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Smartphones are only so smart

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Smartphones are only so smart.

As a nation of early technology adopters, most of us would probably agree that smartphones have made life easier and better. Scanning your boarding pass on your Air NZ app makes travelling a breeze and choosing your pizza toppings is much easier with a tap and swipe! However, with the convenience and efficiency of smartphones comes the tendency to think less and rely on the device to do all the work. When it comes to bigger financial decisions, completing transactions on your smartphone might not be that clever — no matter how smart it is.

While internet banking is great for paying your bills and making sure your mortgage has gone out on time, we think for the really big financial decisions, using your smartphone is not, well, the smartest thing to do. A recent US study found that people performed significantly worse on a test of financial literacy (they were asked about things like interest rates and inflation) when they took the test on a smartphone, compared with pen and paper. This and other studies confirmed what most of us already know — devices tend to fragment our attention, leading us to multi-task and not bother thinking or understanding. The problem is that multi-tasking can lead to multi-mistaking.

When it comes to your investments and retirement savings we think you're better to use your own smarts (and ours too if you like) rather than your smart devices. You don't want to get in the habit of tapping and swiping quickly without considering the long term consequences of your behaviour. You wouldn't buy a house at the tap of a button, and neither should you make significant investment decisions like that.

By all means tap and swipe ... jump online to our website, call, text or email us or if you like the old-fashioned way of doing things, come and chat with us in person.

 

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