Personal finance apps have been around for a long time, but their use among young Poles is increasing. Once considered only for middle-aged and elderly users, these apps are now also attracting the attention of young people. So, why is this? These applications undoubtedly make it easier to track personal income and expenses: for example, after completing a Vulkan Vegas login, you can easily record all your deposits and withdrawals and see them at a glance. But is this the only reason? Here we will talk about what advantages personal finance apps offer young Polish people and why they are becoming increasingly popular among the new generation.

Use Banking Without Going to a Bank

There’s a generation that’s spent their lives waiting in line at the bank, but young Poles don’t want to do that. They know they need a bank account but don’t want to spend time in a building to use it. They don’t even want to go to a bank branch to open an account – the easier it is to manage their money, the better.

While traditional banking falls short in this regard, apps like IKOPKO and mBank PL make it possible. You might think of the former as a mobile budgeting and expense tracking app, but it integrates with all your Polish bank accounts and can analyze & automatically group every expense you make. The latter lets you do everything you can do at a bank while still keeping track of your spending. So, the first reason finance applications are gaining popularity among young people is that they save them from having to go to the bank – not only can you manage your budget, but you can also use them to transfer money and receive payments. The most popular apps that allow you to do this include:

·        Revolut

·        Mint

·        Spendee

·        Left to Spend

·        Toshl

With any of these apps, you can do all your banking and track your budget & spending with minimal effort. Doing these things anywhere and at any time is what appeals to young people the most.

Financial Education Made Simple

Another thing that appeals to the younger generation is the ease of access to information. This also applies to financial education: they like apps that give them the information they need to manage their money in an easy-to-understand way. For example, Toshl, which we listed above, has a feature that analyses users’ spending habits and provides them with advice based on these. In other words, it can provide tips for developing financial responsibility. 

Similarly, you can set specific financial goals and see step-by-step what you need to do to achieve them. These applications tell you how to manage your money based on your habits or goals, which makes it unnecessary to get reports and advice from an accountant – unless you are a business owner. The apps’ goal-oriented designs, gamification-based achievements, and customizable recommendations help young people develop financial responsibility without any difficulty.

Automating Complex Tasks

One of the best things about using a finance app is that it can automate even the most complicated tasks. For example, let’s say you have a debt that you need to pay off in three months. Normally, preparing a debt payment plan can be a very difficult task and often requires professional help. However, these apps can create a personalized payment plan in seconds because they already have access to your budget and spending habits. Since the new generation is more interested in infographics, they can even visualize the reports they prepare.

In addition to all this, you can receive real-time alerts or reminders with push notifications. For example, Mint can notify you as a warning if an expense will cause you to exceed your budget limits. This alone can be extremely useful in preventing overspending. If you use Spendee, you can receive reminders about your bills before their due dates, and you can even detect & cancel services you didn’t even know you were subscribed to.

The best part is that you don’t have to deal with all this one by one: if you connect the finance applications to your bank accounts, most of these features are activated automatically. In other words, you do not have to deal with a long and complex setup process.

Young Poles’ interest in finance apps is not just about budget tracking: they are more likely to access the full potential of these applications (compared to the older generation) and use them to make their lives easier. For a middle-aged person, a finance app may be just a tool to keep track of their budget, but in the hands of the younger generation, it can become a banking app, help to develop financial responsibility, and complete even the most complex tasks without the need for an accountant.