Online Tools Make Investors More Diligent

The survey found that while women are more likely to use financial apps, men who use them are more likely to say they help them save (49% versus 44%) and track their finances (72% versus 68%). Men and women used online tools similarly, although women were slightly more likely to say they used online applications for budgeting (3% versus 2.5%) and were more likely to use them to check their balances (29% versus 22%).

The survey found nearly three-quarters of respondents between 30 and 39 used online financial tools, compared with 60% of those between 40 and 49, and 54% of those between 18 and 29.

Nearly 60% of people who said they worked with a financial advisor use online tools very or somewhat often, most frequently for paying bills. Just 5% of respondents who work with a financial advisor use online tools to manage their investments, although the survey found nearly 32% of respondents use online tools for multiple functions, including paying bills, viewing balances and managing investments.

Unsurprisingly, people who make financial decisions on their own were most likely to use online tools for help (57%), but even people who share decision making responsibilities with another person were likely to use online tools very or somewhat often (55%).