Personal finance decision support systems: a review of current needs & opportunities

Abstract

Personal finance, the financial management of one’s resources, is a crucial concept in one’s daily life. It demands one’s attention through a variety of needs including income management, expense management, budgeting, savings, investments, growing assets, managing credit, tax planning, retirement planning, etc. Depending upon one’s life goals and one’s stage of life, this process can get incredibly demanding and complex. To navigate this complexity, people use decision support systems like personal finance tools, expert advice, etc.