THE IMPACT OF TECHNOLOGIES ON CHANGING APPROACHES TO PERSONAL SAVINGS

Abstract

This article explores how modern innovations impact approaches to managing personal savings. Primarily, the accessibility of digital technologies is a significant aspect. Mobile apps and online platforms enable access to financial data anytime, anywhere, facilitating expense tracking, financial analysis, and real-time savings planning. Automation is another key aspect influencing savings approaches. Smart algorithms and machine learning help automate financial management. For instance, some apps offer automatic rounding up to the nearest dollar for each purchase, transferring the difference to a specialized savings account. This makes the savings process less intrusive and more automated, ensuring greater stability and efficiency. Technologies also play a crucial role in financial education and consulting. Many mobile apps provide access to educational resources, aiding in understanding the principles of effective financial management and savings. Additionally, some platforms offer personalized consultations from financial experts via chatbots or online consultants, providing users with individual advice and support on significant financial matters. Equally important is the expanded investment opportunities provided by digital technologies. Fintech platforms and robo-advisors allow easier and more efficient allocation of savings into various assets, such as stocks, bonds, cryptocurrencies, and other financial instruments. This enables portfolio diversification and increases its potential income. Research perspectives lie in understanding how digital technologies ensure greater accessibility, efficiency, and financial literacy, fostering financial stability and well-being for users. Also, examining the risks associated with these technologies is crucial.