Human Capital Investment: Building an App for That

Journal of Applied Business and Economics 23 (8): 50-66. https://doi.org/10.33423/jabe.v23i8.4873

16 Pages Posted: 31 Mar 2020 Last revised: 23 Mar 2022

See all articles by Matthew M. Ross

Matthew M. Ross

Western Michigan University

A. Michelle Wright

Sanford Center for Financial Planning and Wellness; Wright Research LLC

Simon N. Peffers

Supranational LLC

Date Written: December 8, 2021

Abstract

This paper outlines the development of a prototype application to estimate the human capital investment of education-career selections. We explain the need to deliver the right information, to the right person, at the right time using a customizable, individualized, just-in-time format. We illustrate how a collaboration between academia and FinTech might leverage the power of distributed expertise to support human capital investment planning via robo-advising. With 112 research-based default parameters, the application can provide detailed financial estimates in seconds. The prototype includes an interface to customize 12 key parameters allowing for extensive exploration of career and education pathways. We illustrate technical elements, the complexity of comprehensive personal financial projections, psychological obstacles, the potential for agency conflict, and balancing academic rigor with user experience. We also offer some insight into challenges and opportunities of this pre-seed venture.

Keywords: Career Planning, Technology and Employment, Personal Finance, Consumer Sovereignty, Robo-advice

JEL Classification: I26, O33, G50, J60, D12

Suggested Citation

Ross, Matthew M. and Wright, A. Michelle and Peffers, Simon, Human Capital Investment: Building an App for That (December 8, 2021). Journal of Applied Business and Economics 23 (8): 50-66. https://doi.org/10.33423/jabe.v23i8.4873 , Available at SSRN: https://ssrn.com/abstract=3549402 or http://dx.doi.org/10.2139/ssrn.3549402

Matthew M. Ross (Contact Author)

Western Michigan University ( email )

3259 Schneider Hall
Kalamazoo, MI 49008-5420
United States

HOME PAGE: http://wmich.edu/finance/directory/ross

A. Michelle Wright

Sanford Center for Financial Planning and Wellness ( email )

Kalamazoo, MI 49008
United States

Wright Research LLC ( email )

Kalamazoo, MI 49008
United States

Simon Peffers

Supranational LLC ( email )

4 Emerson Place, APT 414
Boston, MA 02114
United States

HOME PAGE: http://https://www.supranational.net/

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