This post is part of our celebration of Financial Literacy Month this April.
I use my iPhone for everything: checking emails, scheduling brunch and sharing photos. We live in a digital world where our entire lives are at the touch of our fingertips. Our devices help us literally tap into our inner fashionistas (Stylebook), tourists (Yelp) and personal accountants (yes, think: Wells Fargo Mobile). One of the most exciting things about Financial Literacy Month is how we can manage finances through digital tools and apps.
According to the President’s Advisory Council on Financial Capability, technology innovations are highlighted as one of many successes in financial education. This shouldn’t come as a surprise. Within the past five years alone, technology has made it faster and more convenient to access real-time, actionable financial information from our individual bank accounts.
Technology provides access to our bank accounts almost instantly. You are able to stay on top of your balances (avoiding any late fees, etc.) because you can know – via phone, tablet, computer or ATM – how much cash is in the bank. Technology is aiding the shift of how we approach and manage our finances.
About two in five U.S. adults (39%) say they have a budget and keep close track of their spending, according to a recent survey conducted by the National Foundation for Credit Counseling. I wouldn’t be surprised if this statistic doubles within the next ten years. Mobile banking is shifting our consumer habits in convenient ways. For instance, nearly half (48%) of smartphone owners also use mobile banking, according to a 2014 consumer trends survey from Fiserv, a CooperKatz client. Financial services apps are integrating mobile banking into our everyday routines.
Keep in mind that financial service apps aren’t solely about checking accounts. Peer-to-peer payments apps enable money to be sent with just a tap on your phone. Technology is helping provide consumers with instant access to finances, and by doing so, increasing financial literacy.
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