Thursday, October 18, 2012

The Problem with Personal Financial Management Tools

http://bkhelpnow.com/wordpress/2012/10/18/the-problem-with-personal-financial-management-tools/

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You’d think that the Internet and mobile apps would be fantastic ways to help people manage their money. So why do so few of us in our 50s and 60s take advantage of personal financial management online and mobile tools from banks, credit unions and tech companies?
Only 16 percent of boomers use these types of tools (compared with 44 percent of Gen Yers), according to a new survey of 1,115 consumers by Aite Group, a financial services research and advisory firm. Half of the users of Mint.com, the big gorilla in the personal financial management world, are 25 to 34 and rent their homes, suggesting to me that boomers aren’t big Minters.

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