Our global research suggests you’re likely ready. Here are five tips on how your device can enhance your life more, and disrupt it less.
On a beautiful spring day seven years ago I was walking in the park with my wife and three-year-old daughter. The birds were chirping, the flowers swaying in the breeze (you get the picture) and I…was on my phone. Then I heard a small voice. “Dad, can I have your phone?” Perplexed, I locked the phone and handed it to my daughter. What would she do? I wondered. Pretend to text? “Mom, can you put this in your purse?” That was all she said, but it was enough. I realized that I had walked for at least a mile while staring at my phone. At that moment I began to reassess how I interact with technology.
Of course, I’m not alone. We are all struggling to reap the considerable benefits and avoid the most damaging costs of technology in our lives. We especially depend on technology to facilitate our financial interactions—for many people these days, 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.
We’re big believers in data (no surprise there) and in that spirit we commissioned global research with 1,500 high-net-worth (HNW) and ultra-high-net-worth (UHNW) participants to explore people’s perspectives on technology.1 The data clearly shows that people find extraordinary value in technology on a deeply personal level. (Figure 1). But participants express real conflict regarding the amount of time they spend on their devices. (Figure 2).
So how should we balance the pros and cons of technology in our lives? We tackle that important question (for which there is no right answer), drawing on the results of our survey as we examine the way humans approach and use technology, and conclude by offering five tips for making technology a positive force in our lives.
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.” Its basic premise is that humans often take physical actions to reduce the effort of information processing on our brains. An action could be as simple as writing a list of “to dos” or using a calculator to multiply numbers.
Relieved that technology is working on our behalf, we presumably have more time and energy to do other things—whether that’s more work, play, life experiences or family moments. What would it take to give up that feeling of relief? When asked how much they would have to be compensated to give up their personal device for one month, most of our survey participants said that very high dollar amounts would be required. In Figure 3, you’ll see that the most common choice was $100,000 (35%), and the second most common was $1,000,000 (28%).
We tackle that important question (for which there is no right answer), drawing on the results of our survey as we examine the way humans approach and use technology, and conclude by offering five tips for making technology a positive force in our lives.
Tip 1: Embrace the benefits of technology—from relationships to how you financially transact
Don’t shun technology, or frame it in a negative way. Instead, be thoughtful about how, when and why you use the technology in your life.
Tip 2: Spend your time intentionally—on and off your device
Ask yourself: What if I had a few months back in my life per year by spending less time on my device? What would I do with that? If the answers to those questions inspire you to govern your device time more deliberately, you can actively monitor your usage-and even engage a digital coach to reduce time spent on your device.
Tip 3: Know the risks of using your device—and share that information with the people you care about
Some risks are as simple as keeping passwords private. Others may be more nuanced: for example, taking a pause when executing financial transactions on a mobile device.
Tip 4: Beware of cognitive off-loading—in other words, use your gray matter!
Set aside your device and think. You can even make it a game—at the dinner table, with friends, at work. In other words, don’t cognitively off-load just because you can.
Tip 5: Relocate your phone—depending on your situation or circumstance
Does your phone really need to be on the table? Next to your bed? If not, consider relocating it.
So when you pick up your phone for the 20th time that day (after you’ve only been up for an hour) ask yourself the question we posed to our survey participants: Is technology enhancing my life, or disrupting it? We all hope to harness the positive power of technology in our lives, while avoiding its less attractive side effects. By definition, the choice is personal—there is no “correct” answer. And as technology evolves, so too will our own personal calculus about what it is we want from our ever-present smartphones and devices.
Interested in reading more about this topic and gaining more insight into our global research? Download the PDF for the full version of this article.
Our global research was conducted in collaboration with iResearch. We surveyed 1,500 people globally, across 11 areas in North America, South America, Europe and Asia (Hong Kong, Singapore, China, Brazil, Mexico, Spain, France, Germany, Italy, UK and the U.S.). The population was 45% female, spread across a wide range of age groups 21–35 (34%), 36–50 (34%), and 51+ (32%). Net worth of participants (excluding their personal residences) ranged from USD 250,000 to USD 100 million, with 36% between USD 250,000 and USD 1 million, 34% between USD 1 million and USD 5 million and 30% USD 5 million+.
