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How mobile apps are helping Canadians in financial crisis

When it comes to managing finances, digital platforms can be powerful when helping Canadians get back on track.

JACLYN DUCHARME

The COVID-19 pandemic has left many Canadians in a financial crisis. Job losses, reduced hours, and increased expenses have created a perfect storm of financial hardship for many households.

According to a recent Statistics Canada report, Canada’s inflation rate jumped to an annual rate of 6.7 per cent in March, far exceeding expectations. This jump marks the highest inflation rate since January 1991, with the main driver of gasoline up 39.8 per cent since March 2021 followed by food up 8.7 per cent.

With all of this in mind, it’s no wonder that many Canadians are struggling more than ever to make ends meet. But there is some good news - and it comes in the form of technology.

Technology has always been a great leveler, providing access to information and opportunities that might otherwise be out of reach. And when it comes to managing finances, digital platforms can be powerful when helping Canadians get back on track.

Here are some of the ways modern technology and mobile apps are helping Canadians during hard financial times:

Accessing money is more convenient than ever

In the past, if you needed cash in a hurry, your options were limited. You could visit a bank, ATM, or physical lender, but if you didn’t have one nearby or needed cash on a holiday, you were out of luck.

Now, thanks to technology and the evolution of banking, there are more ways than ever

to access money - no matter where you are and no matter what day it is.

For example, there are now several mobile loan apps, like ICASH, that offer instant loans in minutes, so you get the cash you need without having to wait or worry about how you will make it to the next payday. This means that if you’re in a cash crunch, you can easily get funds without having to leave your house, 24 hours of the day, 7 days a week.

In addition, online banking has made it easier and more convenient than ever to manage your money. And, it’s on the rise - the Canadian Bankers Association recently found that nearly eight out of 10 (78 per cent) Canadians are using digital channels (online and app-based) to conduct most of their banking transactions.

This increase in accessibility means that more people can make more informed decisions about their money - something that is critical in times of financial crisis. You can check your account balance, transfer funds, and make payments all from your computer or mobile device.

Couponing apps can help you save money

Another great way technology is helping Canadians during these unsteady economic conditions is by providing easier access to couponing apps. These apps allow you to find and apply coupons to your online and in-store purchases, so you can save money on the essentials you need like gas and groceries.

There are a variety of couponing apps available, so you can choose the one that best fits your needs. For example, the Flipp app aggregates weekly flyers from more than 850 retailers, so you can easily find deals and coupons all in one place. And the Checkout 51 app offers cashback on groceries and other household items.

So, if you’re looking for ways to save money, be sure to check out some of the many couponing apps available. With a little help from technology, you can easily stretch your budget and make your money go further.

Money management platforms can help you get a handle on your finances

If you’re struggling to keep track of your finances, you’re not alone. In fact, a 2020 report by the Canadian Centre for Policy Alternatives found that 46 per cent of working tenants (those employed but don’t own a home) have less than a month’s worth of income in their savings.

But there is some good news: you can use technology to help educate yourself on financial management. There are now several money management platforms and educational tools that can help you track your spending, set your budgets, and reach your financial goals.

For example, the Mint app allows you to see all of your accounts in one place, so you can easily track your spending and find ways to save. You can also use the app to create a budget and set realistic goals to work towards.

Modern online lending with ICASH

The ease of a digital setting when it comes to getting cash quickly appeals to many people. ICASH is a Canadian company that’s leading the way in modern online lending through its mobile app, which is available for both Android and IOS devices.

The app offers a fast, convenient, and paperless way to get cash when you need it most. You can apply for a loan of up to $1,500 and receive the money you need in as little as two minutes. This is a smart solution to traditional brickand-mortar lenders because you can apply for a loan from anywhere at any time.

Whether you need to pay for groceries, rent or an unexpected car repair, you can visit ICASH.CA or download the mobile app to find out how you can get an online loan for up to $1,500 just minutes after being approved.

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2022-05-28T07:00:00.0000000Z

2022-05-28T07:00:00.0000000Z

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