Socio-demographic factors determining expectation experienced while using modern technologies in personal financial management (PFM and robo-advice) : a Polish case

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.peer-reviewe