Strategies of financial behavior of Russians: Concept, dynamics, factors

2021 ◽  
pp. 71-88
Author(s):  
O. E. Kuzina ◽  
D. V. Moiseeva
Keyword(s):  
Higher Education ◽  
Financial Planning ◽  
Positive Relationship ◽  
Planning Horizon ◽  
Demographic Variables ◽  
Demographic Characteristics ◽  
Financial Behavior ◽  
Financial Strategy ◽  
One Year

The article presents the justification of the methodology for studying the strategies of financial behavior of the population, the dynamics of their prevalence in Russia in the period 2009—2020, as well as the assessment of the influence of socio-demographic variables on the probability of having a financial strategy in the household. The analysis of the data obtained from “Monitoring of the financial behavior of the population” for 2009—2020 has demonstrated that the financial planning horizon of the majority of Russians does not exceed one year, about 50% of Russians have long-term financial goals, and about 30% have strategies to achieve them. A positive relationship has been revealed with a number of socio-demographic characteristics that fit into the logic of the life cycle: age, presence of children, higher education and income.

scholarly journals Building a model of strategic financial planning for an organization

2019 ◽  
pp. 174-181
Author(s):  
Olga Rudkovskaya ◽  
Vladimir Gerasenko
Keyword(s):  
Financial Planning ◽  
Life Cycle Stage ◽  
Process Approach ◽  
Point Of View ◽  
Financial Resources ◽  
Financial Strategy ◽  
Key Indicator ◽  
Definition Of ◽  
Goals And Objectives

The article considers approaches to the definition of strategic financial planning, reveals their shortcomings and advantages. Objective: To create a methodological basis for the development of the organization's financial strategy. Methodology: The article is based on the results of research of modern domestic and foreign theories of strategic planning. Application of the results: Increase the validity of the management decisions made based on the results of strategic financial planning. Conclusions: Strategic financial planning is proposed to be considered from the point of view of the system and process approach, which will allow to create an effective functional apparatus, including a system of goals and objectives, principles and tools for the formation and use of financial resources to carry out the activities on developing the directions of organization growth. The formed algorithm of developing a strategic financial planning model allows to take into account the organization’s life cycle stage and its market position in the industry when determining the target parameters of financial development in the long term perspective. An indicator of maximizing the return to capital represented by own and borrowed funds is proposed as a key indicator of the model under consideration. Complying with the set of limitations developed, this indicator provides a more reliable and comprehensive assessment of organization’s development planned directions.

scholarly journals Financial Literacy Perception Scale for the Portuguese Population

2020 ◽  
Vol 67 (2) ◽  
pp. 277-290
Author(s):  
Fernando Oliveira Tavares ◽  
Eulália Santos
Keyword(s):  
Numerical Calculation ◽  
Financial Literacy ◽  
Financial Planning ◽  
Financial Education ◽  
Financial Behavior ◽  
Factorial Structure ◽  
Validity And Reliability ◽  
Portuguese Population ◽  
Sociodemographic Profile

This study aims to propose and validate a financial literacy perception scale for the Portuguese population. The utilized methodology was quantitative, based on a two-part questionnaire survey. The first part studies the sociodemographic profile and the second part evaluates the respondent's perception of financial literacy. The sample consisted of 830 Portuguese individuals, over 18 years old. The main results of this study demonstrate that the financial literacy perception scale presents a tri-factorial structure with satisfactory validity and reliability levels. The three obtained factors are 1-2 years financial planning and goals, long term savings and an affinity for numerical calculation. This study contributes to the increase of scientific knowledge in the field of financial literacy, to the assistance of financial education policymakers in the reformulation of their policies and to the creation of tools to help consumer financial behavior.

scholarly journals The Impact of Gender on Financial Goal Setting and Planning

2021 ◽  
Vol 13 (5) ◽  
pp. 36
Author(s):  
Fan Liu
Keyword(s):  
Goal Setting ◽  
Financial Planning ◽  
Financial Behavior ◽  
Planning Decisions ◽  
Working Age ◽  
Financial Goal ◽  
The Impact ◽  
Gender Influences

Both women and men desire to achieve their financial security. Financial planning, as a long-term method, allows us to manage certain financial aspects of our lives. However, women and men tend to have different financial behavior that may play a key role in financial planning. In this paper, we analyze the survey data collected by the Consumer Financial Protection Bureau to examine the gender effect on goal setting in financial planning. We observe that women overall tend to be more likely to set financial goals or create plans to secure the quality of life even though they are less financially knowledgeable and more economically disadvantaged in society. In particular, we identify that such gender difference is more noteworthy among working-age individuals but not among retirees. Further, we also explore how gender influences financial goal setting and planning decisions within different ethnic groups.

scholarly journals Relationship between Financial Knowledge and Spending Habits among Faculty of Management’s Staff

