We talk a lot about goals at J.P. Morgan Private Bank. One of our key goals is to help you define and realize your unique goals for today, tomorrow and across your lifetime. And to help you go about it in a more intentional way. To do that, we want to learn all we can about how humans think, feel and behave when it comes to money. For instance, how can we use technology to enhance our lives—and financial interactions—rather than detract from them? Does your generation know best when it comes to money decision making? How does money really make us feel? To help us answer these questions and more, we surveyed 1,500 people globally and summarized our findings in three articles: the impact of technology on our lives, approaches to money across generations, and how we perceive money.  

Is it time to take your life back from tech?

Is technology enhancing my life, or disrupting it? 

We’re all struggling to reap the considerable benefits of technology in our lives while avoiding the most damaging costs. We especially depend on technology to facilitate our financial interactions—for many people, money itself is primarily a digital concept. But technology can distract us from why we’re focused on money in the first place—which is often to help ourselves, our family and our community.

So how should we balance the pros and cons of technology in our lives?

We tackle that important question, drawing on the results of our survey as we examine the way humans approach and use technology. One key reason we like our devices so much is that they take things off our mind. Technology can act as a kind of second brain, a process known as “cognitive off-loading.” Relieved that technology is working on our behalf, we presumably have more time and energy to do other things. What would it take to give up that feeling of relief? 

Ask yourself: What are the top three opportunities to use your time and energy differently outside of the digital world?

Discover our five tips on how your device can enhance your life more, and disrupt it less.

Does your generation know best when it comes to money?

As humans, we share many more similarities than differences when it comes to money decision-making – but, things have changed over the years.

As part of our research, we explored how financial decision making and discussions around money has evolved over time. We found that the most productive money conversations are collaborative, with each generation benefitting from the other’s life experiences and drawing on shared perspectives. In this way, families can collaborate effectively to move closer to their shared financial goals. 

To understand our global behaviors around money decision making within families, let’s compare the past to the present.

Dynamics have shifted dramatically in who the main decision maker is when it comes to money matters. While fathers tended to be the primary decision makers in the past, it appears that across the globe, that trend has changed across all age groups. 

We also find support for the idea that individuals – regardless of generation or gender – are now taking more control of their money decision making. But numerous studies suggest that collaborating on money decisions can help people reach better outcomes. Perhaps older generations can take a cue from the younger ones, who spend far more time on this topic.

Ask yourself: How can you improve collaboration across generations when it comes to money decisions?

Find out more about how families can collaborate to make better decisions together.

How does money really make you feel?

More money, more problems?

Many of us intuitively feel that more money should make us happier—that greater wealth should equate to a greater sense of satisfaction. But reality is more complicated. 

So how DO we feel about money?

We asked our survey participants this question and found that people at any level of wealth have an opportunity to accentuate the positive—and diminish the negative—impact of money in their lives.  

Explore our three tips—facilitate communication, explain the motive behind your gifts, and direct your important money challenges to those who can help. Those practices can arm you with the tools you need to act with intent when it comes to money decisions in your family’s life.

 

Ask yourself: How can you strengthen the positive, and mitigate the negative, impact of money in your life?

Consider these three suggestions to help ensure that you’re acting with intent on important family money matters.