PocketSmith’s global spending map reveals where Australians can benefit from Open Banking data

Source: Reputation Edge

Australian customers of personal financial management (PFM) fintech PocketSmith are using the app’s smart Open Banking insights to offset cost-of-living pressures. Aggregated data captured by PocketSmith’s “global spending map,” an empirical snapshot of consumer spending habits in Australia and around the world, shows a year-on-year increase in monthly median spending levels across key categories.

From February 2025 to February 2026, Australian spending increased by 2% on utilities and dining, 4% on groceries and alcohol, 7% on transport, and 11% on apps.

Jason Leong, co-founder & chief executive officer of PocketSmith said: “There’s nothing more valuable right now than knowing exactly where your money is coming from and going to.

“Against a background of elevated and persistent inflation, plus rising interest rates, PocketSmith’s Australian customers benefit from smart Open Banking insights to take control of their household finances.

“For example, taking action to reduce insurance premiums, earn bonus interest on savings, pay less interest on credit cards, cancel unused subscriptions, and identify budget overruns early to avoid knock-on consequences such as late fees.”

PocketSmith’s implementation of Open Banking under Australia’s Consumer Data Right (CDR) is the foundation for the app’s automation and elimination of manual and repetitive tasks. In turn, this reduces time spent on managing money and improves confidence through personalised, data-driven decision making.

“Many household CFOs struggle with gathering and interpreting financial data from various sources, creating unnecessary complexity and stress.” Mr Leong said.

“PocketSmith simplifies this process, with the help of Open Banking, so the home CFO can easily see the big picture and have answers to financial questions at their fingertips.

“That’s why personal financial management is a key use case for Australia’s Consumer Data Right.”

With over 365,000 customers globally in 190 countries, Australia is PocketSmith’s biggest and fastest growing market, with 100,000 local users currently active.

“Our rate of growth in Australia has surged in the past year, highlighting the strong demand for personal finance tools amidst an ongoing cost-of-living crisis,” he added.

In 2025, PocketSmith published a 27-page white paper published titled “The Rise of the Household CFO: How Open Banking is guiding Australians to financial clarity and control.”

It highlights that personal financial management tasks, such as tracking income and expenses or investing, stand out as high-value CDR use cases, because the benefit to the consumer is broader than handling one-off tasks like choosing a loan or switching energy provider.

“The value of the data is the insights that help consumers learn from past financial habits, tackle current challenges, and confidently plan for a more secure future,” Mr Leong stated.

“The potential for lasting impact – throughout an entire lifetime – is immense.”