New report reveals 66% of Canadians believe shared finances are important as affordability pressures grow.
Today, KOHO, Canada’s top-rated money management app, announced the launch of its benefit-filled Joint account, designed to help Canadians manage rising expenses while earning rewards. Unlike traditional joint accounts, KOHO turns everyday spending, such as rent, groceries, and utilities, into savings opportunities with 2% Cash Back on essentials, up to 3.5% interest on balances, and built-in budgeting tools such as Roundup and Goals.
The launch responds to a growing demand for smarter tools to manage shared money, particularly among younger Canadians navigating affordability pressures. This trend is underscored in KOHO’s recent Canadian Shared Finances Report, developed in partnership with Angus Reid, which found that 66% of Canadians believe shared finances are important, but fewer than half (42%) currently have a joint account with their spouse or partner.
With shared expenses on the rise, this report draws on two surveys — a nationwide survey of 500 KOHO users aged 18–25, and a national survey of 1,506 adult Canadians conducted through the Angus Reid Forum — the Canadian Shared Finances Report highlights how young Canadians are navigating volatile paycheques, limited day-to-day cash flow, and a growing focus on survival over long-term financial growth.
The report released today finds:
- Shared expenses are rising: 38% of KOHO users say their shared expenses, like rent, groceries and utilities, have increased in the past 12–24 months.
- Men and women are aligned on shared finances: 69% of men and 63% of women say it’s important with a partner. Men are slightly more likely to hold joint accounts (44% vs. 38%), while women are more open in non-traditional contexts, like sharing with parents (36% vs. 34%) or friends (6% vs. 4%).
- Younger Canadians are more open to non-traditional sharing: 13% of Gen Z would share an account with a roommate (compared to 2–5% among older cohorts, like Boomers, Millennials, and Gen X), and 11% would share with a friend (vs. 2–6% of older cohorts).
- Aligned savings goals matter more to younger Canadians: 52% of Gen Z and Gen X say shared goals are the main reason to open a joint account, compared to just 34% nationally.
As the cost of living reshapes household budgets, KOHO’s Joint account helps Canadians turn shared spending into rewards and savings while avoiding hidden fees. The Joint account includes up to 3.5% interest on balances, up to 2% Cash Back on essentials, 0.5% on all other purchases, and built-in savings tools such as Vault, RoundUps, and Goals, with fee saving options like no FX fees, free international ATM withdrawals, and other features to help you earn more, coming soon.
“We know Canadians believe in sharing finances, but many haven’t had the tools to do it easily,” said Daniel Eberhard, CEO and founder of KOHO. “As the cost of living goes up, joint accounts are helping people cover groceries and rent, as well as allowing them to pay bills, save for emergencies, or plan for the future. With KOHO’s Joint account, we want to make managing shared expenses and savings goals as smart and simple as possible.”
KOHO offers tools to help Canadians build financial empowerment. With features like Cover (overdraft protection), automated savings, and credit-building options, KOHO provides intuitive solutions that reflect the realities all Canadians face in managing their money.
To learn more about KOHO’s financial tools, please visit koho.ca.
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