12:41 09 January 2019
With powerful mobile phones, access to the internet and other innovations now commonplace, we have incredible opportunities that simply never existed before.
Yet, have you ever stopped to wonder how your financial success is linked to the latest technology? There are a few ways in which these two different areas come together more than you might initially imagine.
Naturally, we are all dependent in one way or another on the overall economy. Since the latest technology can help to drive many big companies’ profits and raise wage levels, new developments can create wealth as well as introduce new jobs to the economy.
Another point to bear in mind is that the internet has allowed millions of people to work on a more flexible basis. This has led to 70% of workers around the globe working remotely at least once a week, according to research carried out by Swiss firm Zug. It has also led to more opportunities for people who can’t leave home for whatever reason, as well as for those who live in developing countries.
The economy is now linked to technology as much as it is linked to political news. For instance, if we look at the progress towards Brexit, we can see how those developments have affected the market. Yet, there is also a lot of speculation about how Brexit could affect the UK’s technology scene, with issues such as data privacy and intellectual property rights to be resolved.
One of the huge benefits of modern technology is in the way that it has made so many types of investing easier to carry out. It is now possible for anyone to carry out extensive research and then invest directly from their computer or their phone.
Perhaps we could soon be looking for artificial intelligence and machine learning to help us to invest more wisely and with less effort. Equally, big data can be used to make effective investment decisions based on a wealth of facts and figures that weren’t available to individual investors in the past.
More simply, investors can go online to look at the market situation at any time of day or night. You could follow the FTSE 100 live online with updates every 15 seconds and react immediately to any big changes that happen throughout the day. Alternatively, it is possible to research blogs and forums to get investment hints that suit you.
Of course, any new way of working and investing brings risks with it too. For a start, it is easy to invest impulsively online when a single press of a button could commit you to something that you haven’t thought through as thoroughly as you should have done.
The modern trend for working and investing over the internet also increases the need to be totally in control of your data. Hackers all over the world are keen to gain access to the accounts of people who move money around online or who hold sensitive information on their devices.
Over time, it is likely that your financial success becomes even more closely linked to the latest technology. Those people who use technology wisely and avoid the emerging risks can expect to reap the benefits of the most exciting new advances in the future.