Intuit has revealed plans to launch an iPhone-friendly version of its Quicken personal finance software.

This will be sold as a service and is to cost $3 per month, a Reuters report claims.

Matching the iPhone's cool, chic image, the company says it has redesigned the software to appeal to younger users, "people who may have used online banking but do not use software to track those transactions.”

Intuit senior vice-president Rick Jensen told Reuters he hopes the new service will vastly expand Quicken's 14 million users and boost the market penetration of a brand that already generates about 1.7 million new copies of software a year,

Quicken for iPhone is expected to be officially announced at Macworld Expo, 8 January.