Almost 80% of European investors use digital tools to track their expenses
78.9% of investors monitor their spending using an app or software. These are the results of the latest survey conducted by the investment platform Robo.cash. Remarkably, only 7% trust Google Sheets and almost half of respondents prefer Excel spreadsheets. This largely confirms the notion that investors value data security highly when it comes to financial statements.
According to the survey, the vast majority of investors stay on track with their expenses and regularly update the budget data. The most important points for them when choosing a budget management tool are access to all information in one place (25%) and data safety (22%).
“Storing any data on the web entails certain risks, so it’s not surprising that investors rate the importance of information security highly”, comment analysts of the platform. “Whether it is a system malfunction or users’ databases being breached, it is important to be sure that your personal - and especially, financial - information is guarded carefully”.
45% of investors monitor their spending by using Excel spreadsheets. Interestingly, every third investor does not abandon the traditional form of financial reporting and prefers to keep data in a notebook.
When asked about the purpose of using the money management tool, 40% of respondents answered that this is how they budget, and 29% track the due payments.
On average, more than half of the respondents spend a few minutes everyday updating budget data, and 40% do it at least once a week. Every fifth investor notes the importance of being able to get automatic updates on cash flow.“Managing the budget consists mostly of repetitive and therefore time-consuming tasks, while users can put their resources to much better use”, the analysts add. “The implementation of digital solutions helps to secure customers’ comfort and productivity. This is what we strive for in our service too”.