Financial Planning Tool Research Articles

D’ROOM Designer Professional Solution: Utilizing Digital Applications to Navigate the Gig Economy for Financial Well-being

In an era marked by the rapid evolution of the gig economy, financial well-being has become an ever- elusive goal for many independent professionals. The D’ROOM Designer Professional Solution emerges as a pioneering innovation designed to address this pressing concern. This digital application offers a transformative approach to navigating the gig economy while prioritizing financial well-being. D’ROOM Designer Professional Solution recognizes these challenges and presents a comprehensive solution. By leveraging the power of digital technology, it empowers designers and other gig workers to secure their financial future. This innovative application combines user-friendly features with a robust support system, creating a unique platform tailored to the needs of gig professionals. Key features of the D’ROOM Designer Professional Solution include: Financial Planning Tools: The application offers a suite of financial planning tools, enabling users to set financial goals, create budgets, and track income and expenses. It provides insights and recommendations to optimize earnings. Client Management: Simplifies client relationship management by offering a centralized platform for communication, project tracking, and invoicing. This streamlines business operations, enhancing efficiency and client satisfaction. Resource Hub: The application provides access to a curated resource hub, offering educational content, industry insights, and skill development opportunities. This empowers gig workers to continuously enhance their skills and stay competitive. well-being and Privacy: Prioritizes data well-being and privacy, ensuring that sensitive financial and client information remains confidential and protected. Community Support: Users can connect with a vibrant community of fellow gig professionals, sharing experiences, advice, and best practices. The D’ROOM Designer Professional Solution aims to revolutionize the gig economy by fostering financial well-being and professional growth. By providing gig workers with the tools and resources they need to thrive, it empowers them to navigate the gig economy with confidence. This innovation not only improves the financial well-being of independent professionals but also strengthens the overall resilience of the gig economy itself. As we move forward in this ever-changing work landscape, D’ROOM Designer Professional Solution stands as a beacon of innovation, offering a brighter and more secure future for gig workers in the digital age.

THEORETICAL ASPECTS OF FORMATION FINANCIAL RESOURCES TO ENSURE SUSTAINABLE DEVELOPMENT

The article aims to study the mechanism of financing sustainable development to ensure a balanced approach to economic, social, and environmental development. The article examines the theoretical aspects of forming financial resources necessary for sustainable development. Sustainable development involves a balanced approach to economic growth, social well-being, and environmental protection, which requires adequate funding. The main conceptual approaches to defining sustainable development and financial resources are analyzed, focusing on their interrelationship. One of the key issues of the concept of sustainable development is the search for effective sources of financing for the implementation of sustainable development projects. The article considers the possibilities of attracting both public and private funds, including investments, grants, loans and other financial instruments. However, it also emphasizes the crucial role of international financial institutions and organizations in supporting national sustainable development strategies, highlighting the global nature of the issue and the need for international cooperation. The question of the distribution of financial resources between different economic sectors was studied to achieve the maximum effect from their use. Financial planning and management tools that can ensure optimal use of resources are considered separately. The positive dynamics of the growth of expenses for financing sustainable development in Ukraine are shown; however, a negative trend can be observed in terms of the direction of funds from 2022, namely, the volume of financing has decreased in all directions except for the allocation of funds for social protection and social security. The impact of financial resources on the implementation of sustainable development programs is analyzed, including issues of efficiency and transparency of their use. The importance of creating favorable conditions for attracting investments, developing partnerships between the public and private sectors, as well as the need to increase the financial literacy of the population was determined. This underscores the need for education and empowerment in financial matters, as it is a key factor in the successful implementation of sustainable development strategies. Based on the conducted research, it was concluded that the effective formation and management of financial resources is a key factor in the successful implementation of sustainable development strategies. It is recommended to develop a comprehensive system of monitoring and evaluating the effectiveness of the use of financial resources to ensure the achievement of sustainable development goals.

