Socio-Demographic Factors Determining Expectation Experienced while Using Modern Technologies in Personal Financial Management (PFM and robo-advice): A Polish Case

Krzysztof Waliszewski and Anna Warchlewska

European Research Studies Journal, 2020, vol. XXIII, issue Special 2, 893-904

Abstract: Purpose: The article aims to uncover the dependencies in the use of modern technologies to plan personal finances in two key areas: career advice and computer software that monitors spending habits and suggests improvements. Design/Methodology/Approach: Conclusions are drawn based on statistical methods. The Chi-square test was used to test the independence of the relationship of two variables expressed on a qualitative scale. Kendall’s τ correlation coefficient was used to investigate the relationship of two variables expressed on an ordinal scale. Findings: Analysis of data obtained from customer surveys assessing their expectation with the use of modern technologies indicates that the vast majority of respondents would not be happy if a computer program made investment decisions on their behalf. At the same time, the respondents mostly expressed a willingness for a computer program to analyse their spending habits and recommend improvements. Practical Implications: Study showed that level of education did not affect the assessment of robo-advice concerning investment decisions, but it did influence willingness to receive investment proposals. People with higher education would be more likely to use a computer program that would analyse their expenses and suggest improvements. Originality/value: This article deals with the subject of innovation in finance, focusing on robo-advisory services and PFM aplications. Since automatic financial advisory services in Poland still enjoy little popularity, we decided to conduct our own research on users of robo-advice in Poland – the first study of its kind.

Keywords: Personal finance; modern technologies; robo-advice, personal finance planning. (search for similar items in EconPapers)
JEL-codes: C13 C22 C53 F31 G11 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.ersj.eu/journal/1904/download (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xxiii:y:2020:i:special2:p:893-904

Access Statistics for this article

More articles in European Research Studies Journal from European Research Studies Journal
Bibliographic data for series maintained by Marios Agiomavritis ().