Technology Use in Everyday Financial Activities: Evidence from Online and Offline Survey Data

Author:

Sunderaraman Preeti123,Ho Sarah1,Chapman Silvia12,Joyce Jillian L12,Colvin Leigh1,Omollo Shalom1,Pleshkevich Maria12,Cosentino Stephanie123

Affiliation:

1. Cognitive Neuroscience Division, Taub Institute for Research on Alzheimer’s Disease and the Aging Brain Columbia University Medical Center, New York, NY, USA

2. G.H. Sergievsky Center, Columbia University Medical Center, New York, NY, USA

3. Department of Neurology, Columbia University Medical Center, New York, NY, USA

Abstract

Abstract Objective Internet use and mobile devices permeate every aspect of our lives and are changing our financial habits. Assessment of financial decision-making (FDM) has not yet caught up to apparent changes in financial behavior. To modernize assessment methods and create current and comprehensive FDM frameworks, we first need to establish the most commonly used and most preferred methods of performing specific financial activities. Method Cross-sectional survey data were collected using an online platform and offline approaches (in person and by mail) (N = 234). The frequency of using technological (e.g., laptop) and non-technological (e.g., in-person banking) means of completing seven financial activities was assessed first, including Depositing checks, Reviewing bank statements, Keeping track of money spent, Transferring funds, Withdrawing cash, Paying bills, and Purchasing products online. Second, preference for technological versus non-technological methods was assessed. Finally, linear regression models examined associations between demographics and preference for technological methods for each financial activity. Results The majority of respondents (77% online, 74% offline) used technology to perform various financial activities and preferred technological to non-technological methods for completing five out of the six financial activities. Increased preference for technological methods was associated with younger age for all the financial activities, and higher education was associated with reviewing bank statement and transferring funds. Conclusions Our survey findings provide empirical evidence for the changing nature of our financial habits. We discuss the implications of this change for researchers, clinicians, and the individuals themselves and emphasize the importance of modernizing FDM tools.

Funder

National Institutes of Health

Publisher

Oxford University Press (OUP)

Subject

Psychiatry and Mental health,Clinical Psychology,Neuropsychology and Physiological Psychology,General Medicine

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