KOHO Introduces Joint Accounts to Help Canadians Manage Rising Living Costs Together

New report reveals 66% of Canadians believe shared finances are important as affordability pressures grow.

TORONTO--(BUSINESS WIRE)--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.

About KOHO

Founded in 2014, KOHO is one of Canada’s leading financial technology companies, transforming the way Canadians spend and save. Through koho.ca and the KOHO app, users can access a spending and savings account with no hidden fees, along with tools like Cover (overdraft protection), Credit Building, and RoundUps. KOHO helps Canadians manage their money day-to-day, build financial empowerment, and work toward long-term stability. Headquartered in Toronto, KOHO serves users across Canada.

To learn more about KOHO, visit koho.ca. Read more on our blog here.

Survey Methodology

Angus Reid

These findings are from a survey conducted by KOHO from August 20th to August 22nd, 2025, among a representative sample of 1506 online adult Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.

KOHO

These are the findings of a survey conducted by KOHO from 8 September 2025 among a representative sample of 500 online respondents in Canada aged 18 years - 55+ years. KOHO-owned data reflects joint account user spending behaviour, shared financial goals and how cost of living factors into joint account behaviour.