One of the best advantages provided by a Smartphone is the constant access to information it provides its users. A Smartphone user is able to have instant access to any, and of their financial information. A recent survey conducted by Country Financial Security Index®, shows that approximately 53 percent utilize the banking or investment applications on their Smartphone. In this group, 70 percent said these tools make them more attentive when it came to tracking their finances.
Unfortunately, increasing a Smartphone users ability to be aware of their financial situation doesn’t seem to translate into good choices. The exceptions are those people who use their Smartphone’s variety of investing and online banking features.
The survey results also showed that only 46 percent of regular Smartphone users claimed online access to financial information improved their ability to save money, either short or long term. There were 31 percent of Americans who regularly utilized many Smartphone financial tools in a variety of ways. Out of this group, 57 percent claimed these applications helped them save money.
How Smartphone Financial Applications are used by Americans
Pay bills 36%
Check balances 26%
Use budgeting tools 3%
Manage investments 3%
All of these functions 31%
Men and Women
Women use finance applications more than men at a rate of 57 percent to 50 percent. However, they are less likely to say these tools helped them save money at a rate of 44 percent to 49 percent.
Utilization by Age
Users between the ages of 18 and 29 are the most likely of any age group to use personal finance applications at 35 percent. Around 57 percent of this group claimed using the financial apps helped them save money.
Users between the ages of 30 and 39 were the most likely to utilize finance applications at 72 percent. Around 51 percent of this group claimed the financial apps had improved their ability to save money.
The Smartphone financial applications are claimed by people in the 40 to 49 age range (72 percent), as well as 50 to 64 (75 percent), to have made them more attentive when it comes to tracking their finances.
People 65 and older, at a rate of 43 percent, claimed they utilized online banking tools to pay their bills. This response rate was the highest of any group.
In a February 19, 2013 press release Joe Buhrmann, manager of financial security support at Country Financial is quoted as saying “It’s great to see a majority of Americans are more aware of their finances thanks to online banking and investment applications. Still, people spend more time online planning their vacations than planning for retirement. Online budgeting tools make it especially easy to always see where you stand, which can help turn your awareness into a benefit on the bottom line.”
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