文献信息：
文献标题：A Study of Personal Financial Planning Process and Socio-Economic Decision-Making in Houholds（个人理财规划过程与家庭社会经济决策研究）
国外作者：S Shah，AS Bhatt
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文献出处：《Social Science Electronic Publishing》,2016
字数统计：英文2308单词，13376字符；中文4089汉字
外文文献：
A Study of Personal Financial Planning Process and
Socio-Economic Decision-Making in Houholds Abstract In the current era, planning of finance is assuming extreme importance as myriad financial products are available and individuals’ demands are increasing. Personal financial planning is a process which outlines one’s financial objectives and takes financial decisions in a manner that his goals are achieved. The process of financial planning and decision-making in houhold has been studied independently by various rearchers. However, the
are esntially intertwined in nature. In view of this, the rearchers have undertaken the task of understanding whether individuals followed the Personal Financial Planning process consciously and whether this was linked to houhold decision-making, especially in the social and economic areas. This paper also examines gender inequality in houhold decision-making and how houhold decision-making evolves with time. The study was conducted in the Ahmedabad district of Gujarat, and a sample size of 196 respondents was lected on judgmental basis to meet the objective of the study. The respon rate was 78% (n=150) which is considered to be acceptable for a rearch study. The sample size was equally split between males and females. The survey was carried out in June- July, 2014.Analysis has been done by using Analysis of Variance
(ANOV A), Binary Logistic Regression and Chi-square.
It was found that age influences components of Personal financial planning (PFP) like determining one’s financial objectives, knowledge of finance, satisfaction regarding current economic status, and retirement planning. Likewi, gender, income, education, profession and marital status affect various components of PFP. It was also found that houhold economic and social decisions were related to income and investment of the respondent. Further, it could be inferred that in a houhold, males held more bargaining power in taking economic decisions, while females exerted more influen
ce in taking social decisions.
Key-words: Personal financial planning, financial objective, houhold economic decisions, houhold social decisions
小飞侠彼得潘1.Introduction
Houhold financial management is that activity which is concerned with planning and controlling finances of individuals and houholds. The concept ‘personal financial management’ is of immen interest to rearchers, academicians and policy formulators in the context of global economic crisis and financial inclusion in developing countries. As in the ca of a nation or business institution, finance plays a crucial role in the life of an individual, to rich or poor. Mobilisation of finance and its wi and efficient deployment play a strategic role in the well-being of a nation or institution and at the most in the ca of a person who is the ba or starting point of any economic activity. Personal finance as a branch of economics deals with budgeting, saving, investing, borrowing, lending, insuring, and diversifying.
Personal financial planning denotes the process of determining whether and how an individual can meet life goals through the proper management of financial sources.
(CFP Board, 2005) Financial literacy and financial well-being are mutually related with each other (UNDP and PFIP, 2010). Financial well-being is the ability to have wealth to rve life - to have the financial means to comfortably attain whatever personal goals one has to enjoy an acceptable lifestyle. Sociological rearch data indicate that four
factors strongly predict happiness and overall well-being in most cultures: health, economic status, employment, and family relationships. People are happier when they are healthy, employed, married or in a committed relationship, and financially cure. There is a relationship between an individual’s ability to do something (competence) and well-being (both lf-perceived happiness and economic well-being). Well- being is, at least in part, a product of competent behaviour enacted consistently over time. Financial capability and financial competence therefore influence a person’s well-being. The opportunity accorded to people to engage with the formal financial system and how well they manage the money they have will influence their standard of living and the standard of living of tho for whom they are responsible.
Like never before, rearchers, public authorities, community groups, industry associations and international organisations, are initiating financial literacy programmes and want to understand how people can become financially literate, or in other words, have the knowledge, understanding, skills
and competence to deal with everyday financial matters and make the right choices for their needs.
2.Literature Review连锁经营的优势
2.1.Financial Literacy & Planning
Very few articles and rearch papers were found tho have founded identical theories of personal financial planning. The term personal finance is having its root in micro-economics, finance and behavioral science as this area originated from home economics to various finance theories to behavioral finance. An Individual, as a consumer, is a rational being who tries to u his or her money income to derive the utmost amount of consummation or utility from it. Consumers want to get "the most for their money" or, to exceed their total utility as per ‘Maximisation of utility’ theory. Money is scarce in nature and due to this, consumers tend to be rational in their purchasing decisions. A consumer would spend his money on the best possible purpo or product and only when needed that guarantees optimum utility or a complete n of satisfaction.
