Wealthmanagement is knowing as the science or improving an individual financialsituation. Wealth management is the ability of an individual to manage andcontrol the spending of their money (Prince, 2014). Teenagers and children are least practicingmoney management skills due to parents are least of encouraging them the habitof saving money. Due to teens are not managing their wealth, they tend to spendall their money easily on products or services which are not necessary. Whenthe teens are lacking money to spend, they will ask more amount of money fromtheir parents and parents will give them money easily without helping them tomanage the money spent.Parents areoften neglected the issue of the child spending the money on not necessaryproducts. Parents are only focusing on earning more money for their child butnot teaching them to manage their money well.
Nowadays, there are least amountof application available in the market to help people manage and teach themabout money management. If there are application available in the market, butstill doesn’t teach them about the saving money method which suitable for them.iSavings is a moneyand wealth management application that are useful for adults, teenagers andchildren who can manage their wealth easily and practice the good habit ofsaving the earnings. ProblemStatement Money, themainly used medium of exchange. The uses of money are for people to trade forwhat he wants (Economics and Liberty, 2017). Money can let aperson to trade for what products or services they want.
Therefore, money isvery 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 bysacrificing something from themselves to earn money. For example, work for acompany and gain money from that company. Earning money is tough, difficult,tiring and time consuming for a people. But nowadays, teenagers who still havenot working or earning money, teenagers aren’t knowing how tiring and tough forearning money. So, teenagers are lack of knowledge of money and wealthmanagement and they tend to spend all their money easily.
Many of teenagersdoesn’t have the awareness of importance of money (Johnston, 2017). This may lead to the waste of money thatspend on unnecessary things. Besides that, teenagers don’t practice the habitof saving money. When they are still child, their parents not really trainedtheir child to gain habit of saving money. Therefore, the teens are not awareof the importance of financial management (Holland, 2013). Teenager doesn’t have a properarithmetic calculation for their own wealth in term of percentage of the usesof wealth.
Also, there is no existing automated wealth management guidance applicationfor the teens to classify the uses of wealth properly. ProblemBackground According to astudy by ING Direct, there are 83 percent of teenagers who admit that theydon’t have the awareness on personal financing. Laura DiLello (Spokeperson byING Direct) said that teens wanted to learn how to manage their money, butright now they don’t have the equipment they need. The study also shows that 35percent of teens wanted to learn how to save money and 28 percent of teensunderstand that managing wealth is important (Tuggle, 2012). Besides that, teenagers spend most oftheir money on 2 fields which is food and clothes.
Teenagers used to spend 23percent of their money on food and spent 2 percent of their wealth on buyingclothes reported by Piper Jaffray semiannual report (Peterson, 2015). From the report, the brand of foodwhich teens spent 23 percent of their wealth is Starbucks and the brand ofclothes which teens spent was Nike. These 2 brands were considered as luxurybrands 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 buyclothes, video games and luxury products according to San Antonio BusinessJournal Report (Military.
com, 2017). LiteratureReview How the technologies used for getting the amount of money spent fromindividual also the details of user and the ways of these technologies used in iSavingsapplication? What is the algorithm used to help user save money?Teenager are affected by theenticement of luxury lifestyle. Also, teens are now obtaining a financialfreedom in their money management skills. Teens are facing difficulty on makingdecision to spend their money on products and services (Sheela & Muhammad, 2017). The important ofmoney management is to secure and save teenagers money for their future andemergency uses. Young adults play an important role for our country in thefuture, the altitude our money management is serious for the next generation (Sheela & Muhammad, 2017).In the money andwealth management application, there are many technologies to used for gettingthe number of amount of money spent by individuals. The technologies which aretyping, image processing, speech and On-Screen Handwriting.
Algorithm for Saving MoneyThe habit of saving money is veryimportant for our life and future purpose uses. According to (Harv Eker, 2015), managing your ownmoney is a habit that more important than the saving money amount. Thealgorithm used to help people manage their money is classified user’s monthlyincome into 6 several types of uses. The first classification of money will bethe living cost which is reserve 55 percent of income for rent, food, bills andso on. Then, reserve 10 percent of income for investment such as stocks, fixeddeposits and more. Besides that, spend another 10 percent of income forlong-term money saving which is not allowed to use frequently. And then, 10percent for education fees which is buying books, or other materials that canlet user to gain more knowledge.
A 5 percent of income will be donation feesthat can help other peoples who need assistance or children who need educationfees. Lastly, do not forget to spend a 10 percent of income for user themselvesas an entertainment fees such as movies, video games and more (Elisabeth, 2010).After a period, there will be considerable amount of money which user can useit wisely or save it for future uses. QWERTY Keyboard The details of user and number ofamount of money can be inputting by user typing with Qwerty keyboard which istouch screen on the mobile devices.
