05 Dec FinTech and our Tech Life Balance: Market News
- FinTech and our Tech-Life Balance: Online Banking
- FinTech and our Tech Life Balance: Market News
Before the release of IOS 10, iPhone users could not delete the ‘Stocks’ app from their phone. Still, every iPhone comes loaded with that application, under the presumption that this is a crucial feature for its users. That’s not unreasonable to think: smartphones, with their access to the internet, have revolutionised the way we consume news and information.
Now, there are thousands of apps solely for following markets and other business news. Our ease of access to financial news is in line with FinTech’s purpose of enabling and enhancing business and financial matters and processes.
However, is this just another all-too-enticing aspect of our phones contributing towards our digital addiction and disrupting our tech life balance?
Following the Markets and Nomophobia
Let’s say that you do take a step back and evaluate your phone usage and habits. You realise that you spend long hours on a screen, and that you feel anxious when away from your phone. You ask yourself why, and you come to the conclusion that one of the large contributors is that compulsion your regularly experience that drives you to check stock market news.
So you’ve recognised your unhealthy habits – and this is a good step – but you’re trapped. You feel that you don’t have an alternative, and that there are high stakes (and possibly drastic consequences) to cutting down your phone usage.
In justifying your digital habits, you have convinced yourself that a digital detox, or even just rebalancing your digital-life split, is unnecessary, irresponsible and totally impossible. You have accepted this poor split, and, with that, you have resigned yourself to the consequences of it, such as feelings of anxiety and less time for yourself.
Of course, we’re no strangers to excuses. But we acknowledge that sometimes it can be difficult to find solutions. You can tell your friends that you would rather call them than message via social media. But you can’t tell the markets to move only once a day.
I-FOMO – ‘Investor Fear of Missing Out’ – is nothing new. However, with the rise of FinTech on our mobile phones, it has become deeply intertwined with nomophobia. The two phenomena make a dangerous pairing as they are likely to exacerbate each other, hurting not only our quality of rational thought and decision-making, but our quality of life.
A 2020 study indicates that nomophobia in individuals influences not only their I-FOMO, but also their decision making. Furthermore, it suggested that nomophobia was the most influential factor for the increasing frequency of trading decisions made among investors.
In the past year, we have seen that investor FOMO really drives markets, but also has capacity to derail an investor. Many analysts are concerned about the longterm prospects of FOMO-driven decisions, and would warn that you should not be making impulsive investment choices. Instead, they would recommend that you set out and follow a longterm financial strategy.
This idea of prioritising the longterm view is the key to releasing yourself from your I-FOMO-caused-nomphobia and improving your tech life balance. If you are not making impulsive decisions, then why do you need to check the markets several times a day? We are not preaching ignorance – it’s good to check in on them and stay alert – but watching . And if something changes drastically, then your longterm view is going to change regardless of how many times you have checked the markets in a day.