Wealth parents will give them money easily without helping

management is knowing as the science or improving an individual financial
situation. Wealth management is the ability of an individual to manage and
control the spending of their money (Prince, 2014).  Teenagers and children are least practicing
money management skills due to parents are least of encouraging them the habit
of saving money. Due to teens are not managing their wealth, they tend to spend
all their money easily on products or services which are not necessary. When
the teens are lacking money to spend, they will ask more amount of money from
their parents and parents will give them money easily without helping them to
manage the money spent.

Parents are
often neglected the issue of the child spending the money on not necessary
products. Parents are only focusing on earning more money for their child but
not teaching them to manage their money well. Nowadays, there are least amount
of application available in the market to help people manage and teach them
about money management. If there are application available in the market, but
still doesn’t teach them about the saving money method which suitable for them.

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iSavings is a money
and wealth management application that are useful for adults, teenagers and
children who can manage their wealth easily and practice the good habit of
saving the earnings.




Money, the
mainly used medium of exchange. The uses of money are for people to trade for
what he wants (Economics and Liberty, 2017). Money can let a
person to trade for what products or services they want. Therefore, money is
very important for human which people can use money to exchange what they need.
In order to get money and spend it on your own, peoples need to earn it by
sacrificing something from themselves to earn money. For example, work for a
company and gain money from that company. Earning money is tough, difficult,
tiring and time consuming for a people. But nowadays, teenagers who still have
not working or earning money, teenagers aren’t knowing how tiring and tough for
earning money. So, teenagers are lack of knowledge of money and wealth
management and they tend to spend all their money easily. Many of teenagers
doesn’t have the awareness of importance of money (Johnston, 2017). This may lead to the waste of money that
spend on unnecessary things. Besides that, teenagers don’t practice the habit
of saving money. When they are still child, their parents not really trained
their child to gain habit of saving money. Therefore, the teens are not aware
of the importance of financial management (Holland, 2013). Teenager doesn’t have a proper
arithmetic calculation for their own wealth in term of percentage of the uses
of wealth. Also, there is no existing automated wealth management guidance application
for the teens to classify the uses of wealth properly.














According to a
study by ING Direct, there are 83 percent of teenagers who admit that they
don’t have the awareness on personal financing. Laura DiLello (Spokeperson by
ING Direct) said that teens wanted to learn how to manage their money, but
right now they don’t have the equipment they need. The study also shows that 35
percent of teens wanted to learn how to save money and 28 percent of teens
understand that managing wealth is important (Tuggle, 2012). Besides that, teenagers spend most of
their money on 2 fields which is food and clothes. Teenagers used to spend 23
percent of their money on food and spent 2 percent of their wealth on buying
clothes reported by Piper Jaffray semiannual report (Peterson, 2015). From the report, the brand of food
which teens spent 23 percent of their wealth is Starbucks and the brand of
clothes which teens spent was Nike. These 2 brands were considered as luxury
brands which required lot amount of money for buying it. On the other hand,
there are 155 billion United State dollar has spent annually from teens to buy
clothes, video games and luxury products according to San Antonio Business
Journal Report (Military.com, 2017).













How the technologies used for getting the amount of money spent from
individual also the details of user and the ways of these technologies used in iSavings
application? What is the algorithm used to help user save money?

Teenager are affected by the
enticement of luxury lifestyle. Also, teens are now obtaining a financial
freedom in their money management skills. Teens are facing difficulty on making
decision to spend their money on products and services (Sheela & Muhammad, 2017). The important of
money management is to secure and save teenagers money for their future and
emergency uses. Young adults play an important role for our country in the
future, the altitude our money management is serious for the next generation (Sheela & Muhammad, 2017).In the money and
wealth management application, there are many technologies to used for getting
the number of amount of money spent by individuals. The technologies which are
typing, image processing, speech and On-Screen Handwriting.

Algorithm for Saving Money

The habit of saving money is very
important for our life and future purpose uses. According to (Harv Eker, 2015), managing your own
money is a habit that more important than the saving money amount. The
algorithm used to help people manage their money is classified user’s monthly
income into 6 several types of uses. The first classification of money will be
the living cost which is reserve 55 percent of income for rent, food, bills and
so on. Then, reserve 10 percent of income for investment such as stocks, fixed
deposits and more. Besides that, spend another 10 percent of income for
long-term money saving which is not allowed to use frequently. And then, 10
percent for education fees which is buying books, or other materials that can
let user to gain more knowledge. A 5 percent of income will be donation fees
that can help other peoples who need assistance or children who need education
fees. Lastly, do not forget to spend a 10 percent of income for user themselves
as an entertainment fees such as movies, video games and more (Elisabeth,
After a period, there will be considerable amount of money which user can use
it wisely or save it for future uses.