Almost every smartphone applying touchscreen technology for the soft keyboard to input string or integer. The layoutof these “soft” keyboard was using the Qwerty keyboard which is the classic andconvenience keyboard (Justin & I.Scott, 2013). Moreover, Qwertykeyboard allows the user to type faster due to the arrangement of Qwertykeyboard is same as the keyboard as computer used. So, the user does not needto spend more time on leaning new keyboard style.
Also, there is a designchallenge of the Qwerty keyboard on smartphone is small, but it needed to fitin 26 on-screen buttons without additional symbols (Andrew & Ying, 2003). According to (Miika, et al., 2000), the feature ofQwerty keyboard is it can improve the text entry by using predictive textmethod.
Predictive text can be used for predicting user next input, so userdoes not need to type the full character of word and the keyboard willautomatically type the next word. Besides that, Qwerty soft keyboard is alsoused to autocorrecting user’s input. Autocorrect method will automaticallycorrect those words with spelling error change to the most possible word whichuser typing it (Justin & I.Scott, 2013). According to (S.
A., et al., 2004), the technology ofpredictive text with various interaction ways will be a continuing trend forthe smartphone device industry.On-Screen HandwritingHandwriting method may alsoconsider as a character input for data entry of user’s details and moneyamount.
The purpose of on-screen handwriting is to recognize handwrittencharacter and words. On-screen handwriting using the method of Handwritingrecognition (or HWR). It is a technology that a computer which receive andinterpret understandable handwritten input from mobile device screen (touchscreen).
Then, the written text will be converted to an image and it will besensed “on line” which the handwritten text will be recognize from the touchscreen (Farha, et al., 2013). With “On Line”technology, the information on the system and the recognition of words orcharacter will be conduct at the same time. The technology will take thetemporal and dynamic message from the handwriting and improve the handwriting.
Furthermore, the handwriting matching technology for matching the written wordinto a proper words or text which is Shape Template Matching. This method willscale down the user’s written character from screen to dimension ofshape-template. The template will match the user’s handwriting character tocheck whether each point of written text is same position as the template. Ifthe handwriting text having the more similar character in the template, it willincrease the probability, so the screen will display the most probability character(Farha, et al., 2013).
But when it comesto children handwriting, the handwriting will not be recognized well due to thethickness and stylus of the writing skills (Susan & Nancy, 2002). Besides that, whenit comes to accuracy, there is still some difference between handwriting andelectronic pen writing on-screen. Fingertip surface gesture area is larger thanan electronic pen, electronic pen has the metal sensor for the screen. Fingertipgesture on-screen is relying on human body heat to sense the movement (Huawei, et al., 2015).
Speech-to-TextAccording to (Nitin & Sandeep, 2015), speech is animportant tool for human to communicate with each other. Therefore, speechrecognition may also help to communicate between human and computer. Speechrecognition convert a speech into text.
For money and wealth managementapplication, speech recognition can used for inputting user’s details and theproducts they usually spent more money at. Speech recognition has consisted oftwo methods of analysis which is Front-End analysis and Back-End analysis (Nitin & Sandeep, 2015). Front-End analysiscomprises of speech preprocessing and feature extraction block. Speechpreprocessing will help to emphasis the speech signal which enhance the speechof each word then filter all the noises and echo. On the other hand, featureextraction will change the incoming sound signal into an internalrepresentation for restoring the original signal if it is possible (Preeti & Parneet, 2013).For Back-Endanalysis, this is a process to classify the speech from the extracted featuresand related input sound into the most suitable sound from the database andrepresent it as output (Nitin & Sandeep, 2015). Speech recognitiontechnology is a useful technique to capture and get the user’s details anduser’s meaning of words.Aim The aim of thisproject is to help teenager to save their money for their future uses and gainawareness of wealth management.
Provide an automated guidance for teens on theway of how to spend money appropriate. Guide teenagers on spending their moneyon things that is most necessary rather than least necessary. Help teenagersand student to manage the flow of the money that they spent. Objective· Todevelop and design an application for users to save all their money.· Tocluster user’s money into different way of uses.· Todevelop a mobile application with Java Programming languages and Microsoft SQLmanagement studio database.
· Togive alert to user if they exceed their spending on unnecessary expenses.· Toimplement automated calculation for helping user to save their money. Research Question Technical1.
