CSA app helps track saving, spending

The Canadian Securities Administrators (CSA) has launched a free mobile money management application and interactive web site called My Make it Count to help youth better understand and monitor their spending behaviour in real time.

The app allows users to track the money they earn and spend each day, set savings goals, monitor their financial habits, and share smart spending ideas on-the-go—an approach that will help them develop good financial habits as they enter adulthood.

“As securities regulators, we have a mandate to educate investors about the capital markets and that education should start with our youth,” said Bill Rice, chair of the CSA and chair and CEO of the Alberta Securities Commission. “We believe that providing easy-to-access tools for youth to learn and build on the fundamental practices of budgeting and saving will help them to become more confident and better-equipped investors as adults.”

A recent survey shows young Canadians are struggling to manage their finances. Seventy-two percent of Canadians aged 18 to 29 have credit cards and 22% have a personal line of credit. Six in 10 said they were in debt, with almost two-thirds of those reporting they had credit card debt, and 44% saying they had student loans.

The easy-to-use My Make it Count app is designed to give youth a greater understanding of their relationship with money. It tracks the number and type of transactions made during a specified time period and is readily accessible from mobile devices in real time.

Although designed for youth, Canadians of all ages can benefit from this personal finance tool.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.