In light of record-breaking inflation in the eurozone, bunq, the second largest neobank in the EU, notices a cross-country trend of young Europeans being harshly affected by the cost-of-living crisis.
The neobank’s users in different EU countries are increasingly worried about their eroding savings and inability to make planned purchases.
According to the research conducted by bunq, 94% of millennials in the Netherlands, Germany and France say they have been affected by the current economic downturn, with 40% having cut their expenses and 38% delaying larger purchases for the future. More than two thirds of people see their long-term plans, such as moving or starting a family, being affected by inflation.
Being rooted in the wants and needs of its users, bunq is introducing new tech-powered tools to help users maintain financial health and regain control of their finances.
Ali Niknam, CEO and founder of bunq, says: Most of our users are taking active steps to regain control over their finances: either by budgeting diligently or by paying better attention to large or impulsive purchases. We want to help them do that more efficiently and are introducing the fourth generation of our app, more simplified and powerful than ever. It will allow them to budget with zero effort and kick inflation to the curb.
Announced tonight at bunq Update 21 in DeLaMar Theater in Amsterdam, the fourth large-scale update to the bunq app, includes such new features as Easy Budgeting and Group Expenses. Easy Budgeting allows users to effortlessly budget by setting up multiple budgets for groceries, shopping or holiday plans. Thanks to bunq’s patent-pending technology, expenses are automatically counted towards an appropriate budgeting sub account. bunq’s Group Expenses lets users start multiple activities with family and friends, such as a weekend trip together or a birthday dinner. It enables users to add their card payments to a group expense automatically and to easily split it when an activity is over.