Tell me more about the My Money Tracker app
How does the app work?
My Money Tracker works by collating digital transaction data from accounts you consent to connect to the app. It then groups the income and expenditure data into categories for analysis, such as “council tax”, “food shop”, or “salary income”.
Your household researcher will work with you to edit and add any categories so that the data represents your household’s experiences.
The transaction data from your household will then be anonymised and analysed alongside that of other households so that the research team can build an understanding of how households are managing their money. Only the research team will be able to see the transaction data and it will be stored securely and in an encrypted location throughout the project.
Will I need to download the app from an app store or elsewhere onto my phone?
No, you will not need to download the app from an app Store or elsewhere onto your phone. My Money Tracker has been built especially for this research project, so it is not available via an app store or anywhere else. You’ll be given login information and your researcher will walk you through how to set it up on your desktop or your phone.
Does my bank need to give permission for me to sign up to My Money Tracker?
No, you do not need to get permission from your bank to sign up to My Money Tracker. It’s entirely your decision whether you want to sign up and My Money Tracker only requires your permission and consent to connect your accounts and financial products.
What happens if I experience fraud or identity theft on one of the accounts linked to My Money Tracker?
If you or anyone in your household experiences fraud or identity theft on one of the accounts linked to My Money Tracker, you need to contact your bank or card provider straight away and let them know. Using My Money Tracker will not affect any fraud protection supplied by your bank or card providers.
Will the research team have access to all of my household’s My Money Tracker information?
The research team will only be able to see the name of the accounts linked to My Money Tracker and the type of transactions made in those accounts. For example, £10 spent in Tesco, or £20 received from a personal contact into a current account. The research team will not have access to any of your account details or card numbers.
My Money Tracker will first store your data in a pseudonymous format – meaning that any information which could be used to identify you directly or indirectly will be replaced with a false name, and then in an anonymous format. It will not be possible to connect you to the data as it will be depersonalised to remove all personal and identifiable information.
What if I don’t want to use My Money Tracker? Can my household still participate in the study?
We need at least one person in your household to use My Money Tracker. If you live alone or manage your money alone (for example, if you live with flat mates or a lodger) you will need to use My Money Tracker to take part. If you have any concerns or questions about My Money Tracker, please contact the research team at realaccounts@nestcorporation.org.uk and we will be in touch.