EXPLORING TWO DECADES OF PERSONAL FINANCIAL PLANNING: A SYSTEMATIC LITERATURE REVIEW

This research aims to understand current patterns, trends, and gaps in personal finance by conducting a systematic literature review of 20 years. The study collected and analyzed the articles published between 2004 to 2024. The research articles were collected from the Scopus database using the PRISMA framework. The review shows changes in the research area, including behavioural finance, digital financial planning tools, and its impact on individuals' financial literacy and planning.The major limitation of this study is that the literature search for personal financial planning might not have incorporated all publications in this area. Furthermore, there is a possibility of bias in this review concerning the papers selected for review and how the researchers interpreted the results.The findings of this systematic literature review can assist policymakers, financial planners, and practitioners in making more informed financial planning decisions and regulations. Thus, by identifying the trends and gaps in personal financial planning, strategies can be defined to provide individuals and society with the necessary level of support.The research is helpful to existing knowledge in that it presents a critical discussion of the personal financial planning literature evident in the last twenty years. The research is original and provides valuable information for upcoming research and practical application in personal financial planning.

Role of Gig Economy Participation in Shaping Worker Economic Security in Indonesia

Purpose: The aim of the study was to analyze the role of gig economy participation in shaping worker economic security in Indonesia. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: In Indonesia, gig economy participation offers flexibility and additional income, aiding financial stability for many workers. However, it also introduces challenges such as income instability, lack of social protections, and limited access to benefits. This situation can lead to significant economic insecurity, especially during downturns. While gig work provides opportunities, it highlights the need for enhanced labor policies and social protections to improve economic security for gig workers. Policymakers should address these issues to better integrate gig workers into social safety nets and ensure fair labor practices. Unique Contribution to Theory, Practice and Policy: Theory of job demands-resources (JD-R), social protection theory & human capital theory may be used to anchor future studies on analyze the gender inequality in the workplace in Japan. Employers and gig platforms should create and integrate financial planning tools and resources specifically designed for gig workers. To address the economic insecurity faced by gig workers, policymakers should implement portable benefits systems that can be carried across various gig jobs.

Financially Fully Mission Capable for the Long-Term? A Strategic Look at Military Retirement

We create a retirement pay multiple (RPM) to assist military service members, at any point in their career, with determining whether they are on track to retire and maintain their living standard. This strategic financial planning tool helps these servicemembers assess whether they are fully mission capable (FMC) in their personal financial lives. The RPM incorporates myriad relevant financial factors, including taxes, Social Security, participation in the Department of Defense’s recently established Blended Retirement System (BRS), actuarial life expectancy, inflation, and military pay growth rates. An associated online calculator also permits customization of these factors.

Easy‐to‐use personalized legal and financial planning tool for AD/ADRD caregivers and persons with dementia

AbstractBackgroundFinancial management is one of the most cited sources of stress among caregivers. Legal planning presents additional challenges. Only a small percentage of dementia caregivers report successfully completing necessary planning. Further, persons with dementia are vulnerable to fraud, scam, and inappropriate financial transactions. With stakeholder participation, we explored a novel solution using state‐of‐the‐art technology aimed to overcome impediments that have plagued prior legal and financial planning resources.Method18 stakeholders from 10 organizations across the U.S. serving persons with dementia and caregivers participated in two 60 to 90‐minute semi‐structured interviews that were recorded and transcribed. Qualitative stakeholder input was collected through an iterative process. During initial interviews, a mockup was shared to elicit feedback. There was a 3‐month wait after the first interviews to incorporate recommendations into the evolving prototype. During the second round of interviews, stakeholders evaluated the prototype progress based on feedback they previously provided. Stakeholders then completed an electronic survey to assess their overall confidence in the value of the future tool. A phase 1 prototype was designed using Adobe XD. Stakeholders influenced the content, layout, colors, and images with goals of clarity, usability, legibility, and simplicity. Included are a ‘how the tool works’ section; a wizard that guides users through a topic by asking questions, responding appropriately, a prioritized to‐do list; a chatbot; and a dashboard for viewing progress and sharing with selected care partners. Responses to questions were generated by legal and financial experts.ResultAll 18 stakeholders confirmed that financial management and legal planning are highly stressful for persons with dementia and their families and that there is a need for a tool of this type. 85% of the stakeholders indicated that were extremely satisfied, or very satisfied that the tool would be a beneficial product.ConclusionResults confirmed the need for and utility of an easy‐to‐use tool assisting in legal and financial planning. Phase 2 will incorporate additional content and features along with further review from legal and financial experts. Persons living with dementia and care partners will be included in the testing, evaluation, and further refinement of the technology tool.