What is the algorithm for calculating therecommendation of money spent?2. How would the speech recognition be affected?3. How the human handwriting will be recognized bytouch screen from mobile device?4. What are the minimum specification forsmartphone to support the mobile application?5. What programming languages is suitable fordeveloping this mobile application?6.
What database used to store user’s information?7. Which platform will used to develop Android andApple mobile application? Domain1. What kind of graphical user interface will beuser-friendly?2.
Why is the concept about saving money?3. Which area of products and services that userspent the most?4. What are the ways to manage user income?5. What kind of financial advice will be useful forthe user?6.
How the speech recognition technology works oncomputer or mobile devices?7. What is the technology used for user input detailsand character? Research DesignData Collection Method and TechniquesBy conducting the research, thereare various of data collection approach is implemented such as survey, interview,archival research and focus group. Survey is a method of gathering informationfrom individuals which using paper-and-pencil or telephone call to askpredetermined questions (Vannette, 2015). This method is used for collectingcomprehensive response which is the area that respondents spent most of themoney on it. It is because to understand most of the respondent prefer to spendmost of their money on a specific area. Survey is more suitable for gatheringinformation about the characteristic of social and behavioral science.
Comparedto experiment, it is more focusing on the characteristic of physical andnatural science which is not suitable for this kind of questions (Surbhi, 2016). Furthermore, focus group is alsoknown as a data gathering method that consist of small group of people whogather up to focus on a particular research topic. Normally its aim is todiscuss the topic with formal questionnaire instead of personal responses (Business DIctionary, 2017). Focus group will beused for generating innovative ideas, focus group concern about the technologyas data entry method for the utilization of inputting user’s details andexpenses. The reason to use focus group method is because it allows theresearch to gather responses which is combined, and it can be clarifying theinformation through probes (Samsha.gov, 2017).Finally, archival research methodmay also be used in this research paper.
Archival research is a method thatresearch data have been collected by an institution or an organization to formas documents or archives (Samsha.gov, 2017). Archival research mainly applied forresearching technical issues as the research question in this topic is thepowerful programming languages to be used in developing money and wealthmanagement application. The purpose of using archival research is this methodconsume lower cost and the research information may be highly accurate due toit is done by organizations (Samsha.gov, 2017).Interview is a method that obtain aconversation one-on-one with respondent (Samsha.gov, 2017).
For this research topic, attractivegraphical user interface (GUI) of mobile application will be asked frominterview data collection method. It is because the respondents may selecttheir preferable GUI during the interview session. The reason to implementinterview method is it can rapidly get the response from the respondents andits answers are accurate. Sampling and Sample SizeSampling is a procedure of studyingthe sample from a population of interest by choosing few units for example frompeople or institution due to the fairness of gathering up those results fromchosen population (Trochim, 2006).
Both probability and non-probability samplingare selected to gather up responses in this research. The method of stratifiedsampling will be used for survey. The sample size of respondents will be chosenrandomly from all shops in a shopping mall. The target respondents will beparents and young adults with income. This is because to survey them about howthey spent their money. Furthermore, cluster sampling will be used for focusgroup data gather method where the target respondents will be Asia PacificUniversity students who major in mobile application development.
The samplesize of respondents will be selected from 2 intake and cluster it into 12groups which all of the groups have 60 students. The purpose of clusteringsampling is obtaining latest ideas for technology used in development of moneyand wealth management application (iSavings). Besides, interview is usedconvenience sampling where the respondents are chosen randomly from researcherfriends and relatives.
The target respondents will priority selecting fromteenagers and adults who aged from 15-40. The sample size of respondents forinterview are 15 peoples. All of the 15 respondents are having at least onesmartphone where the preferable design of graphical user interface will beidentified.
Lastly, the data collecting method of archival research is onlyused to search keywords to acquire research from documents, manuscripts,records and archives to obtain data and information which correlating with theresearch topic. Data Analysis After collecting all the data forresearch purpose, all data will used to analyze with qualitative andquantitative analysis method. Qualitative analysis is an analysis method whichexamine the non-measurable data where the data is uncountable (Dictionary, 2017). From this researchtopic, response of interview which is the user preferable design of graphicaluser interface will be analyzed, the simple and clean graphical user interfacewill be more attracting for user. Preferable design of graphical user interfacemay not be measured by number or statistics, so it is considered as aqualitative data analysis.
Quantitative data analysis is a process ofanalysis to convert raw numbers or numerical data into meaningful and usefuldata by critical thinking (Dudovskiy, 2017). The survey responses will be usingcategorical data analysis which classified the area of user spent money themost. From the survey, researcher can analyze the area of user spent the mostand category them into high expenses, medium expenses or less expenses.