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The Double Click: how does your spending stack up to KOHO users?

3 min read

Aoife Stapleton & Justin da Rosa
#Spending, saving, inflation
The Double Click: how does your spending stack up to the rest?

Rounding it up

  • Even while inflation rates were rising, KOHO users managed to keep their spending on an even keel, and even saved some money in the process

  • As inflation rose to 5.1% since January 2022, our users' average spending actually decreased by 14%

  • When inflation skyrocketed to 5.9% in January 2023, user spending only increased by 2% from the previous year

  • Despite everything, KOHO users still managed to reach 23,000 savings Goals in 2022 and save an average amount of $521

If you feel like the cost of everything is getting out of hand, you’re certainly not the only one – the price of food alone increased a whooping +11.4% last year. Yep, we’re serious.

We’re fans of a juicy data set here at KOHO, so we decided to sink our teeth into the topic to understand how these rising costs have affected our users’ spending. Knowing that inflation has been steadily rising over the past year – and bringing the price of pretty much everything with it – we figured our users are probably spending more these days than they have been in the past. But what we found certainly surprised us.

Turns out our users are pretty savvy spenders, and here’s why we think so:

  • Overall, our users' average spending has remained pretty flat over the past couple years. The average user spent $570 in January 2021 when inflation was a measly 1%, according to

  • The following months, inflation started picking up steam, settling at 5.1% in January 2022 – which meant the cost of goods was also on the rise. Despite all this, average user spending actually decreased to $493 per month.

  • A year later, inflation was still high at 5.9% in January 2023. And our users still managed to keep their spending under control, with the average user spending $505.

See what we’re getting at?

What our data points us towards is that you, clever KOHO user, are part of a group of Canadians that have managed to keep their spending in check, despite the price of fresh produce pinching half your paycheque (well… almost!). Our users have been able to reprioritize when things get tight and keep their spending under control.

Our very own financial coach, Sherry Andrew, shared her 2 cents on how our users have been able to keep spending smartly during the chaos of rising costs.

“I think it’s a few things,” Sherry says. “The most important is the visibility of what you have available to spend using your KOHO card,” adding that users are also aware their card balance is money they have versus credit, which leads to healthier spending habits.

And not only are our users practicing smart spending, they’re also proving to be super savers as well.

KOHO users managed to reach 23,000 savings Goals in 2022 and the average Goal size was $520.63 – that’s a nice chunk of change to have on hand when needed. (Flight from Toronto to New York, anyone?)

A recent RBC survey found that 52% of Canadians aged 18-34 weren’t prepared for the impact of inflation. And 43% didn’t anticipate how inflation would affect their ability to pay for basics. So our users' spending habits are especially impressive when you consider the context of what’s been going on within the broader Canadian economy. Of course, we know we can’t take all the credit, but it seems using KOHO may have helped our users spend and save smarter.

Let’s break down where most of your cleverly managed money was spent:

  • KOHO users spent most of their hard earned cash on eating and drinking, closely followed by retail - trip to Costco, anyone?

  • Self-care spending is the best kind of spending for millennials who prioritized their health & life maintenance over any other age group

  • The Starbucks Frappuccinos must be extra frothy in Newfoundland, ‘cause our users there were the only ones in Canada to spend more at Starbucks than Tim’s

  • Quebec users were spending money on the move, taking the most Uber journeys in Canada

Graph of user spending by category across provinces

The Double Click blog series dives into the KOHO data you’ll actually care about, presented in a snack-sized, digestable way.

Note: KOHO product information and/or features may have been updated since this blog post was published. Please refer to our Subscription Plans page for our most up to date account information!

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