How technology has changed our relationship with money

One of the important things everyone has to think about in life is money. Although it might not make the world go around you still need it to survive. From getting a job to earn some money, to how you keep it safe and spend it, money is something we all have to consider on a daily basis.

The world of money is one that has been greatly affected by the evolution of technology in recent times. As with most areas in modern society, technology has not only changed our relationship with it but also how we deal with it. Gone are the days of having to carry around bundles of paper money to spend or calling into the local bank to pay some into your savings account.

Technology has had a major impact on money

Whether you are based in Manchester or elsewhere in the UK, you will have seen this change yourself over the years. Here are some of the main ways in which technology has changed how we now deal with our money.

• Sending and receiving money – in years gone by, to send money to someone who lived far away meant putting physical money in a card or envelope to post off to them. To receive money would mean someone doing the same to post it to you. That was slow and not very secure. Technology has changed that by making it possible to send and receive payments online via online money transfer companies. Being able to send money online in this way is much quicker and more secure.
• Mobile banking – a big change seen in our relationship with money is the rise of online mobile banking. It allows you to use your connected mobile device to pay for goods, shop online and send money to friends. This has made dealing with your money much more convenient.
• Online banking – mobile banking is only possible because of the invention of online banking. That advance was one of the real game-changers in how we deal with our money on a regular basis. It removes the need to visit your local bank in person and makes it much easier to check your balance and transfer money between your accounts.
• Electronic payment solutions – online giants in this area of money include PayPal, that has millions of users and is still growing fast. These solutions, along with contactless debit cards, have practically eliminated the need to carry paper money. Instead you can pay for what you need either with a piece of plastic in the form of your debit card or online with the purely electronic payment options.

Our relationship with money has changed

When you compare how we now deal with money and how we look after our finances then it is clear to see that it has changed a lot. In general, it has been a good thing because it has made dealing with money much more convenient, more secure and easier. Compared to having to go into the bank when it was open to check your balance or to pay money into an account, the modern methods are much better.

 

from Finance Girl http://www.financegirl.co.uk/how-technology-has-changed-our-relationship-with-money/