoming bills.
1 CommBank Smarter Banking Research (January 2025)
2 This average increase in savings was observed in customers using the tools relative to customers not using them. Increase in savings at least two to four months out of the past six months.
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