An Exploratory Study on Personal Finance in the Context of COVID-19

The world is currently experiencing a dramatic crisis that has not yet reached bottom. In Mexico, in the second quarter of 2020, there was a drop in the gross domestic product of 18.9% compared to the same quarter of 2019. In this context, the objective is to identify types of personal expenses in households located in Culiacán, Sinaloa, Mexico as of July 15, 2020. The main results were that most of the respondents' budgets spend according to their income, have had no problem paying their bank loans on time, would consider a fund for future contingencies, have not purchased health insurance, have not bought a computer or cell phone, among other issues analyzed. The main findings are oriented to the fact that the studied population has not acquired additional medical insurance despite the pandemic. It is also concluded that the population under study has become aware of having savings for contingency funds and that digital life still shows resistance in making personal financial decisions.

Selected countries of Eastern and Central Europe in the face of challenges of modern financial technologies (on the example of Robo-Advice)

The aim of this article is to diagnose the state of technological advancement in the field of personal finance in Eastern European countries on the example of automated financial advice. The considerations were based on the literature on the subject, and in the empirical part a critical analysis of secondary data from databases was made and the results of research on robo-advice and determinants that may affect the advancement of the use of modern tools in personal finance management were published. Based on the data analysis, it was concluded that technological sophistication in personal finance in the studied countries of Eastern and Central Europe was at a high level, as evidenced by the high concentration of assets and the growing number of robo-advice users.

Tingkat literasi keuangan syariah santri dayah

This study aims to determine the level of Islamic financial literacy of students at Dayah Raudhatul Huda. Aspects of Islamic financial literacy observed including knowledge of basic Islamic finance, Islamic saving and loans, personal finance, contracts in Islamic finance and understanding of Islamic financial institutions. The population in this study were the Senior High students of Dayah Raudhatul Huda with the sample size of 77. The data analysis method used is descriptive statistics. The results showed that the level of Islamic financial literacy of students at Dayah Raudhatul Huda was 68,10% which is categorized as medium.The average value obtained in the aspects of basic Islamic financial knowledge is 74,38%, Islamic savings and loans of 69,35%, personal finance of 54,97%, contract in Islamic finance of 69,34% and understanding of Islamic financial institutions at 72,50%.

Aplikacje PFM jako FinTech w finansach osobistych

Modern technologies play an increasingly important role in everyday life and, consequently, in planning and managing personal finances. The aim of the study is to assess the advantages and disadvantages as well as the opportunities and threats of using modern financial technologies in the process of managing personal finances. The chapter seeks to answer the research question whether the further development of the FinTech industry will influence the greater diversification of PFM applications in terms of functionality. The chapter consists of three main parts. The first presents the characteristics of PFM applications as a personal finance management tool. The second part provides a SWOT analysis of PFM. The chapter ends with a presentation of the results of primary and secondary research on the use of PFM applications and a conclusion.

Generational Differences in Personal Finance Behaviour - A Insight into Investors in Kolkata

Purpose - Similar experiences, values and beliefs shared among people of a generational cohort determines the choices that they make. This explains why people of the same generational cohort have distinct perceptions and tendencies towards investing. This paper focuses on generation differences in personal finance decisions. Objectives- The objective of the paper is to group the different personal finance variables into identifiable factors and to compare these personal finance factors across generations. Methodology - Data is collected through a primary survey with a structured questionnaire, among 140 respondents in Kolkata and Ranchi. Questions have been asked on personal finance behaviour, with their responses on a Likert scale. A Factor Analysis has been conducted on these questions to group them into different factors contributing to personal finance behaviour. These identified factors are also compared across generations. Findings - It was concluded that younger generations invest for the objective of keeping funds for emergency purposes, whereas older generations invest for their retirement needs. Younger generations usually invest for the short run, whereas older generations invest for the long run. Also, younger generations invest in easily accessible and popular investment avenues, whereas older invest in the most effective avenue. The items had clustered around six factors namely, Financial Planning, Use of Technology, Financial Independence, Financial Irresponsibility, Financial Openness and Use of Credit Cards. Originality- Behavioral differences across generations is an area that is studied across diverse topics and disciplines. However, very scarce studies have been conducted to assess generational differences in financial behaviour. Practical Implications- This paper attempts to bridge this gap by collecting financial data from respondents of all generations and making a comparison among them. This helps to understand the reasons for differences in investment behaviour of generations.