QWERTY Keyboard

The details of user and number of
amount of money can be inputting by user typing with Qwerty keyboard which is
touch screen on the mobile devices. Almost every smartphone applying touch
screen technology for the soft keyboard to input string or integer. The layout
of these “soft” keyboard was using the Qwerty keyboard which is the classic and
convenience keyboard (Justin & I.Scott, 2013). Moreover, Qwerty
keyboard allows the user to type faster due to the arrangement of Qwerty
keyboard is same as the keyboard as computer used. So, the user does not need
to spend more time on leaning new keyboard style. Also, there is a design
challenge of the Qwerty keyboard on smartphone is small, but it needed to fit
in 26 on-screen buttons without additional symbols (Andrew & Ying, 2003). According to (Miika, et al., 2000), the feature of
Qwerty keyboard is it can improve the text entry by using predictive text
method. Predictive text can be used for predicting user next input, so user
does not need to type the full character of word and the keyboard will
automatically type the next word. Besides that, Qwerty soft keyboard is also
used to autocorrecting user’s input. Autocorrect method will automatically
correct those words with spelling error change to the most possible word which
user typing it (Justin & I.Scott, 2013). According to (S.A., et al., 2004), the technology of
predictive text with various interaction ways will be a continuing trend for
the smartphone device industry.

On-Screen Handwriting

Handwriting method may also
consider as a character input for data entry of user’s details and money
amount. The purpose of on-screen handwriting is to recognize handwritten
character and words. On-screen handwriting using the method of Handwriting
recognition (or HWR). It is a technology that a computer which receive and
interpret understandable handwritten input from mobile device screen (touch
screen). Then, the written text will be converted to an image and it will be
sensed “on line” which the handwritten text will be recognize from the touch
screen (Farha, et al., 2013). With “On Line”
technology, the information on the system and the recognition of words or
character will be conduct at the same time. The technology will take the
temporal and dynamic message from the handwriting and improve the handwriting.
Furthermore, the handwriting matching technology for matching the written word
into a proper words or text which is Shape Template Matching. This method will
scale down the user’s written character from screen to dimension of
shape-template. The template will match the user’s handwriting character to
check whether each point of written text is same position as the template. If
the handwriting text having the more similar character in the template, it will
increase the probability, so the screen will display the most probability character
(Farha, et al., 2013). But when it comes
to children handwriting, the handwriting will not be recognized well due to the
thickness and stylus of the writing skills (Susan & Nancy, 2002). Besides that, when
it comes to accuracy, there is still some difference between handwriting and
electronic pen writing on-screen. Fingertip surface gesture area is larger than
an electronic pen, electronic pen has the metal sensor for the screen. Fingertip
gesture on-screen is relying on human body heat to sense the movement (Huawei, et al., 2015).


According to (Nitin & Sandeep, 2015), speech is an
important tool for human to communicate with each other. Therefore, speech
recognition may also help to communicate between human and computer. Speech
recognition convert a speech into text. For money and wealth management
application, speech recognition can used for inputting user’s details and the
products they usually spent more money at. Speech recognition has consisted of
two methods of analysis which is Front-End analysis and Back-End analysis (Nitin & Sandeep, 2015). Front-End analysis
comprises of speech preprocessing and feature extraction block. Speech
preprocessing will help to emphasis the speech signal which enhance the speech
of each word then filter all the noises and echo. On the other hand, feature
extraction will change the incoming sound signal into an internal
representation for restoring the original signal if it is possible (Preeti & Parneet, 2013).For Back-End
analysis, this is a process to classify the speech from the extracted features
and related input sound into the most suitable sound from the database and
represent it as output (Nitin & Sandeep, 2015). Speech recognition
technology is a useful technique to capture and get the user’s details and
user’s meaning of words.



The aim of this
project is to help teenager to save their money for their future uses and gain
awareness of wealth management. Provide an automated guidance for teens on the
way of how to spend money appropriate. Guide teenagers on spending their money
on things that is most necessary rather than least necessary. Help teenagers
and student to manage the flow of the money that they spent.



·       To
develop and design an application for users to save all their money.

·       To
cluster user’s money into different way of uses.

·       To
develop a mobile application with Java Programming languages and Microsoft SQL
management studio database.

·       To
give alert to user if they exceed their spending on unnecessary expenses.

·       To
implement automated calculation for helping user to save their money.












