February 18, 2013

Do Smartphones Make Us Smarter With Our Money?

[For the official release, check out the complete survey and results]

Mac vs. PC. iPhone vs. Android. These days we hear a lot about the next big thing and new, “revolutionary” products. Regardless of features, when we decide to buy a new computer or smartphone, cost is usually top of mind. These devices take a bite out of our bottom line, but do they add back to it?

Our latest COUNTRY Financial Security Index survey asked Americans if they bank or invest online using their computer or mobile device. If so, are they reaping any benefit?

  • Just over half of Americans (53%) regularly use online banking or investment applications.
  • Of these regular users, 70% say these tools helped them better track their money.

Unless you’ve embraced all that online banking or investing applications have to offer, this awareness might not be leading to action.

  • Just 46% of regular users say banking or investing online helped them save money.
  • 31% of people are using multiple online features like paying bills, checking balances, managing investments and budgeting. For them, 57% say these tools helped them save.

It’s often a matter of priorities. As our manager of financial security support, Joe Buhrmann, puts it, “People spend more time online planning their vacations than planning for retirement. Luckily, 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.”

So, we might be smarter with our money in a smartphone era, only if we make the most of the online features available to us. For ways to better manage your money online, see what Elissa Tuttle, a financial planner at COUNTRY has to say:

Apple and Android fans seemingly don’t agree on much. But, do they agree on how to manage their money online? Check out this infographic to see how they compare.

For more results and insight from a COUNTRY financial expert, check out the complete survey. You can also download a PDF of the February 2013 survey data.