The Germans use finance apps for this

Contactless payment with the smartphone
Contactless payment with the smartphone

Apps now shape our everyday lives in many areas. In times of booming online shopping, this also increasingly applies to the way we spend money. When it comes to managing private finances, apps apparently still play a subordinate role in this country. It is true that every second German over the age of 18 uses a finance app, as an online survey by the Statista data portal has shown. When asked what the programs are used for, however, the picture was very one-sided.

Transfer with finance apps

For the report “Private Finances & Investments in Germany”, 1036 people aged 18 and over who have a bank account were interviewed. According to Statista, 577 of them said they used financial apps. With the purpose this picture emerged:

  • Make transfers: 74 percent
  • Find out more: 21 percent
  • Manage insurance: 17 percent
  • Manage stocks: 17 percent
  • Keeping household books: 16 percent

One might think that many Germans are simply not interested in financial issues. However, the survey shows: the need is definitely there, but it is met elsewhere. When asked how they find out about financial topics, the financial apps landed in fourth place among the respondents, far behind financial experts, friends / relatives and specialist journals.

Younger people in particular use finance apps

There was no surprise when using finance apps in the age groups. With increasing age, the use of these digital services also decreases in this country:

  • 18 to 24 years: 83 percent
  • 25 to 34 years: 73 percent
  • 35 to 44 years: 65 percent
  • 45 to 54 years: 54 percent (from here below the general average of 56 percent)
  • 55 to 64 years: 33 percent
  • 65 years and older: 29 percent

The survey was conducted from July 21 to August 1, 2020.

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