International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056 Volume: 11 Issue: 07 | July 2024
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p-ISSN: 2395-0072
AI-Driven Personal Finance Management: Revolutionizing Budgeting and Financial Planning Sai Deepak Talasila Indian Institute of Technology, Guwahati, India -----------------------------------------------------------------------------***-------------------------------------------------------------------------
Abstract: This article presents MyFinanceAI, an advanced AI-driven personal finance management system designed to address the complex financial challenges faced by modern consumers. The system employs a multi-layered architecture with sophisticated machine learning algorithms to provide real-time analysis, personalized recommendations, and predictive insights. A comprehensive pilot study involving 1,000 users over six months demonstrated significant improvements in financial stress reduction, savings rates, and overall financial well-being. The article discusses the system's key features, implementation results, ethical considerations, and future directions, highlighting the potential of AI to revolutionize personal finance management and improve long-term financial outcomes for users across diverse backgrounds.
Keywords: AI-Driven Personal Finance, Financial Stress Reduction, Ethical AI Practices, Predictive Budgeting, Data Security in Finance
I. Introduction Personal finance management has become increasingly complex in the digital age, with individuals juggling multiple accounts, diverse income streams, and various financial obligations. Recent studies indicate that 78% of Americans live paycheck to paycheck [1], highlighting the urgent need for effective financial management tools. This financial instability is further exacerbated by the fact that only 30% of Americans have a long-term financial plan that includes savings and investment goals [2].
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