New coaching app to change money habits

Yasmine Raso

Senior Journalist, Financial Newswire

31 October 2022

A new money coaching app from Australian non-bank lender, Wisr, will use psychology and science-based features to help users build better spending habits and save hundreds of dollars a week.

Called Wisr Today, the app was developed in collaboration with psychology and behavioural science consultants to apply well-researched ‘interventions’ including Cognitive Behavioural Therapy (CBT) and Acceptance and Commitment Therapy (ACT) to show users the science behind spending and encourage them to make long-lasting changes to their unsustainable habits.

The app launch comes after Wisr conducted research on the impacts of inflation for Australian consumers since the introduction of the Goods and Services Tax (GST) in 2000. Of 1,302 Australians polled, 42 per cent said they are spending an additional $200 to $300 a week on standard living costs without changing spending habits.

Close to half of respondents (46 per cent) said they can’t afford to save or have spent their savings put aside for rainy days, while 31 per cent frequently make purchases using Buy Now, Pay Later (BNPL) services and 57 per cent have cancelled or postponed holidays or overseas travel plans to help cut costs.

“The stress of finances permeates everybody’s life. It is more than how much or how little you have in the bank. Money is emotional, and it affects each of us differently, and it’s constantly changing,” Wisr Chief Strategy Officer and creator of Wisr Today, Dr Lili Sussman, said.

“Building good money habits is more than sticking to a budget; If it was easy, then we’d all have brilliant habits. Money and genuine financial health are about your behaviour, values, goals, and routine habits. The secret to financial health starts with healthy habits and psychology with science-based intervention.”

“Technology has enabled us to digitise (and make affordable) proven interventions. It’s never been done before, and amid a global financial crisis, the timing has never been so crucial to empower and support Aussies to get smarter with their money habits.”

Dr Amantha Imber, organisational psychologist, founder of behavioural science consultancy Inventium, and consultant for the app, said Wisr Today goes one step further than financial literacy and education by incorporating the science behind habit and behaviour.

“This is the first app I’m aware of in Australia that digitises psychology and behavioural science for smarter money habits. I’m very excited to see how Wisr Today can take proven psychology interventions and change people’s relationship with money to improve their financial health.”