Seeking tax alpha in retirement income

We provide a framework to find an optimal decision for tax-efficient retirement income. By developing a model for income and capital gains tax with stock and bond investments in tax- deferred, tax-exempt, and taxable accounts, we identify three categories of retirees based on their income needs and net worth. We propose and evaluate a simple heuristic to determine the optimal retirement income strategy, quantifying a 0.5% annual return benefit. We call this benefit tax alpha and show its robustness to varying model input parameters. We also suggest approaches for large institutions or FinTech firms to improve their existing financial planning tools.

Co-Design of a Financial and Legal Planning Tool for Care Partners of People Living With Alzheimer's Disease and Related Dementias.

Care partners of people living with Alzheimer's disease and related dementias (ADRD) are faced with substantial legal and financial planning related to their care partner role. However, many care partners lack the legal and financial support needed to manage this role. The purpose of this study was to engage ADRD care partners in a remote participatory design process to create a technology-based financial and legal planning tool that meets care partner needs. We formed 2 researcher-facilitated co-design teams comprised of n = 5 ADRD care partners each. We conducted a series of 5 parallel co-design sessions aimed to engage co-designers in interactive discussions and design activities to create the financial and legal planning tool. We used inductive thematic analysis of design session recordings to identify design requirements. Co-designers were 70% female with a mean age of 67.3 years (standard deviation 9.07) and cared for a spouse (80%) or a parent (20%). Between Sessions 3 and 5, the average system usability scale score of the prototype increased from 89.5 to 93.6, indicating high usability. Analyses yielded 7 overarching design requirements for a legal and financial planning tool: support for action now (eg, prioritized to-do lists); support for action later (eg, reminders for keeping legal documents up-to-date); knowledge when I need it (eg, tailored learning modules); connection to resources I need (eg, state-specific financial support opportunities); everything where I can see it (eg, comprehensive care budgeting tool); sense of privacy and security (eg, password protection); and accessibility for all (eg, tailoring for low-income care partners). The design requirements identified by co-designers provide a foundation from which we can build technology-based solutions to support ADRD care partners in financial and legal planning.

ПРОБЛЕМЫ ОСВОЕНИЯ КОМПЕТЕНЦИИ ПО ФИНАНСОВОЙ ГРАМОТНОСТИ СТУДЕНТАМИ ГУМАНИТАРНЫХ СПЕЦИАЛЬНОСТЕЙ

The article analyzes the possible setbacks associated with mastering the financial literacy competencies by young specialists in the humanities. It studies the range of issues associated with the difficulties of using individual financial planning tools and identifies a range of basic topics necessary for a comprehensive perception of the economic situation and competent management of personal finances.

Research on Inheritance of Wealth in Mainland China and Upgrade of Family Trusts in the 21st Century

In the turbulent second half of the twentieth century, with the reform and opening up, a large number of entrepreneurs emerged in China who seized the dividends of the times. With the passage of time, the "generation" is nearly in its twilight years, and it is urgent to make a transition from creating wealth to preserving wealth. According to the "2020 China Family Wealth Sustainability Report" jointly released by CCB Trust and Hurun Research Institute, China will have 39 trillion in wealth in the next 20 years from the first generation of founders to the second generation. However, it is worth thinking about what kind of scientific and mature financial planning tools can help break the curse of "the rich can't be more than three generations". With the current development, China's family trust industry is rapidly rising. Family trusts can just help high-net-worth individuals achieve intergenerational inheritance of wealth, isolation and protection of assets and other functions. The objective of the study is to research the complementary relationship between wealth inheritance and family trust upgrading in mainland China in the 21st century. It uses qualitative research and literature analysis methods to analyze the development background and value of Chinese family trust industry. The results of the study revealed that the family trust industry in mainland China has potential market development space, which needs to be adjusted according to the characteristics of China's economic environment.

