METHOD AND SYSTEM FOR AUTOMATIC CATEGORIZATION OF FINANCIAL TRANSACTION DATA BASED ON FINANCIAL DATA FROM SIMILARLY SITUATED USERS

Financial data associated with one or more “contributing consumers” is obtained from one or more sources and categorized and associated with a specific expense/income category. One or more attributes associated with the contributing consumers are then identified and used to analyze, aggregate, and categorize the financial data according to the attributes. Data representing a user financial transaction is then obtained for categorization and one or more specific user attributes associated with the user are identified. The user financial transaction is then categorized based, at least in part, on the categorization of similar contributing consumer financial transactions by contributing consumers having at least one of the specific user attributes.