2020 has changed our relationship with money and people now trust robots more than themselves to manage their finances, according to a new study by Oracle and personal finance expert Farnoosh Torabi.
The study of more than 9,000 consumers and business leaders in 14 countries found that the COVID-19 pandemic has increased financial anxiety, sadness, and fear among people around the world and has changed who and what we trust to manage our finances. In addition, people are rethinking the role and focus of corporate finance teams and personal financial advisors, according to the research.
The global pandemic has damaged people’s relationship with money at home and at work.
The financial uncertainty created by COVID-19 has changed who and what we trust to manage our finances. To help navigate financial complexity, consumers and business leaders increasingly trust technology over people to help.
To adapt to the growing influence and role of technology, corporate finance professionals and personal finance advisors alike must embrace change and develop new skills.
The events of 2020 have changed the way consumers think about money and have increased the need for organizations to rethink how they use AI and other new technologies to manage financial processes.
Farnoosh Torabi is a celebrated financial expert, host of the award-winning podcast So Money, and bestselling author of multiple books, including her latest: When She Makes More. She appears frequently on the NBC Today Show and is a columnist for O, The Oprah Magazine, Bloomberg and NextAdvisor, a financial news site powered by Time Magazine. Farnoosh studied finance at Penn State and holds a master’s from The Columbia Graduate School of Journalism. Learn more about Farnoosh at www.farnoosh.tv and follow her on Instagram @farnooshtorabi.
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