Technology Could Change Personal Finance, But Only if We Get Better at Using It

You don’t have to look very hard to see a grim picture of personal finance trends in America. From rising credit card and student loan debt to a severe lack of emergency funds to households not saving enough to reach their retirement goals, most Americans are facing steep financial headwinds.

But some technological advancements may help change this. For example, several round-up apps like Acorns, Digit, and Qaptial essentially act as digital piggy banks. If you were to make a purchase for $19.60, the app would round the total up to $20, placing the additional 40 cents in a savings account. Having this silent savings advisor “monitor” your daily purchases is an automatic way to start saving money or paying down debt.

John Rampton | Barron’s

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