Netspar report on Integrated Personal Financial Planning: eight components for more individual action perspective

Although almost half of the Dutch are worried about their future finances, it is difficult to get people to immerse themselves in their financial situation. The people who want to do so find that data is stored in a fragmented way and, moreover, is difficult to collect, organize and understand. In this Netspar report, researchers from TU Delft analyzed what it takes to remove these barriers. They distinguish eight components for a cross-domain information exchange infrastructure. This allows tools to be developed that give people more control over their own financial planning; Now and in the future.

People are not always busy with their retirement, but often with money. At those moments when people are involved with finances on the basis of intrinsic motivation, you should facilitate them in order to gain insight into action easily and affordably and quickly. Empowering citizens helps to make them feel more responsible and involved and that leads to better choices. To achieve this, all parties involved will have to establish an open and trusted infrastructure for the exchange of information. The researchers distinguish eight components:

  1. Personal data vaults for data control.
  2. Easy-to-use digital identities with the highest level of security, with which qualified electronic signatures can be placed.
  3. Data specifications (standardization of sentence structure, word definitions and structure) as a catalyst for the automated processing of data.
  4. Online functionalities/services that can be used by citizens for merging data, analysis and financial planning.
  5. Standardized and transparent processes for the automated collection, exchange and processing of data for personal financial planning and services. Transparency (for example by logging who has processed certain data on what moment) creates trust and offers protection.
  6. Secure technical interfaces (APIs) for information exchange that can be used by all organizations.
  7. Support for organizations that want to use the aforementioned components.
  8. A cross-domain public-private governance that focuses on the development and application of components.


The combination of components can make it possible to use automated formulas, so that people don’t have to start calculating themselves. When standardizing what type of data is stored where and in what way, legislation such as PSD2 (for banks) and the new European privacy legislation offer good handles and protection for citizens. Various scenarios are conceivable for implementing this method, in which the government and the financial sector both play a crucial role in offering citizens the best tools.

Read the full report “Towards integrated personal financial planning” by Nitesh Bharosa and Marijn Janssen (TU Delft). For more information: [email protected]

Read the review of the Netspar conference “Data Science – future scenarios for retirement“.

Netspar, Network for Studies on Pensions, Aging and Retirement, is a thinktank and knowledge network. Netspar is dedicated to promoting a wider understanding of the economic and social implications of pensions, aging and retirement in the Netherlands and Europe.


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