Mastering the top four financial stressors

By The IJ Staff | December 09 2019 02:59PM

Photo: Freepik

Financial technology company Mogo has redesigned its mobile app to make it easier for Canadians to master the four habits of financial health that cause them the greatest stress.

“There is a financial health crisis in Canada and while technology has improved our lives in many ways unfortunately it has also made it easier than ever to overspend, leaving the majority of Canadians in debt and financially stressed as they find themselves further away from achieving their goal of financial freedom," said David Feller, Mogo's founder and CEO. 

Getting in control

Feller said a recent U.S. survey stated that almost 9 out of 10 consumers believe nothing will improve their happiness and confidence more than getting in control of their finances. “We think the same applies to Canadians.”

Mogo said it has developed new digital solutions to help overcome stressors. One of those solutions is designed to monitor and protect credit scores, critical for those who want to achieve their goals, by offering free credit score monitoring and fraud protection.

As well, research shows that people who use credit cards tend to overspend – up to 100% more than if they were using cash.  But Mogo said it is offering consumers a way to learn to use their own money while also earning unlimited cashback on a Visa prepaid card being launched in 2020.

Get a loan and become debt-free faster

If clients want to borrow money they can get pre-approval for a loan that won’t impact their credit score and a transparent “loan experience” to help become debt free faster – a return to concentrating on savings again, said Mogo.

And while about 68 per cent of Canadians say they won't have enough savings to last through retirement, Mogo said it believes with the right strategy, investing even small amounts will help increase their funds. To that end, Mogo said it is offering a range of best-in-class digital investment products offered through strategic partnerships with leading asset managers.

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