Yodlee, Inc., the leading provider of online personal financial management (PFM) and revenue-generating payments solutions, and Money Dashboard, the UK's simple online solution for consumers who struggle to keep track of spending and income, today announced the results of an independent analysis of spending habits of thousands of consumers over the last quarter of 2010.
As the price of fuel continues to skyrocket worldwide and grocery prices creep ever upwards, Yodlee and Money Dashboard found that consumers are spending an average of 40% more on fuel and 9% more on groceries each month than their budget allocation in these categories.
Money Dashboard Founder and CEO Gavin Littlejohn explained, "Unfortunately the trend of day-to-day essentials increasing in price is set to stay for the foreseeable future, and so consumers need to take this into account when planning their monthly budget. Fortunately we can now provide a secure and hassle free way to help consumers to budget and staying in control more easily."
As people continue to struggle through difficult economic times, more people are clamouring for easy-to-use online personal financial management tools to help them plan and manage expenditures.
"Yodlee has seen a significant increase in demand for comprehensive PFM services, as is evidenced by Money Dashboard's rapid adoption," said Jason O'Shaughnessy, Yodlee's Managing Director, EMEA. "When people are dealing with increased costs for life necessities like food and energy, the need for accurate budgeting becomes even more pronounced, and we're pleased to provide robust services that have a marked impact on the day-to-day lives of thousands of people. Yodlee is committed to helping our partners to develop the European market place for PFM."
Powering (PFM) for more than 27 million individuals across the globe, Yodlee combines traditional PFM and payments with the new Yodlee FinApp Center - a financial services application marketplace-to create a personalized and actionable online and mobile money manager experience.
With Yodlee 10 and the Yodlee FinApp Center, European banks and financial services providers have the freedom to innovate and deploy solutions quickly so they can engage customers who might otherwise be overwhelmed by the complexity of monitoring and managing accounts for checking, savings, credit, debit, personal loans, and rewards programs. Yodlee 10 also empowers a personalized online and mobile experience, since nothing is more personal, or individual, than a person's finances.