Typically marketed to Millennials, it’s no surprise that up to 44% of Neo Financial and KOHO app users are under the age 35 (making them up to 43% more likely than the average Canadian 18+), and up to 16% are students (47% more likely).
Neo’s broader set of financial products, including mortgages and investments, shows in their visitor profile as well, with 76% of Neo app visitors living in a home they own, compared to just 67% of KOHO app users. Also, Neo users are more likely than KOHO users to have children at home, and are wealthier, with Neo app visitors holding 25% more in savings and investments than KOHO users.
Home ownership and having children at home does seem to put extra pressure on Neo Financial app users however, with nearly half (47%), agreeing they “feel overwhelmed by financial burdens”, and less than 2 in 5 (38%) believing they are “very good at managing money”.
Being digitally-inclined to begin with, it’s no surprise nearly all Neo Financial and KOHO app users visit social media properties monthly. However, KOHO users spend nearly twice as much time on social media apps and websites in an average week than Neo Financial visitors, with KOHO users averaging 8hrs/week compared to the 4.5hrs/week Neo users spend.