Motivated or inhibited? – an analysis of the predisposition to adopt technological implements in Personal Financial Planning

Abstract

The adoption of technology in Personal Financial Planning (PFP) is permeated by motivating and inhibiting factors, with the predisposition to adoption being strongly influenced by personal traits. The present paper analyzed this predisposition among 366 higher education students in the city of São Paulo, Brazil. Using primary data and applying Logit and Probit regression models with Maximum Likelihood estimators, the study combined sociodemographic variables with constructs from a validated psychometric scale, assessing individuals in relation to their adoption of financial technology tools. Contrary to the notion that people avoid technology tools due to insecurity, the results showed that the inhibitors “Discomfort” and “Insecurity” did not play a relevant role in the intention to use technology in the PFP. The motivators “Optimism” and “Innovativeness” are considered statistically significant in the intention of use. Those who don't use it are quite disinterested and unconvinced of the benefits, therefore averse to technology, while those who use it highlight the benefits of technology in the PFP.