A new analysis from app growth solutions company SplitMetrics reveals a significant rise in the use of money management apps among Android users. These apps surged in popularity in 2022 as inflation drove concerns over personal finances, with users looking for better ways to budget. The sector saw an addition of 896,000 users in 2022, followed by another 854,000 in 2023. The trend continues into 2024, with projections indicating the number of users will reach around 1.1 million by year’s end.
The research indicates that the total lifetime downloads of money management apps have now hit 4.9 million, meaning that approximately one in 10 adults in the UK now rely on these apps to manage their finances. The report also highlights the fastest-growing apps in the sector, with Plum leading the way with 318,000 new users, followed by Moneybox with 264,000, and Snoop with 157,000. Other apps showing significant growth include HyperJar, Emma, and Chip.
In terms of lifetime downloads, both Moneybox and Plum have gained an estimated 1.6 million users each, with Snoop reaching 762,000, Emma at 600,000, Chip at 443,000, and HyperJar at 426,000.
Beyond money management, SplitMetrics also analyzed banking apps that incorporate financial management features and deal comparison apps. These sectors have followed a similar growth trajectory, with banking apps predicted to see a 32 percent increase in users in 2024 and deal comparison apps expected to grow by 21 percent. Among the fastest-growing deal comparison apps are Meerkat with 280,000 new users, MoneySavingExpert with 247,000, and Confused with 159,000.
The banking apps with the highest user growth in 2024 include Revolut, adding 14 million users, Monzo with 1.6 million, and Starling with 421,000. Other notable players in the banking space include Curve, Chase UK, and Monese.
Thomas Kriebernegg, General Manager of SplitMetrics, commented on the increasing demand for financial management tools, noting that people are seeking ways to optimize their finances amid the ongoing cost of living crisis. He explained that while consumers cannot control rising prices and taxes, technology, particularly in the fintech space, has made it easier than ever to track expenses, budget, and compare deals.
Kriebernegg also emphasized the competitive nature of the fintech app market, where both startups and traditional banks are vying for consumer attention. He highlighted the importance of balancing organic and paid user acquisition efforts, as well as focusing on app marketing. Research from SplitMetrics found that incorporating bold colors in app icons and screenshots can lead to a 12 percent boost in conversion rates.
In conclusion, Kriebernegg stressed that innovation in functionality and ease of use is crucial for attracting users, but marketing efforts will be equally important. Those who succeed in prioritizing both will be poised to lead the market in 2025.
