Personal Financial Planning Attitudes - A Study

Social Business, 2018

Within the broad context of services, financial services play an integral part in the wellbeing of people's lives. There is little doubt that, in a number of advanced economies, responsibility for long-term financial well-being is being shifted from the state to the individual citizen. This study provides an exposé of financial planning and whether it is informed by the advertising efforts of a financial services institution and, in turn, whether that advertising is influential. Using a survey based approach amongst UK citizens, we reveal that advertising has an impact on financial planning. For practitioners, this means that communications must be an integral part of ensuring citizens are making the best decisions for themselves. This, we argue, has important implications for citizens and policy. We advocate that financial education should start as early as possible so as to highlight the longer-term benefits of good financial planning. This approach could be based on strategies used to educate and increase financial engagement. Another of our survey's important contributions shows that good financial planning and decision-making lead to a greater level of financial ability. Financial ability leads to trust.

Jurnal Pengurusan, 2024

Research on the relationship between financial literacy, financial behavior, and financial planning actions (FPAs) in Malaysia is limited, with existing studies focusing mainly on financial well-being. This gap is concerning given the rising trend of bankruptcy and debt issues among young Malaysian employees. Understanding how financial literacy and behavior impact FPAs is crucial, particularly for individuals transitioning from academic to professional financial responsibilities. This paper examines these relationships among 1,105 undergraduate students in Malaysia. Using Ordinary Least Squares (OLS) regression, the study finds significant positive relationships between financial literacy, financial behavior, and FPAs, consistent with human capital and reasoned action theories. Additionally, it explores the moderating role of Socialization, Externalization, Combination, and Internalization (SECI) strategies. The results highlight that parental guidance, personal finance websites, and college information effectively moderate the relationship between financial literacy, financial behavior, and FPAs. Financial workshops also significantly moderate the relationship between financial behavior and FPAs. Overall, the findings demonstrate that both financial literacy and behavior are critical factors influencing FPAs among undergraduate students, emphasizing the need for effective financial education and support.

2011

International Journal of Banking, Risk and Insurance, 2024

The present study analyses investors' perceptions of financial planning. The purpose of this empirical investigation was to examine the role of different factors like financial behaviour, financial freedom, financial anxiety, tenure of investment, financial goals, and risk involved in personal financial planning. The study's targeted population (425) was investors residing in the National Capital Region (NCR), India, which was approached based on purposive sampling techniques. A semi-structured set of questions was employed for collecting the information through Google Forms. SEM was adopted for analysing the primary data and finding the relationship among the factors. The results highlighted the most significant contribution of financial goals in financial planning. Tenure of investment, financial freedom, financial anxiety and risk also showed their relevance for financial planning. Risk has been found to impact financial planning negatively while other factors positively impact financial planning. The study favours financial planning to make sound financial decisions and protect themselves from fraudulent practices.

2020

Aims of this study are to discover the way lecturers in Palembang manage their financial planning and to analyze the relationship between the financial literacy index and financial planning. The data of this study were analyzed by conducting descriptive analysis and using the pearson correlation coefficient in the testing a hypothesis. Respondents in this study were as many as 153 people. For collecting data, a survey has been conducted by sending questioners. Based on the survey, generally, lecturers in Palembang have implemented the steps of their financial planning and debt management in a good way, and that the lecturers recognize the importance of insurance, but, the survey also pointed out that the lecturers do not have a piece of sufficient knowledge to determine a particular product of insurance that suits their need. The investment activity of the lecturers is considered lacking since most of the lecturers have no plan on preparing pension funds and inheritance of their own...

AbstrAct This paper suggests that most individuals who have yet ensued personal financial planning were held back by their financial literacy level. In this paper, we link the financial literacy level of individuals with their engagement in personal financial planning. Primary data was collected within Klang Valley via self-administered questionnaire survey, and the relationship was examined using the cross tabulation method. The findings suggest that in contrast to their non-financially literate counterparts, the readiness of the financially literate individuals is reflected in their involvement in the multiple aspects of personal financial planning. However, further exploration into public's perceptions revealed that even though many see the significance of setting financial goals and objectives in life, there remains a knowledge gap at an individual's level that hinders one from effectively managing the financial affairs. Interestingly though, the public appeared to be hesitant in relying on the professionals in financial practices to realize their goals. There remain rooms for greater efforts from the various stakeholders to improve the current state of play and to ensure that the embedded benefits of personal financial planning are far-reaching.

