Is Technology Changing Your Relationship With Money?

Technology has had a big impact on human lives over the last few years. Everything from opinions to financial decisions are impacted by technology. Whether you’re paying a roadside fruit seller by scanning a QR code on your phone or relying on a blog’s stock market tips, you use technology at every step of your financial journey.

How Technology Helps In Financial Matters

• Cashlessness Is A Way Of Life

You can buy a house or a pencil and not worry about having cash with you. Technology has made cashlessness an actual way of life. You can literally carry your bank in your pocket via your mobile phone and make payments on the go. Thanks to technology, it’s become very convenient these days to pay for whatever you buy or use.

• Financial Transactions Are Very Quick

Gone are the days when you had to wait for a bank to open so that you could withdraw money, drop a cheque, or carry out any form of transaction. Now, you can use the automated apps and complete your financial transactions instantly at any time of the day or night from the comfort of your home.

• Help Is Always Available

Whether you want financial advice to open a Demat account or you wish to know about the current FD rates, you can find the information at your fingertips.

This is another massive benefit that technology has brought forth.

How Technology Hinders Financial Decisions

• Impulsive spending

Online shopping, online trading, etc. have become so accessible that you often end up spending when you don't need to. Also, you end up spending impulsively without proper research, which proves to be disadvantageous in the long run.

• Highest instances of frauds

While modern-day apps and devices are safe, the risk of falling prey to fraudulent activities is still high. Technology, when used incorrectly, can wipe your finances dry, so you need to be very careful when dealing with money online.

• Incorrect information

As mentioned above, you can find a lot of helpful data online. But some of it is incorrect and not based on proper research and analysis. Sadly, people make their investment decisions after reading such information, making a costly mistake in their future. Do not believe everything you find online - learn to filter it out or you may end up at a loss.

Final Word

There are some pros and some cons of the technological impact that the money world has seen of late. You need to exercise your own intelligence and see what’s best for you. Make use of the advantages technology brings forth and be cautious of the disadvantages. Find a balance, and you will be in a win-win situation.