A survey conducted a few months ago in the US reported that less than twenty percent of boomers use these types of tools. More puzzling is that most of those users are aged between 25 to 34 years, which suggest that boomers are not really big minters.
Could it be that existing money tools have largely been a huge disappointment for investors and entrepreneurs? One investors once quipped that online mobile apps are good tools to have if you only want to know what you got, which is why they're especially popular with young people trying to budget for the first time. However, if you expect them to advice or give you a clear path on what to do with your money, then they are not so great after all.
Privacy concerns are also another reason why many of don't use these online money-management tools even if they are free. Laying bare the details of all your holdings in one place is a scary thought, since it would only take one shrewd hacker to get his grubby hands on the data and wreak havoc on your financial security.
Now, this is where Personal Capital Application comes into play. The free app, which is available on iPhone, iPad and Android, allows users to access all their financial accounts in one aggregated view. It presents financial and investment account information in a concise and clear format detailing portfolio performance and asset allocation.
User's accounts from separate sources and formats (such as mutual funds, stocks, money market accounts, checking/savings) are integrated to provide a clear picture at a glance. This also allows the user to talk with a personal financial advisors who can give financial advice using the universal check-up or investment check options.
There is also a unique mutual fund fee calculator available for the user with adequate memory storage and organizing menu of up to 401k. This could further enhance the tracking ability of investors and help identify their target expense item.