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How we can benefit from personal finance management applications during the COVID-19 pandemic? The Polish case

Author

Listed:
  • Krzysztof Waliszewski

    (Poznań University of Economics and Business, Poland)

  • Anna Warchlewska

    (Poznań University of Economics and Business, Poland)

Abstract

The aim of this article is to determine if and to what extent sociodemographic factors are related to how home budget management applications are evaluated. The authors attempted to verify to what extent applications supporting personal finance management are beneficial and popular in Poland via a CAWI online survey. The architecture of the research covered the following areas: the name of the application used, its method of use, the level of complexity of the software installation process, evaluation of the application’s transparency, intuitiveness, functionality, if it meets financial needs, the technical and substantive faults of the application, degree of satisfaction with the application as well as recommendations for further development, the advantages and disadvantages of the application, the use of PFM during the SARS-CoV-2 era. The study showed that users tend to use non-banking applications more often than financial managers offered by banks. A PFM benefit analysis shows that the applications are highly transparent, structured, intuitive and that the respondents have positive approach towards using them. The SARS-CoV-2 pandemic has given grounds to finding gaps in remote customer service, such as better adaptation to the needs of current settlements and payments, the incapability to scan documents, and the lack of advice and ongoing contact with a consultant.

Suggested Citation

  • Krzysztof Waliszewski & Anna Warchlewska, 2021. "How we can benefit from personal finance management applications during the COVID-19 pandemic? The Polish case," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(3), pages 681-699, March.
    • Handle: RePEc:ssi:jouesi:v:8:y:2021:i:3:p:681-699
    DOI: 10.9770/jesi.2021.8.3(42)
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    References listed on IDEAS

    as
    1. Thakor, Anjan, 2020. "Corrigendum to: Fintech and Banking: What Do We Know?," Journal of Financial Intermediation, Elsevier, vol. 43(C).
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    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Terrance Jalbert & Jonathan D. Stewart, 2023. "A Comprehensive Retirement Financial Planning Tool Una Herramienta Integral De Planificacion Financiera Para La Jubilacion," Revista Global de Negocios, The Institute for Business and Finance Research, vol. 14(1), pages 13-44.
    2. Michal Bernardelli & Zbigniew Korzeb & Pawel Niedziolka, 2021. "The banking sector as the absorber of the COVID-19 crisis’ economic consequences: perception of WSE investors," Oeconomia Copernicana, Institute of Economic Research, vol. 12(2), pages 335-374, June.

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    More about this item

    Keywords

    modern financial technologies; personal finance management; FinTech; pandemic SARS-CoV-2;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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