Role of Mobile Apps in Personal Wealth Management: An Analysis of Consumer Behavior
Murari Jha1, Rajan Singh2 and Shailak Jani3
1,2Research Scholar, Parul Institute of Management and Research, Parul University, Vadodara, Gujarat, India. Email: murarijha084@gmail.com
3Assistant Professor, Parul Institute of Management and Research, Parul University, Vadodara, Gujarat, India. Email: 93janisra@gmail.com
Abstract: The rapid advancement of digital technologies has transformed personal financial management, leading to the widespread adoption of mobile applications for wealth management. This study examines the role of mobile apps in personal wealth management and their impact on consumer behavior in India. The research focuses on key factors such as mobile app usage, financial awareness, and perceived usefulness to understand their influence on wealth management behavior. The study is based on primary data collected from a sample of 320 respondents using a structured questionnaire measured on a five-point Likert scale. Descriptive statistics, correlation analysis, and simple linear regression were employed using IBM SPSS Statistics to analyze the data. The findings reveal that mobile applications play a significant role in shaping personal wealth management behavior. Financial awareness emerges as the most influential factor, indicating that individuals with higher financial knowledge are more likely to engage in effective financial practices. Mobile app usage also demonstrates a strong positive impact, suggesting that increased interaction with digital financial tools enhances financial discipline and decision-making. Additionally, perceived usefulness significantly influences user behavior, highlighting the importance of functionality and user experience in financial applications. The study contributes to the existing literature in Consumer Behavior and Behavioral Finance by providing an integrated analysis of mobile app usage and wealth management behavior. It offers practical implications for fintech companies, policymakers, and consumers by emphasizing the need to enhance financial literacy, improve app usability, and promote informed financial decision-making. The findings underscore the growing importance of digital tools in facilitating effective personal wealth management practices.
Keywords: Mobile Applications, Wealth Management, Consumer Behavior, Financial Awareness, Perceived Usefulness, FinTech, Behavioral Finance.
