HSBC has launched a new feature on its mobile banking app to help its customers develop healthier savings habits.

The ‘Savings Goals’ feature aims to help consumers identify, plan, and manage their savings targets.

HSBC app users can now choose from a list of short to medium terms goals including travel, a new car, and a new business venture, and set the due date and amount target.

They can then set up a regular transfer of funds into their savings account and track their progress.

For longer term goals, 'Investment Goals' is also available on the app.

The move comes as research from the bank finds that nearly nine in ten 16–24-year-olds have a savings account – more than any other age group.

Its study also reveals that 23 per cent of the population save a portion of their wages as soon as they’re paid.

Gen Z are the biggest savers with just under half putting away 20 per cent or more of their monthly income, this decreases with age with only 12 per cent of 45–54-year-olds doing the same.

The most popular savings goals according to the research are travel, emergency funds and home improvements, with 20 per cent of the Gen Z population saving towards a house deposit.

“Saving money can be easier when you have a goal in mind," said HSBC head of everyday banking, Pella Frost. "With Savings Goals you can make a plan for achieving your aims and contribute on a regular basis."

Frost went on to say that the new feature is "another step forward" in its aim to help customers achieve financial resilience.

---