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New tech tools: What does it mean for me?
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Consumer finance apps offer a wide range of easy-to-use digital tools to help you stay financially fit.
Ready to jump in? You鈥檙e not alone.
A growing number of people say they are willing (or even eager) to put these tools to work. Consider these findings from a survey conducted by Forbes in partnership with 麻豆传媒*:
- 75 percent of respondents indicated they use online or mobile apps for finance and banking.
- Among respondents, 49 percent said they use tax preparation software and 35 percent use retirement calculators.
- Survey participants also indicated they use a diverse array of tech platforms to gather retirement planning information 鈥� 47 percent rely on online financial news and publications, and 34 percent turn to retirement planning websites.
Savvy individuals are looking for financial management apps from trusted partners, according to a . That breaks down to:
- Banks (30%)
- Tech companies (21%)
- Personal finance apps they already use (20%)
They also are looking for technology that is:
- Regulated and secure enough to protect their personal information (37%)
- Credible and accurate (35%)
Of course, not all apps are created equal. Some tools can provide incorrect or biased information. Others can pose serious privacy risks. There鈥檚 still no substitute for human expertise and judgment.
As you debate how to add tech tools to your overall strategy, here are a few key questions to explore:
1. Are financial wellness or planning apps right for me?
If you鈥檙e looking to stay up to speed on market shifts or find a better way to save or track spending, certain apps can help.
Apps such as , and , for example, offer a wide range of options to help you track your spending habits and stay on budget.
Wally can help you make budgeting decisions by tracking your spending, cash flow and bills. Monarch can track all of your transactions to help you see spending patterns. Tally uses AI to assist with paying off your credit cards.
2. How can I protect myself?
If you鈥檙e ready to give one of these financial tools a try, it鈥檚 best to move with caution. Before diving in, ask friends and relatives if they鈥檝e been experimenting with financial wellness apps. Here are some questions to ask:
- Which apps have been the most useful?
- How have the apps helped you reach your financial goals?
- What surprised you most about using an app?
- Are there any downsides?
- What role does your financial professional play in your financial planning?
Forbes, in partnership with 麻豆传媒, surveyed individuals on their thoughts around technology and finances.
- 47% of respondents worry about the safety and privacy of personal and financial information.
- 29% have concerns about relying too heavily on technology and neglecting personal oversight.
Most of these apps require access to your financial information 鈥� bank accounts, credit cards, PayPal and Venmo 鈥� to track your spending and savings. Before you give access to your accounts and financial information, find out how the company safeguards your sensitive financial and personal data.
3. Tech tools and your financial professional 鈥� a perfect team?
When it comes to making financial decisions such as how much money to invest, where to invest it, and whether you鈥檙e saving enough for retirement, it is best to talk with a trusted financial professional.
Participants in the Forbes survey provided insights into certain aspects of their interactions with financial professionals, and the outcome was favorable.
- 90 percent of participants rated financial professionals鈥� trustworthiness and integrity positively.
- As for financial professionals鈥� knowledge and expertise, 89 percent of participants expressed a positive rating.
- Communication with financial professionals also ranked well among participants with over half (52 percent) who said they were very satisfied.
The benefits of working with a financial professional you trust can鈥檛 be overlooked. Empathy and the ability to pick up nuances in personal interactions are human qualities that allow a financial professional to hear what鈥檚 important and tailor guidance specific to your goals.
The bottom line: tech tools can play a part in financial wellness, but they don鈥檛 replace the value of human connection. Working with a trusted financial professional to help you meet your financial goals, like saving enough for a remarkable retirement, is a key part of the equation.
Don't have a financial professional? We can help you find one.
Want the most from your retirement? Get smarter with Smart Strategies from 麻豆传媒. Your source for tips, tools and financial solutions that can help you live your best life.
*Forbes survey in partnership with 麻豆传媒, Nov. 2023.
