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

Author

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  • Krzysztof Waliszewski
  • Anna Warchlewska

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.

Suggested Citation

  • Krzysztof Waliszewski & Anna Warchlewska, 2020. "Socio-Demographic Factors Determining Expectation Experienced while Using Modern Technologies in Personal Financial Management (PFM and robo-advice): A Polish Case," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 893-904.
    • Handle: RePEc:ers:journl:v:xxiii:y:2020:i:special2:p:893-904
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    References listed on IDEAS

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    1. C. Thorun & J. Diels, 2020. "Correction to: Consumer Protection Technologies: An Investigation Into the Potentials of New Digital Technologies for Consumer Policy," Journal of Consumer Policy, Springer, vol. 43(1), pages 193-193, March.
    2. Alessandra Tanda & Cristiana-Maria Schena, 2019. "FinTech, BigTech and Banks," Palgrave Macmillan Studies in Banking and Financial Institutions, Palgrave Macmillan, number 978-3-030-22426-4, September.
    3. Robert Jacobson & Natalie Mizik, 2009. "The Financial Markets and Customer Satisfaction: Reexamining Possible Financial Market Mispricing of Customer Satisfaction," Marketing Science, INFORMS, vol. 28(5), pages 810-819, 09-10.
    4. Beata Swiecka & Eser Yeşildağ & Ercan Özen & Simon Grima, 2020. "Financial Literacy: The Case of Poland," Sustainability, MDPI, vol. 12(2), pages 1-17, January.
    5. Mikhail Beketov & Kevin Lehmann & Manuel Wittke, 2018. "Robo Advisors: quantitative methods inside the robots," Journal of Asset Management, Palgrave Macmillan, vol. 19(6), pages 363-370, October.
    6. C. Thorun & J. Diels, 2020. "Consumer Protection Technologies: An Investigation Into the Potentials of New Digital Technologies for Consumer Policy," Journal of Consumer Policy, Springer, vol. 43(1), pages 177-191, March.
    7. Anna Warchlewska & Krzysztof Waliszewski, 2020. "Who uses Robo-Advisors? The Polish Case," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 97-114.
    8. Serhiy Shkarlet & Maksym Dubyna & Olena Zhuk, 2018. "Determinants Of The Financial Services Market Functioning In The Era Of The Informational Economy Development," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 4(3).
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    Cited by:

    1. Nguyen Duong Thanh Thao & Ha Minh Tri, 2024. "How socio-demographic factors affect the personal finance management application assessment during the Covid period in Vietnam?," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 14(1), pages 3-19.
    2. Adam P. Balcerzak & Ilona Pietryka (ed.), 2021. "Contemporary Issues in Economy. Proceedings of the International Conference on Applied Economics: Economics," Books, Institute of Economic Research, edition 1, volume 11, number 25, February.
    3. Krzysztof Waliszewski & Anna Warchlewska, 2021. "Comparative analysis of Poland and selected countries in terms of household financial behaviour during the COVID-19 pandemic," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 16(3), pages 577-615, September.
    4. Oana Pricopoaia & Andreea Valentina Busila & Nicoleta Cristache & Irina Susanu & Cosmin Matis, 2024. "Challenges for entrepreneurial innovation: Startups as tools for a better knowledge-based economy," International Entrepreneurship and Management Journal, Springer, vol. 20(2), pages 969-1010, June.

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    More about this item

    Keywords

    Personal finance; modern technologies; robo-advice; personal finance planning.;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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