Advancing technology has worked its way into our portfolios and mobile wallets. In many ways, digitized and automated money is a positive movement, improving people’s financial pictures. It allows the banking system to work better for consumers, giving them tools that used to be just for hedge funds. Fintech also makes investing more accessible with some apps like Acorns, Robinhood and Stash, starting as low as $5 to get started.
Though Fintech has its rewards, it is important to be cautious, knowing there is risk of identity theft. Be selective with the companies you work for and the apps you use. Also, technology is not meant to be a solution to financial problems but a complimentary tool to financial literacy. It is more important now then ever to be financially educated as we move further into this digital and automated era.