Dubbed as ‘Groups,’ this in-app feature eliminates the stress that comes with shared costs by letting customers settle up in real time without the need for multiple apps. It lets users:
- Create and manage shared expense groups (for splitting rent, shared subscriptions, or group trips)
- Manage shared costs and payments in one place
- Chat with friends and family through the app’s built-in messaging feature
It works similarly to other shared expense tracking apps such as Splitwise, except it's all done in-house via the Up Bank app.
New research commissioned by Up found that the vast majority (87%) of Australians aged 18-44 are seeking a simpler way to manage shared costs.
The research also showed that Aussies lose nearly $2,000 every year on shared expenses, including rent, bills, group dinners, holidays, and gifts.
Of the biggest culprits, housemate woes seem to be most prevalent, with shared housing costs leading to overspending of $510 on average.
Nearly four in five (78%) said financial disputes have strained their personal relationships, with most (86%) admitting to falling out with friends over money.
Nearly one in three Australians also reported feelings of awkwardness (30%) and stress (29%) when dealing with shared expenses.
Vivin George, Senior Customer Insights Specialist at Up, said the new Groups feature could remove some of that annoyance and awkwardness with shared expenses.
“It’s not just about splitting one bill in the moment — it’s about stacking expenses over time, so there’s less admin and more time for living," he said.
“Groups make it easier by doing the talking for you — it tracks, splits and settles shared costs so there’s no stress, just straight-up fairness.”
Groups is now available through Up, available for download on both the App Store and Google Play.
Up Bank has been one of the bright spots in Bendigo & Adelaide Bank's suite of brands, amassing $2.5 billion in customer deposits per the latest half-year results, which is up 23% compared to the previous half.
More than one million customers have also signed up with Up.
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