Want To Start Saving Money? Skip The Bank And Go Digital

If reading your credit card statement makes you as anxious as watching Uncut Gems, you’re not alone. The average Canadian millennial now spends a staggering 2.4 hours a day worrying about money. 

From skyrocketing rents to student debt, our generation is juggling a huge amount of expenses every month. It’s no wonder that 60 percent of us haven’t started saving for the future and 77 percent predict we’ll have trouble paying for our retirement. 

Enter KOHO, a Toronto-based fintech company that’s seeking to take the stress out of saving and bring balance to your financial life. They describe themselves as “an everyday chequing account, paired with a reloadable prepaid Visa card”—along with a personal financial planner that’s available in your pocket 24/7. They’ve got some impressive data to back up their claims: within 3 weeks, the average KOHO user saves 7% of the money they load into their account (through RoundUps and Savings Goals), vs. 2% the average millennial stashes away at traditional banks

Here’s how to use KOHO to kick start your savings plan, and alleviate some of that stress. Just think of it as your fiscal self-care routine.