Security experts agree that if you're not using a password manager to secure your accounts, you're putting yourself at high risk for identity theft. But it's a lot like putting all of your eggs in one basket: you want to be sure you're choosing a basket built like a tank.
A password manager is like a digital vault where you can store all the passwords you use for different online accounts, like banking, email, online shopping, social media, and more. Only you will have the master password to your digital password vault, so it's important to memorize it or keep a hard copy in a safe location.
Most password manager apps act as browser extensions so they can assist you in creating new passwords, changing old passwords, and auto-filling online forms with your name, address, phone number, and even credit card information. If you're security-minded, it may feel counterintuitive to put all of that sensitive information in one place, but reputable password managers encrypt your information, making it impossible for even the password management provider to access it. Some password managers include additional security features like two-factor authentication to keep your information extra safe from hackers.