The impact of using financial technology on positive financial behaviors

Authors

  • Qianwen Bi Department of Finance and Economics, Woodbury School of Business, Utah Valley University
  • Lukas R. Dean Department of Finance and Economics, Woodbury School of Business, Utah Valley University
  • Tao Guo Department of Economics, Finance and Global Business, Cotsakos College of Business, William Paterson University
  • Xu Sun Department of Finance and Economics, Woodbury School of Business, Utah Valley University

DOI:

https://doi.org/10.61190/fsr.v29i1.3442

Keywords:

Positive financial behaviors, Financial software, Financial technology

Abstract

This study uses 2013 Survey of Consumer Finances data to explore the impact of financial tech- nologies on households’ positive financial behaviors. After controlling for variables on general capi- tals, financial literacy capitals, and financial resources, we find that only planning technologies (e.g., direct deposit and computer software) are positively related to households’ engagement in positive financial behaviors. In contrast, the impact of transaction technologies (e.g., using ATM card, credit card, phone banking, and computer banking) is negative. Policymakers and financial service pro- viders should assist consumers with better financial tools and help them manage financial resources and behaviors.

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Published

2021-03-30

How to Cite

Bi, Q., Dean, L. R., Guo, T., & Sun, X. (2021). The impact of using financial technology on positive financial behaviors. Financial Services Review, 29(1), 29–54. https://doi.org/10.61190/fsr.v29i1.3442

Issue

Vol. 29 No. 1 (2021): Spring 2021

Section

New Original Submission

License

Copyright (c) 2021 Academy of Financial Services

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