Research Question



What is the algorithm for calculating the
recommendation of money spent?

How would the speech recognition be affected?

How the human handwriting will be recognized by
touch screen from mobile device?

What are the minimum specification for
smartphone to support the mobile application?

What programming languages is suitable for
developing this mobile application?

What database used to store user’s information?

Which platform will used to develop Android and
Apple mobile application?



What kind of graphical user interface will be

Why is the concept about saving money?

Which area of products and services that user
spent the most?

What are the ways to manage user income?

What kind of financial advice will be useful for
the user?

How the speech recognition technology works on
computer or mobile devices?

What is the technology used for user input details
and character?



Research Design

Data Collection Method and Techniques

By conducting the research, there
are various of data collection approach is implemented such as survey, interview,
archival research and focus group. Survey is a method of gathering information
from individuals which using paper-and-pencil or telephone call to ask
predetermined questions (Vannette, 2015). This method is used for collecting
comprehensive response which is the area that respondents spent most of the
money on it. It is because to understand most of the respondent prefer to spend
most of their money on a specific area. Survey is more suitable for gathering
information about the characteristic of social and behavioral science. Compared
to experiment, it is more focusing on the characteristic of physical and
natural science which is not suitable for this kind of questions (Surbhi, 2016).

Furthermore, focus group is also
known as a data gathering method that consist of small group of people who
gather up to focus on a particular research topic. Normally its aim is to
discuss the topic with formal questionnaire instead of personal responses (Business DIctionary, 2017). Focus group will be
used for generating innovative ideas, focus group concern about the technology
as data entry method for the utilization of inputting user’s details and
expenses. The reason to use focus group method is because it allows the
research to gather responses which is combined, and it can be clarifying the
information through probes (Samsha.gov, 2017).

Finally, archival research method
may also be used in this research paper. Archival research is a method that
research data have been collected by an institution or an organization to form
as documents or archives (Samsha.gov, 2017). Archival research mainly applied for
researching technical issues as the research question in this topic is the
powerful programming languages to be used in developing money and wealth
management application. The purpose of using archival research is this method
consume lower cost and the research information may be highly accurate due to
it is done by organizations (Samsha.gov, 2017).

Interview is a method that obtain a
conversation one-on-one with respondent (Samsha.gov, 2017). For this research topic, attractive
graphical user interface (GUI) of mobile application will be asked from
interview data collection method. It is because the respondents may select
their preferable GUI during the interview session. The reason to implement
interview method is it can rapidly get the response from the respondents and
its answers are accurate.


Sampling and Sample Size

Sampling is a procedure of studying
the sample from a population of interest by choosing few units for example from
people or institution due to the fairness of gathering up those results from
chosen population (Trochim, 2006).  Both probability and non-probability sampling
are selected to gather up responses in this research. The method of stratified
sampling will be used for survey. The sample size of respondents will be chosen
randomly from all shops in a shopping mall. The target respondents will be
parents and young adults with income. This is because to survey them about how
they spent their money. Furthermore, cluster sampling will be used for focus
group data gather method where the target respondents will be Asia Pacific
University students who major in mobile application development. The sample
size of respondents will be selected from 2 intake and cluster it into 12
groups which all of the groups have 60 students. The purpose of clustering
sampling is obtaining latest ideas for technology used in development of money
and wealth management application (iSavings).

Besides, interview is used
convenience sampling where the respondents are chosen randomly from researcher
friends and relatives. The target respondents will priority selecting from
teenagers and adults who aged from 15-40. The sample size of respondents for
interview are 15 peoples. All of the 15 respondents are having at least one
smartphone where the preferable design of graphical user interface will be
identified. Lastly, the data collecting method of archival research is only
used to search keywords to acquire research from documents, manuscripts,
records and archives to obtain data and information which correlating with the
research topic.



Data Analysis


After collecting all the data for
research purpose, all data will used to analyze with qualitative and
quantitative analysis method. Qualitative analysis is an analysis method which
examine the non-measurable data where the data is uncountable (Dictionary, 2017). From this research
topic, response of interview which is the user preferable design of graphical
user interface will be analyzed, the simple and clean graphical user interface
will be more attracting for user. Preferable design of graphical user interface
may not be measured by number or statistics, so it is considered as a
qualitative data analysis.

 Quantitative data analysis is a process of
analysis to convert raw numbers or numerical data into meaningful and useful
data by critical thinking (Dudovskiy, 2017). The survey responses will be using
categorical data analysis which classified the area of user spent money the
most. From the survey, researcher can analyze the area of user spent the most
and category them into high expenses, medium expenses or less expenses.


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