Los Angeles, December 3, 2019 – Personal financial management tools help in estate planning, tax, retirement planning, investments, mortgages, insurance, banking, and budgeting, which is crucial for managing money and building wealth. QY Research has recently published a report, titled “Global Personal Financial Management Tools Market Size, Status and Forecast 2019-2025”, predicting the market growth during the forecast period.
The global personal financial management tools market was worth US$ 1449.9 mn during 2018 and is expected to rise to US$ 3338.8 mn by the end of 2025, registering a CAGR of 12.65% during the forecast period of 2018 to 2025.
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Ability to Aggregate Financial Transactions within a Single App is Likely to Boost the Market
Personal financial management tools are used to manage saving and investments. It comprises financial services for households and individuals to find investments and financial opportunities for their short term financial needs, retirement or child’s college education. The tools help to curate the goal according to the living requirements, goals, desires, expenses, income, and financial constraints. It also assists a person in becoming financially literate so they can make better financial decisions.
Personal financial management tools are adopted by many as it devises a budget for the client, creates emergency funds, limits debt, provides data visualizations of net worth, budgets, spending trends, establishes correct use of credit card, monitors credit score, periodically review policies to ensure individual’s or family’s needs, helps in paying off loans, plans and saves for retirement, and maximizes tax breaks. The tool accommodates a sense of timing, emotional detachments, and discipline.
Technological advancements has made it even easier to manage money through numerous personal budgeting apps that can manage day-to-day finances in the palm of your hand. These apps help in tracking your expenditures, streamline cash flow, budgets, bills, credit cards, and investment tracking.
Mobile Apps Segment to Flourish in the Market as they are Easy to Use
The global market is segmented into type and application. The type segment is split into browser based and mobile apps. The application segment is segregated into taxation, credit monitoring, debt reduction, investment management, budgeting, and others.
The mobile application segment is likely to rise in the market during the forecast period as it offers convenient solutions. Users can track budgets, generate reports, manage budgets, and examine investments to analyze their assets in a single application.
Key Players from United States Investing in AI Programs to Boost Regional Market
United States is likely to flourish during the forecast period as there have been various players from this region who are extensively investing in AI programs to introduce better personal financial management tools in the market. The improvised version is automated hence, it assists better in tax preparation and money management.
The key players operating in the global personal financial management tools market are TurboTax, Yodlee, Tiller Money, Quicken, Personal Capital, FutureAdvisor, You Need a Budget (YNAB), BankTree Software, Mvelopes, and Mint.
Since 2015, key players in the market are developing personal financial management tools with capabilities powered by AI (Artificial Intelligence) to introduce automated money management, personalized financial advice, and cash flow analysis. Some levels of customization for managing money is provided to users.
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