Making payments for various types of services. Planning a budget and keep track of savings. Managing finances by tracking income and expenses. The need for a personal finance management applicationĪ personal finance management application helps in: This app can take different financial data as input information and can be help with bank records management, budget management, investment tracking, portfolio management, etc. It integrates the financial information of a client and segregates this data to deliver an insightful result for better financial planning. Results of the Financial Wellness Survey by PwC Personal finance management appĪs is implicit, a personal finance management application is a tool to manage finances better. 59% said that financial or money matters cause them the most stress. 49% of the respondents find it difficult to meet monthly household expenses on time. for Gen X (55%) and Millennials (62%) is not having enough emergency savings for unexpected expenses. for Baby Boomers (52%) is not being able to take voluntary retirement. Every individual (regardless of financial capacity) must understand personal finance management to capitalize on the assets and achieve all future goals.Ī Financial Wellness Survey by PwC suggests that the top financial concern: The importance of personal finance management is reflected in all areas of personal and professional life. Importance of personal finance managementĪt an individual level, financial planning means well thought-out budgeting as a way to regulate your money towards meeting your life objectives such as buying a house, saving for retirement, children’s education, etc. This is why, it is quite helpful and relevant to understand personal finance management in greater detail. Financial services that understand this imminent shift and present their audiences with the right ideas will be able to emerge stronger from this crisis by establishing a strong connection with their customers. While the pandemic-sparked recession has caused financial hardships in the short term, it should also spur changes in consumer behavior (especially in personal finance) in the long term. This has led to people realizing the virtues of prudent financial management. 
The COVID-19 lockdown and social distancing practices have crippled most industries, leaving many people unemployed. The study found that around 76% of the respondents in India (62% worldwide) said that the financial effect of the pandemic has left them with no choice but to track their expenditure.
But what are the essential elements that make a personal financial application effective?Īccording to an Economic Times survey, COVID-19 has made consumers cautious about their spending pattern, making them more likely to track their expenses. To capitalize on this trend, banks and financial institutions are providing customers with new tools. The COVID-19 pandemic has compelled people to manage their finances better.
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