For a territory that yields a 50% poverty rate, Puerto Rico has decided to invest in the people of their community as well as technology and has projected more than $1.5 billion in restructuring costs through the fiscal year 2023. With foundations in place in order to reconstruct the country’s financial institutions and restore health to the mounting debtthat Puerto Rico has been dealt, financial technologies are returning power to the hands of the people in order to allow them to take control of their own finances in times of crisis.
Island Ready to Welcome Tech
Managing your money in an uncertain environment like Puerto Rico or the US is a task that is best tackled with the help of innovative financial technology. As more tech companies begin to invade the banking and financial sectors, more tools emerge in order to help people from various communities stay on top of their money while learning how to manage them effectively. As the governor of Puerto Rico has noted, the biggest draw for technology companies will be the opportunity to experiment with cutting-edge technology as the residents continue to rebuild the island and the financial institutions that support it.
Turning Learning Opportunities into Financial Strategies
Puerto Rico has one of the strongest records of educational development, with the average education of Puerto Rican workers doubling from 6.2 to 12.2 years between 1960 and 2000. This is a record that no other country has attained, demonstrating the incredible learning abilities that Puerto Ricans have in regards to increase their status. This type of tendency for learning can be transferred into the financial sector as well as people engaging with technology to manage their wealth and stay smart about their finances. Aside from providing tools that allow people to learn how to budget, these types of apps can help Puerto Ricans automate their finances, monitor spending, save coupons, invest and even strategize their spending categories to optimize their savings.
Practical Uses for FinTech
As part of the rebuilding of the island, Puerto Ricans will need to learn how to manage their own money in order to stay ahead of and engage with the financial reconstruction happening around them. Practical uses of this type of financial technology mainly center around applications that are free to download and generally easy to use. Mint is is an all-in-one app for creating a budget, tracking your spending and getting smart about your money. You Need a Budget is great for individuals who need help getting out of debt and provides learning resources that complement the app’s functions. If you are looking to invest the money you have saved in a safe way, you can take a look at Acorns and enjoy the benefits of robo-investing.
Investing in Your Own Wealth Health
As the government continues to dedicate time and effort into helping Puerto Ricans safely and efficiently reconstruct the world around them after a series of hard blows, citizens can individually and personally manage their own wealth health. By taking advantage of financial technologies, you can invest in your own financial health and continue to learn more about strategies that will help ensure you and your money are safe as you work towards building a healthy future.