1Our global research was conducted in collaboration with iResearch. We surveyed 1,500 people globally, across 11 areas in North America, South America, Europe and Asia (Hong Kong, Singapore, China, Brazil, Mexico, Spain, France, Germany, Italy, UK and the U.S.). The population was 45% female, spread across a wide range of age groups 21–35 (34%), 36–50 (34%), and 51+ (32%). Net worth of participants (excluding their personal residences) ranged from USD 250,000 to USD 100 million, with 36% between USD 250,000 and USD 1 million, 34% between USD 1 million and USD 5 million and 30% USD 5 million+.
Learn more about becoming a J.P. Morgan Private Bank client.
Please tell us about yourself, and our team will contact you.
LEGAL ENTITY, BRAND & REGULATORY INFORMATION
In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.
JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. JPMCB and JPMS are affiliated companies under the common control of JPM. Products not available in all states.
In Luxembourg this material is issued by J.P. Morgan Bank Luxembourg S.A. (JPMBL), with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg. R.C.S Luxembourg B10.958. Authorised and regulated by Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF. J.P. Morgan Bank Luxembourg S.A. is authorized as a credit institution in accordance with the Law of 5th April 1993. In the United Kingdom, this material is issued by J.P. Morgan Bank Luxembourg S.A– London Branch. Prior to Brexit,(Brexit meaning that the UK leaves the European Union under Article 50 of the Treaty on European Union, or, if later, loses its ability to passport financial services between the UK and the remainder of the EEA), J.P. Morgan Bank Luxembourg S.A– London Branch is subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from us on request. In the event of Brexit, in the UK, J.P. Morgan Bank Luxembourg S.A.– London Branch is authorised by the Prudential Regulation Authority, subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. In Spain, this material is distributed by J.P. Morgan Bank Luxembourg S.A., Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain. J.P. Morgan Bank Luxembourg S.A., Sucursal en España is registered under number 1516 within the administrative registry of the Bank of Spain and supervised by the Spanish Securities Market Commission (CNMV). In Germany, this material is distributed by J.P. Morgan Bank Luxembourg S.A., Frankfurt Branch, registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt, Germany, jointly supervised by the Commission de Surveillance du Secteur Financier (CSSF) and the European Central Bank (ECB), and in certain areas also supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). In Italy, this material is distributed by J.P. Morgan Bank Luxembourg S.A– Milan Branch, registered office at Via Cantena Adalberto 4, Milan 20121, Italy and regulated by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB). In addition, this material may be distributed by JPMorgan Chase Bank, N.A. (“JPMCB”), Paris branch, which is regulated by the French banking authorities Autorité de Contrôle Prudentiel et de Résolution and Autorité des Marchés Financiers or by J.P. Morgan (Suisse) SA, which is regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA).
In Hong Kong, this material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, this material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore.
With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund´s securities in compliance with the laws of the corresponding jurisdiction. Public offering of any security, including the shares of the Fund, without previous registration at Brazilian Securities and Exchange Commission–CVM is completely prohibited. Some products or services contained in the materials might not be currently provided by the Brazilian and Mexican platforms.
JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 43 074 112 011/AFS Licence No: 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to “wholesale clients” only. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under US laws, which differ from Australian laws. Material provided by JPMS in Australia is to “wholesale clients” only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
This material has not been prepared specifically for Australian investors. It: may contain references to dollar amounts which are not Australian dollars; may contain financial information which is not prepared in accordance with Australian law or practices; may not address risks associated with investment in foreign currency denominated investments; and does not address Australian tax issues.
References to “J.P. Morgan” are to JPM, its subsidiaries and affiliates worldwide. “J.P. Morgan Private Bank” is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan representative.
© 2019 JPMorgan Chase & Co. All rights reserved.
INVESTMENT PRODUCTS ARE: • NOT FDIC INSURED • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED
Bank deposit products, such as checking, savings and bank lending and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC. Not a commitment to lend. All extensions of credit are subject to credit approval.