New financial calculator for holistic planning
Researchers funded by the Centre for International Finance and Regulation (CIFR) are developing a prototype of a web-based financial planning calculator to help addresses the functionality and accuracy limits of similar existing services.
Associate Professor Anthony Asher from The University of New South Wales (UNSW), said that the development of a calculator for holistic advice was vital, and that the prototype displayed allowances for childcare, housing and school fees to offer an all-round look at finance.
"Most calculators available online today are limited in scope and there's a risk that the resulting recommendations are actually inappropriate," he said.
"Financial planning calculators can help consumers to make better decisions about how much to save and to spend, and also where to invest."
The calculator prototype would anticipate personal income patterns and provide savings and life insurance recommendations, taking into account school fees, housing, extracurricular spending and data demographics.
CIFR-funded research will continue the development of the prototype with the aim of engaging users fully into the system.
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