Tuesday
Apr282009
growth of money management sites in the u.s.
I think it's pretty clear that there is a slow but steady growth in appetite for online money management in the U.S. The below illustrates that pretty well. It appears looking after your own money is recession proof. If anything, the trends suggests individuals are acutely aware of the need to manage and work within the confines of a personal budget, taking full advantage of any reccomended savings along the way.
Carl Knibbs
Reader Comments (5)
Where do you think this sort of traffic is going to in the UK? As far as I'm aware, all of those are pretty much US-centric in terms of their functionality, but I'm guessing they still get some UK users.
What UK alternatives are there? Kublax? Any others?
Yeah, Kublax and more recently Wesabe did a deal with The Telegraph
Egg have offered their Money Managerfor a while.
Do you think there would be an appetite for it in the UK?
I definitely think there would be an audience, but the tools have got to be simple to use and benefits clear. I'm an Egg Money Manager user (First Direct have a similar tool on their site), have signed up for Wesabe via the Telegraph in the past but not got round to trying it out. Also briefly looked at Kublax, but again not properly tried it.
I think these sorts of tool have a barrier to entry in the complexity of getting them setup to work with all of your accounts, but once that's overcome they could be very useful.
Yeah, I agree and I've speculated too, I think it's possibly a bit of a mind shift for people to be dealing with their accounts in this way, but I think there is bags of potential.
Like you say though, it's really only going to work if it is easy and the benefits are clear (and significant to warrant the time investment,)
I, like most, could definitely always use ways to save money at the end of the day , so things like this will always have a ready made audience :-)
money management is a paradox. The first thing financial experts say is never let anyone else have control of your money. The next thing they say is that you need to follow a strict budget, avoid impulsive spending and save for the future.