Generational Differences in Personal Finance Behaviour – A Insight into Investors in Kolkata

Purpose – Similar experiences, values and beliefs shared among people of a generational cohort determines the choices that they make. This explains why people of the same generational cohort have distinct perceptions and tendencies towards investing. This paper focuses on generation differences in personal finance decisions. Objectives- The objective of the paper is to group the different personal finance variables into identifiable factors and to compare these personal finance factors across generations. Methodology – Data is collected through a primary survey with a structured questionnaire, among 140 respondents in Kolkata and Ranchi. Questions have been asked on personal finance behaviour, with their responses on a Likert scale. A Factor Analysis has been conducted on these questions to group them into different factors contributing to personal finance behaviour. These identified factors are also compared across generations. Findings – It was concluded that younger generations invest for the objective of keeping funds for emergency purposes, whereas older generations invest for their retirement needs. Younger generations usually invest for the short run, whereas older generations invest for the long run. Also, younger generations invest in easily accessible and popular investment avenues, whereas older invest in the most effective avenue. The items had clustered around six factors namely, Financial Planning, Use of Technology, Financial Independence, Financial Irresponsibility, Financial Openness and Use of Credit Cards. Originality- Behavioral differences across generations is an area that is studied across diverse topics and disciplines. However, very scarce studies have been conducted to assess generational differences in financial behaviour. Practical Implications- This paper attempts to bridge this gap by collecting financial data from respondents of all generations and making a comparison among them. This helps to understand the reasons for differences in investment behaviour of generations.

HOW FEMALE DIFFER IN DECISION MAKING FOR PERSONAL INVESTMENT STRATEGY

This study investigates Lithuanian females’ personal investment peculiarities in line with Australia’s case analysis and application as a good practice method. Based on many publicly available research females tend to have less knowledge about finances in general and particularly investment processes; hence, it leads to their lack of interest into investing and the possibility of poor money management. This issue might be solved by investigating why it appears first and adopting the practical example from countries with developed investment market. In the case of comparison of personal investment strategies among Lithuanian and Australian females the two sets of questionnaires have been used to collect the data for further analysis. The main findings revealed by the survey were, that women in Australia had a higher financial literacy level, invested more often, and chose broader variety of investment instruments compared to Lithuanian females. Moreover, the significant discovery of the article disclosed that Lithuanian females chose not to invest due to the lack of additional funds and the shortage of financial knowledge. The main limitation occurred during the research was the lack of the available data on personal investment topic in Lithuania’s official statistic sources such as The Lithuanian Department of Statistics. The results of the research contribute towards improving Lithuanian female personal finance and investment areas and could be applied to further studies or used for the education program dedicated to financial literacy among women in Lithuania creation. Furthermore, this article creates an original value to personal finance, investment, and financial literacy areas in Lithuania by introducing an idea to not only conduct more studies in these fields, but also to use comparative analysis and good practice method from the countries that demonstrates high achievements in personal finance and gender equality areas. Keywords: personal investment management, female investment, financial literacy, investor’s profile, investing, investment options, investment strategies. JEL Classification G51, G53 Formulas: 1; fig.: 5; tabl.: 1; bibl.: 15

Evaluating the Evolution of the Personal Financial Planning Industry: Mutualism, Commensalism, or Parasitism?

The financial planning and advice industry has been experiencing healthy growth for the past five years and is expected to accelerate this growth following the Covid-19 pandemic (IBISWorld, 2021). The pandemic has led to higher equity yields and appreciating asset value, directly increasing the total value of assets under management (AUM) held by financial planners and advisors. The industry in the US alone has surpassed $52.9 billion in 2021. As the economy is expected to improve, this figure is expected to follow suit. Not included in these figures are the explosion of online personal finance bloggers and influencers. Some YouTube and TikTok videos have raked in billions of views regarding personal finance (Smith, 2021). Many of these online contents have benefitted viewers and prompted them to start making good decisions regarding their personal wealth, spreading financial literacy to the masses. However, poor financial advice may be spread out as easily to viewers. The Wall Street Journal has reported on this issue back in 2005 where blogs and magazines have been found to give both good and bad advice on budgeting, saving, and overall personal finance management (Cullen, 2005). Whatever the net effect of this phenomenon, the easy access through social media has amplified it. This article briefly journeys through the evolution of personal finance management and personal financial planning, including the new trends this industry is moving towards. Subsequently, this article will look into the risk and rewards of the current personal financial planning and advice industry, including certified financial planners and uncertified personnel (social media influencers, financial gurus), as to whether consumers are benefitting as a whole, or otherwise. A disclaimer to this research is that the findings and opinions towards the industry do not encompass all the service providers in the business as there are many other influencing factors such as business models, individual agenda, and unique circumstances of each provider and consumer. Keywords: Conflict of interest; financial planning; financial experts; Influencers; Personal finance