Yodlee and Money Dashboard Reveal UK Consumers' Spending Excesses

Monthly spending on groceries and fuel exceeds budget

Mar 01, 2011, 08:00 ET from Yodlee, Inc.

REDWOOD CITY, Calif. and LONDON, March 1, 2011 /PRNewswire/ -- 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 management 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.

For more information, visit www.yodlee.com and www.moneydashboard.com.

About Yodlee

Leading financial institutions and portals trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee's proven, patented personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks anytime, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new deposit and revenue opportunities. Yodlee's patented data, payments and risk management utility supports more than 12,000 unique account sources and over 120,000 different account types. More than 300 leading financial institutions and portals offer Yodlee-powered solutions to millions of customers worldwide. Yodlee is headquartered in Redwood City, California. For more information, visit www.yodlee.com.

About Money Dashboard

Money Dashboard is a free online personal finance service for the UK consumer.  It brings a person's bank accounts and credit cards together in one secure view – giving a clear up to the minute picture of their personal finances.

Consumers can access it from any internet connected PC and by spending just ten minutes a month it allows them to track spending, set budgets and helps them save. It can also be configured to send emails to alert users if they exceed their set budget or go into overdraft.

Independent of banks, building societies and lending organisations, Money Dashboard is the consumer's friend. It puts people in control of their finances and helps them identify suitable products and ways to save.

Money Dashboard is the brainchild of entrepreneur Gavin Littlejohn, whose drive and passion has brought the idea from concept to reality. The company is based in Edinburgh.

For more information, log on to www.moneydashboard.com.

Yodlee, Yodlee 10, and Yodlee FinApp Center are trademarks or registered trademarks of Yodlee, Inc.  

SOURCE Yodlee, Inc.