The Changes In Personal Finance Management And What It Means… – MENAFN.COM

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The global personal finance software market is predicted to reach $1.8 billion by 2030 — an increase of nearly one billion dollars since 2019.

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And for good reason.

Financial services have shifted from being mostly dominated by Wall Street to being an industry where anyone can control their finances.

From budgeting apps to family banking solutions, the personal finance sector has opened its doors to the everyday consumer.

This revolutionary open-door approach has led to an influx of creative changes in the market – and more opportunities for businesses alike.

Let’s explore seven recent changes in personal finance management and what they mean for businesses today.

Table of Contents show

  • 1.
    What’s Personal Finance Management?
  • 2.
    What’s new in personal finance management?

    • 2.1.
      Family banking solutions
    • 2.2.
      Financial education services
    • 2.3.
      Cost savings solutions
    • 2.4.
      Wearable spending technology
    • 2.5.
      Virtual banking
    • 2.6.
      Budgeting apps
    • 2.7.
      More accessible investment options
  • 3.
    What do changes in personal finance management mean for businesses?
  • 4.
    Wrap up

What’s Personal Finance Management?

Personal financial management (PFM) refers to the software powering various personal finance and mobile banking tools.

While PFM once primarily focused on decluttering and simplifying bill-paying, today, it prioritizes creative personal finance solutions.

Take Paypal Holdings Inc (NASDAQ:PYPL), for example.

PayPal was founded on the premise of fast and easy digital payments for consumers and businesses. But the company has evolved into much more than a digital payment platform.

Today, PayPal offers a full host of creative solutions, including cryptocurrency trading, international cash pick-up, loyalty cards, and more.

(Image Source )

Let’s look at some other evolutions in the personal finance management sector.

What’s new in personal finance management?

The following seven changes will continue to make waves in personal finance management.

Family banking solutions

Family banking emerged after customers asked for solutions …….


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