[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.
I have been 100% online for several years now. You can’t beat the convenience and the ability to monitor all of your bills in (mostly) one place. (I haven’t been late with a bill in a long time!)
I also write a fraction of the checks that I used to. I rarely send much of anything via snailmail. I spend very little on checks and stamps nowadays.
I use Mint.com. I had been using Quicken for something like 13 years but Mint is much more automated and is with me everywhere. I have all of my finances on Mint. All that is, except COUNTRY! The one major account missing is the ability to track my 401(k) on Mint. Is this ability coming soon (or at all)?
Dave, as far as I know, that’s something COUNTRY is actively looking into.
I am also a regular user of Mint.com. It s pretty nice in the sense it gives me an overall status of all my accounts(the more accounts you have, it makes more sense to use it) at any point of time. Especially features like budget, goals, advice etc are very nice — as you can plan every month and measure your progress on how you are acheving your goals and at times you get ways to reorganize your finances too.
Having said that, does online/mobile applications make me more efficient in saving or achieving my goals?….I think not, as I observe over the years, that I am spending more on things that are otherwise would not have been spent, and they are always something that looks nice to have when you browse the internet. (I take this as a side effect of going online) In the past when I was counting cash, I was much more frugal and I had all the things I needed and I still saved a lot of moeny.
Raj, I completely agree with you. I think sometimes looking at my accounts makes me more frugal because high spending guilt trips me into spending more. However, if I notice that I saved a lot of money last month or hasn’t spent too much yet, I’m definitely more included to make an impulse buy.