Personal Financial Management Tools (PFM) is a software tool or application designed to help individuals and business owners manage their personal finances. The goal of a PFM is to provide an easy-to-use interface for managing budgets, investment accounts, debt repayment, and other aspects of personal finance. This tool allows users to set up financial goals and track their progress against those goals. It also presents visualizations of their financial situation, such as a pie chart breakdown of income and expenses or a trend chart of investments.
PFM tools have become increasingly popular over the past few years. This growth has been attributed to more financial data becoming available to individuals via the internet, and also an increased demand for services that can make financial goals more achievable. In particular, PFM tools enable individuals to take control of their own financial health by providing timely insights and relevant recommendations.
Globally, PFM tools are being adopted by a wide variety of individuals and businesses. It is estimated that over two billion people have access to a PFM, representing a strong growth outlook for the segment. In the United States, for example, a reported 50% of millennials use a PFM on a regular basis. This is likely due to the prevalence of mobile-based financial services, which have grown in popularity due to their convenience.
A detailed market research report on Global Personal Financial Management Tools Market available at: https://www.themarketreports.com/report/global-personal-financial-management-tools-market-research-report
This report aims to provide a comprehensive presentation of the global market for Personal Financial Management Tools, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Personal Financial Management Tools.
Top 5 which are Mint, Mvelopes BankTree Software, Personal Capital, Quicken and TurboTax are took up about 20% of the global market.
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