Technology and happiness: the association between online budget planner and financial satisfaction

Abstract

Purpose

This study examines the impact of online budget planning platforms (e.g. Goodbudget, Mint) on households’ financial satisfaction. Furthermore, the authors identify the channels and the cross-sectional heterogeneity of this impact based on households’ income, financial literacy and minority groups.

Design/methodology/approach

This study utilizes data from the National Financial Capability Study (NFCS) for 2018 and 2021, which encompasses over 50,000 households. The authors apply logit and ordered logit regression techniques to examine the research questions and use propensity score matching and entropy balancing to address potential sample selection bias.

Findings

The authors find a substantial correlation between the adoption of financial budgeting tools and a notable improvement in households’ financial satisfaction, driven by the promotion of healthy financial behaviors and enhanced financial self-efficacy. The empirical findings underscore that the positive effects of online budget planners are more pronounced among low-income, financially illiterate and Black households.

Originality/value

This study is the first to examine the impact of online budget planners on household financial satisfaction. It contributes to the literature by offering valuable insights into how these tools influence financial satisfaction within households.

Citation

Le, T.D., Nguyen, N. and Nguyen, Q. (2025), "Technology and happiness: the association between online budget planner and financial satisfaction", Review of Behavioral Finance, Vol. 17 No. 1, pp. 100-122. https://doi.org/10.1108/RBF-04-2024-0106