2018 ◽  
Vol 5 (3) ◽  
pp. 1-6
Author(s):  
Nor Fazleena Binti Azmi ◽  
Suresh Ramakrishnan
Keyword(s):  
Financial Planning ◽  
Positive Relationship ◽  
Pearson Correlation ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Financial Satisfaction ◽  
Financial Status ◽  
Financial Decision ◽  
The Relationship

Spending habits in the most desirable way is one of the factors that can lead to financial satisfaction. Therefore, financial satisfaction depends on the ability of people to manage and take control of their personal finance in order to improve their financial decision making and financial status. This study was conducted to identify the level of spending habits among Management Faculty staff at Universiti Teknologi Malaysia. This study also conducted to investigate the level of personal financial knowledge adapted by staff and lastly to determine the relationship between financial knowledge and spending habits among Management Faculty staff. The total of 97 questionnaires were distributed and completed by the staff. Data was analyzed by using descriptive, Pearson Correlation and Multiple Regression that include in Statistical Package for Social Science (SPSS). The results firstly revealed that the higher level of financial knowledge is the factors that influence the most desirable financial behavior in spending habits among staff. Secondly, the staff perceived that the financial knowledge can be enhanced through financial education in order to improve their financial planning. Finally, the result indicates that financial knowledge have positive relationship with spending habits.

scholarly journals CLUSTER ANALYSIS OF FINANCIAL BEHAVIORS AND PREFERENCES AMONG THE BOTTOM OF THE PYRAMID GROUP

2019 ◽  
Vol 21 (1) ◽  
pp. 51-63
Author(s):  
Dewi Saraswati ◽  
Dian Kusumaningrum
Keyword(s):  
Cluster Analysis ◽  
Financial Literacy ◽  
Financial Planning ◽  
Financial Inclusion ◽  
Financial Behavior ◽  
Bottom Of The Pyramid ◽  
Chi Square ◽  
Banking Services ◽  
Financial Behaviors

This study investigates the financial behavior and preferences of the bottom of the pyramid (BOP) group, and thus, contributes to the financial inclusion demand-side literature. A survey of 100 households was conducted. A cluster analysis was used to analyze the data and portray the characteristics of the BOP. Further analysis was conducted using chi-square and ANOVA tests. The results reveal three sub-groups within the BOP which consists of the very low, low, and medium. Financial behaviors are found to be indifferent among the sub-groups, except for savings allocations and financial planning. Households with a better economic condition are found to have a higher attention to use banking services. The financial literacy category indicates different attitudes in conducting long-term financial planning and service preferences. This result implies that financial literacy and adequate financial products are beneficial towards the financial inclusion of the BOP group.

scholarly journals The Economics of Higher Education in Nepal: Developing a Sustainability Plan

2021 ◽  
Vol 11 (2(V)) ◽  
pp. 23-35
Author(s):  
Sanjaya Acharya
Keyword(s):  
Higher Education ◽  
Regression Model ◽  
Financial Planning ◽  
Public Universities ◽  
Quality Education ◽  
Economics Of Higher Education ◽  
Strategic Measures ◽  
Monitoring Framework ◽  
Foreign Universities

Nepal universities are in a delicate transition now. The enrolment of students is not encouraging; rather it is declining over the years particularly in public universities. Consequently, the outflow of Nepalese students has got momentum over two decades; and nearly a half-million Nepalese students are currently enrolled in foreign universities. The quality education in Nepalese universities is crucial for the return as well as the significant inflow of Nepalese students in the universities of their homeland. However, higher education requires a sustainability plan particularly for the resource generation and promotion of scientific research/publications. Long-term vision, mission, and strategic measures are particularly lacking in Nepal universities. This requires setting objectives and attainable milestones along with specific strategic measures and financial planning that are missing now. The contribution of this paper is twofold. First, it proposes a monitoring framework in the form of a regression model to use as a tool and observe the improvement in higher education in the country. Secondly, it has proposed a typical Sustainability Plan considered appropriate to Nepal; however, it might be equally replicable to other universities of the developing world. Moreover, it has also suggested measures to make such a plan a success.

From Scarcity to Abundance: Achieving Quality-Assured Mass Higher Education

2011 ◽  
Vol 15 (2) ◽  
Author(s):  
Peter P. Smith
Keyword(s):  
Higher Education ◽  
Knowledge Economy ◽  
Good Practice ◽  
The United States ◽  
The Other ◽  
Secondary System ◽  
Mass Higher Education ◽  
Post Secondary ◽  
One Year ◽  
The One

The United States is in a bind. On the one hand, we need millions of additional citizens with at least one year of successful post-secondary experience to adapt to the knowledge economy. Both the Gates and Lumina Foundations, and our President, have championed this goal in different ways. On the other hand, we have a post-secondary system that is trapped between rising costs and stagnant effectiveness, seemingly unable to respond effectively to this challenge. This paper analyzes several aspects of this problem, describes changes in the society that create the basis for solutions, and offers several examples from Kaplan University of emerging practice that suggests what good practice might look like in a world where quality-assured mass higher education is the norm.

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