By linking their credit or debit cards or shopping through the platform’s website, consumers can earn cashback from thousands of Australian retailers, including Appliances Online, Chemist Warehouse, and The Good Guys. Cashback offers can reach up to 20% of a purchase, automatically credited to users' nominated mortgage or superannuation accounts.
On average, users earn 2% of their spending back. Finder data reveals that, excluding housing costs, the average Australian household spends USD 2,010 per week on living expenses. This could result in an additional USD 2,090 in cashback per year, contributing to mortgage repayments or retirement savings.
Grow My Money has built a loyal user base, particularly among women, who make up 66% of members. While originally designed with women in mind, the service is available to anyone aged 14 to 75, regardless of gender or work status.
Recent Finder data shows that 53% of Australians, or approximately 11 million people, are uncertain whether their superannuation will be sufficient for retirement, with women disproportionately affected.
Grow My Money will continue to operate under its brand and workforce, with the added benefits of Finder Group resources.
Women’s involvement in financial decision-making has expanded significantly in recent years, driven by increasing workforce participation and a shift towards financial independence. According to a 2023 report by the Netwealth, in three to five years, women will be increasingly in charge of household financial decisions. This reflects a broader trend where women are not only managing household budgets but are also taking charge of long-term financial planning. As women continue to make financial decisions for their households, they are increasingly turning to services that provide accessible tools for wealth accumulation, especially in areas like superannuation, where traditional wealth-building strategies have often overlooked their needs.
The fact that 66% of Grow My Money's users are women underscores a significant opportunity for financial services to address the gender disparities in retirement savings. Data from the Association of Superannuation Funds of Australia revealed that women retire with an average superannuation balance 25% lower than men’s, a gap that has persisted despite efforts to close it. Services like Grow My Money offer passive, non-invasive ways to boost superannuation savings by redirecting cashback from everyday purchases representing an emerging solution to help women bridge this gap. As women increasingly take control of their financial futures, tools designed to simplify and improve savings, particularly in retirement, are becoming more essential in promoting long-term financial equality.
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