As the world advances at a rapid pace, our lives are becoming increasingly digitized. The digital age has seen remarkable advancements that have intrinsically changed how we navigate our daily lives, especially in financial matters. Financial wellness now extends beyond balancing checkbooks- it involves understanding and utilizing digital tools to manage, save, and invest for goals.
Digital financial management tools
Old methods of managing finances, such as manual bookkeeping and paper-based statements, have been replaced with digital tools.
Budgeting apps– Budgeting apps encourage establishing financial habits by providing a clear view of income and expenses, thereby promoting financial transparency.
Online banking platforms – Online banking platforms present a convenient and secure way to perform financial transactions, keep track of account balances, and manage finances effectively.
Digital wallets – Digital wallets provide touchless transactions along with bank account management.
Improved savings and investing – Savings apps that automatically divert small amounts from your checking account to your savings account have made saving money much more manageable and less burdensome.
Robo-advisors – Robo-advisors, a form of financial technology, use algorithms to provide model-based portfolio recommendations, which may be tailored to general risk profiles and investment objectives. This technology offers automated portfolio options that are more widely accessible today than in the past.
Financial education in the Digital Age
The availability of online resources for financial education has broken down barriers, allowing everyone, regardless of socioeconomic status, to access them. All contribute to the democratization of financial education, fostering financial wellness for everyone.
- Blogs
- Webinars
- Online courses
- Podcasts
- Social media platforms
Cybersecurity and financial wellness
While the digital age has brought numerous benefits for financial wellness, it’s also brought challenges – primary among them, cybersecurity. Protecting one’s financial information has become paramount. It’s essential to use secure networks, update passwords regularly, and be aware of phishing attempts.
SWG4708884-0825d This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives. The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed.
Our family financial services firm, August H. Velten & Associates, has been in business for 12-years in Melbourne, FL. August Velten (CLU) is a 40-year veteran of the Financial Services industry. August is a former instructor for the Life Underwriter Training Council and once occupied the legislative seat for the Maine Association of Life Insurers. In Brevard County, you may have seen him on local access TV or read one of his articles in a local area magazine. Jessica Waterhouse, August’s daughter, left her own practice to join the firm in 2019. Jessica is a Florida licensed insurance producer, securities licensed (Series 65), a long term care specialist (CLTC) and holds certification as a National Social Security Advisor. Both August & Jessica are instructors for financial literacy workshops in both Brevard and Indian River County offering education in Social Security and Financial Planning. Contact the office today to schedule an introductory meeting or review of your current financial plan.
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