Considering the importance of financial literacy, in RBI-OECD Workshop on
Financial Literacy, Bengaluru, in March, 2010 Sri Pranabkumar Mukerjee, Hon’ble Minister for Finan
ce in his speech narrated “Financial literacy and education plays a crucial role in financial inclusion.” He further added that rearch and existing literature in financial literacy have typically associated an individual’s knowledge of economics and finance with his financial decisions related to savings, spending, borrowing, retirement planning, or portfolio choice. Today, financial competence has become esntial due to complex choices and, while the policies need to enable access, the responsibility for saving and investing for the future primarily lies with the individuals. Another study by Miller M., Godfrey N., Levesque B. and Stark E. (2009) discusd the importance of financial literacy for consumers in developing countries, especially in the context of the global financial crisis.The authors stated that financial literacy was an active process, in which communicating information was only the beginning: empowering consumers to take action to improve their financial well-beingwas the ultimate goal. This study prented empirical evidence on thevalue of financial literacy programs and made a ca for further rearch in determining the most effective financial literacy tools, programs and public policies, especially in the context of developing countries. Lusardi A. (2001), a world famous financial literacy scholar and academician, in her article ‘Financial literacy around the world: an overview’ stated that in an increasingly risky and globalid market-place, people must be able to make well-informed financial decisions.
2.2.Socio-Economic decisions in houhold
Houhold decision-making affects many choices with important conquences including the distribution of income, allocation of resources, allocation of time, purcha of goods, and fertility decisions. If there is gender inequality in houhold decision making then this affects the economic well-being of women and children in the houhold. Blood and Wolfe (1960) in their study bad on houholds in the Detroit area of the United States, found that comparative resources of the wife and husband were more important determinants in decision-making and power than social norms. The spou with the greater resource ba was more likely to have more decision making power. Similar studies done in lower and middle-income countries
reported different results. Rearch in Yugoslavia and Greece found that husband’s socio-economic resources were negatively related to his power (Buric and Zecevic 1967, Safilios- Rothschild 1967). A study conducted in India by Rammu (1988) which included urban, dual and single income earning houholds found that the more resources the partner brought into the marriage, in terms of education, income and occupational status, the more decision-making power he/she possd. He also found that women who were gainfully employed exercid greater authority in all spheres of decision-making compared to women engaged in domestic houwork only. However, even employed women did not succeed in negotiating a noticeable change in the allocation of domestic h
ouwork, perhaps a conquence of the timeless social norm of women doing houwork. In one more study conducted in Venezuela (Lawrence and Mancini 1998) focud on decision-making concerning four subjects: purcha of houhold goods, change in residence, houhold finances and children’s education. The study found that while a majority of houholds made decisions jointly, more women made decisions concerning the purcha of houhold goods and children’s education compared to men, while men dominated decisions concerning houhold finances and change in residence.
The process of financial planning and decision-making in houhold has been studied independently in the previous rearches. However, the are esntially intertwined and if one wants to achieve life goals, financial literacy is a necessity. In view of this, the rearches undertook the task of understanding whether individuals followed the Personal Financial Planning (PFP) process consciously and whether this was linked to houhold decision-making, especially in the social and economic areas. Further, there is a dearth of rearch related to this topic especially in Gujarat state of India. Hence, the rearchers carried out the study in Gujarat.生态环境论文
3.Rearch Methodology
On the basis of review of literature and evidences from psychological studies, the prent study has been planned with the following objectives:
1)To analy the effect of demographic variables on houhold financial planning
鱼骨汤2)To find out the relationship between financial planning decisions and economic and social decisions
3)To find out the gender impact on economic and social decisions
The study was conducted in the Ahmedabad district of Gujarat, and a sample size of 196 respondents was lected on judgmental basis to meet the objectives of the study. The total number of questionnaires distributed was 196. We received 176 questionnaires, but some of them had one or more missing respons. Such questionnaires were discarded and were not considered for further analysis. The final sample size after discarding the questionnaires with missing respons was 150. Thus the respon rate was 78% which is considered to be acceptable for a rearch study. The respondents carried equal number of males and females. The survey was carried out in June-July, 2014. The profile of the respondents with respect to demographics like age, gender, qualification, income, marital status and houhold investments has been prented in the data analysis ction.
野猪肚The rearch design for the study is descriptive in nature. The questionnaire constructed for the study included veral questions which were continuous and categorical in nature. The survey consisted of questions that covered demographics, financial attitude towards personal financial planning, preferences for investment avenues, and purpos for investment.
Definition of Constructs
The components of personal financial planning were obtained through literature review regarding how individuals consider each component in their houhold financial planning decisions.
•Financial Objective: Financial objectives are life goals converted into monetary terms. They can be categorid bad on time period- Short term, Medium term and Long term financial objectives.
•Knowledge: Knowledge of financial products, terms, financial rvices and financial markets required for personal financial management.
表达爱意
•Satisfaction: Satisfaction in context to personal financial components viz. obtaining, saving, borrowing, investment planning.
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