Mediterranean Journal of Social Sciences, 2014

Personal financial satisfaction arises from the ability to manage financial resources effectively. Individuals today face great challenges in managing their finances due to increased exposure to marketing activities, stemming from increased competition for consumers' money. However, even though various business courses comprise financial management content that focuses on the importance of managing and maximising wealth, students express little concern about their financial status, future wealth and retirement planning, This article reports on a study conducted in South Africa to determine African Generation Y students' attitudes towards personal financial planning. The South African Generation Y cohort, defined as individuals born between 1986 and 2005, accounted for an estimated 38 percent of the country's population in 2013. In terms of race, the African portion of this cohort accounted for approximately 83 percent of this cohort and 32 percent of the total South African population. Therefore, the significant size of the African Generation Y market makes them salient to industry professionals, including financial institutions and those involved in financial management, especially in financial planning. Despite the importance of this market segment, their consumer behaviour remains under researched in general, specifically concerning their attitudes towards personal financial planning. In order to address this shortfall in the literature, a structured, selfadministered questionnaire was used to gather data on personal financial planning attitudes from a non-probability convenience sample of 500 African Generation Y students across two South African public higher education institutions' campuses located in the Gauteng province. The collected data was analysed using t-tests. According to the results, African Generation Y students have a significant positive attitude towards personal financial planning. This article concludes with recommendations for financial institutions, including banks, insurance-and investment companies regarding effective ways to convey financial knowledge and product information to deliver improved financial service to this segment.

Degres Journal Volume 10 Issue 1 2025 ISSN NO:0376-8163, 2025

Mastering economic and financial sources is pivotal for achieving long-term financial stability and independence. This concept encompasses key pillars such as budgeting, savings, early investing, debt management, and the transformative power of financial planning. Budgeting serves as the foundation for financial discipline, enabling individuals to allocate resources effectively, prioritize needs over wants, and maintain control over expenditures. By tracking income and expenses, budgeting fosters informed financial decisions and prevents overspending. Savings, another cornerstone, builds a safety net for unforeseen circumstances, promotes financial security, and provides a reservoir for future investments. Early investing is a strategic approach to wealth creation, leveraging the power of compounding to maximize returns over time. Starting investments early reduces the financial strain of achieving long-term goals and capitalizes on market growth. Debt management, on the other hand, is critical for maintaining creditworthiness and minimizing financial stress. Strategies such as consolidating high-interest debts, timely repayments, and avoiding unnecessary borrowing ensure that debt remains manageable. Financial planning integrates these elements, empowering individuals to set realistic goals, map out actionable strategies, and adapt to changing life circumstances. Through informed planning, individuals can navigate life’s financial complexities, optimize resource allocation, and safeguard their financial well-being. Moreover, financial planning enhances the ability to make sound economic decisions, fostering resilience against economic uncertainties and ensuring intergenerational wealth transfer. This framework underscores the importance of education and awareness in mastering financial sources. By cultivating habits of saving, prudent spending, and strategic investing, individuals can harness the power of financial planning to achieve both short- term and long-term aspirations, ultimately contributing to personal prosperity and economic stability. This research paper explores critical and timely topics in our fast-changing, interconnected world, underscoring its profound relevance to the contemporary global context.

2021

The purpose of the article The aim of the article is to present the reasons for the emergence of personal and financial planning in the 1960s in the US, and then its quantitative and qualitative evolution around the world, taking into account institutional aspects. Methodology Review of the literature on the subject, legal acts and statistics of the financial

In today's highly complex and volatile financial market the importance of financial advice in decision making is difficult to rebut. People may seek for this type of help through close networks (like family or friends) or professional advisors. This paper reviews and summarizes the studies about financial help-seeking behavior. The findings suggest that factors like demographic profile, socioeconomic features, and psychosocial characteristics are most likely to influence financial help-seeking behavior. To analyze the process of this behavior, we apply the theory of planned behavior and develop the conceptual framework. The direction of future studies is presented with a particular highlighting on the outcome of existing research.