Indigenising Informal Financial Mechanism (IFM) of Rural Women in the Northern Region of Kwazulu-Natal, South Africa

There is little documentation of umholiswano from local people’s perspective, as local knowledge has evolved with time. A phenomenology research design outlined the attributes and their meaningful value as perceived by local communities. 65 participants participated in a series of focus group discussions and complemented six key informant interviews. Umholiswano (stokvel) is an indigenous concept that has been part of the life of many indigenous communities before the money era. It was used as a mechanism to achieve social justice, establish peace and create socio-economic balance toward improved well-being. In this study, umholiswano is a household financial planning and management tool, saving/investment system, a social-cohesion-nurturing and therapeutic mechanism founded on six core value principles (6CVPs), such as ubuntu, trust, solidarity, dignity preservation of social wealth and ukudlala (fun). Most key players are women, and umholiswano is regarded as the 21st livestock for women. The majority are in the economically active age group but lack the skills to enter the formal economy. They rely on social grants and entrepreneurship activities. Umholiswano is undervalued as an economic strategy, nevertheless, its significant contribution to the quality of life of rural women is observable. But, there is an existing gap for a quantifiable tool to assess the umholiswano’s contribution, as the measurability should start by identifying indicators designed “with people and for the people” and the above six core value principles identified in the study could be set as a guiding framework towards indicators development.

Budgeting as a Financial Planning Tool

Budgeting as a Financial Planning Tool

The performance evaluation of wastewater service: a protocol based on performance indicators applied to sewer systems and wastewater treatment plants

ABSTRACT This research aimed to identify a tool to objectively analyse the performance and the environmental contextualisation of sewer systems (SwSs) and wastewater treatment plants (WWTPs). This procedure performs assessment by calculating performance indices which could be subsequently applied to SwSs and WWTPs with different characteristics. The proposed tool can be applied conveniently over the years by managers of integrated urban water management systems for the analysis of different realities also allowing the evaluation of the effects of upgrades carried out during the management phases. The proposed analysis allows the optimisation of SwSs and can profitably guide the choice and the priority among possible interventions for the sewerage infrastructure and WWTPs providing a verification and evaluation protocol as well as a financial planning tool.

Reverse Mortgage: A Financial Planning Tool for the Retirees— Case Study Approach in India

Reverse mortgage has always been viewed as a product meant exclusively for the elderly with financial hardship. However, there is a brighter side to it too. This article attempts to project reverse mortgage as a financial planning tool through a case study analysis. Using the coordinated strategy, this case explores how the line-of-credit option in reverse mortgage can meet the cash needs of a retiree during market downturns, allowing his portfolio to stay invested. The suggested strategy is a direct attack on investment risks, especially, sequence of return risk. Using this strategy, the depreciated assets are allowed to recover their original value and appreciate, ensuring better returns and longevity of investments. Dilemma: Is reverse mortgage a sustainable retirement plan? How can it be used as a financial planning tool to fund retirement? With the increasing proportion of elderly population in India (projected to be 19% by 2050), reverse mortgage has emerged as an efficient option to fund retirement days. Seeing its success in foreign countries, the dilemma, is: Is it an adequate solution to fund retirement in India? Theory: The premise of the present research is based on a coordinated strategy, used by Sacks and Lafaye (2016) where it is proposed that the client, using the line of credit option in reverse mortgage, would borrow only during market downturns, thereby leaving their market investments untouched and maximizing their gains. Basis of the Case: Phenomena-based case: financial planning for a retiree. Type of the Case: This is basically an applied decisional case, attempting to determine where reverse mortgage is an effective retirement plan or not. Protagonist Present: Mr Rajesh Sharma and Mr Anand Malhotra. Findings: After 20 years into retirement. Mr Rajesh Sharma who does not choose reverse mortgage ends up exhausting his complete investment portfolio value in the 19th year of his retirement life. Thus, he is in financial distress and has no resort to meet his financial needs except to fall back upon his children. On the contrary, Mr Anand Malhotra who opts for the line of credit option in reverse mortgage has positive net worth at the end of 20 years that can ensure a comfortable future for him. Discussions: The case recommends utilising reverse mortgage as financial planning tool for the elderly. Mr Rajesh Sharma is in financial distress and has no resort to meet his financial needs except to fall back upon his children. Mr Anand Malhotra by making the smart choice of reverse mortgage, ensured that his portfolio stayed invested longer, providing it sustenance and longevity. By opting for reverse mortgage, Mr Anand Malhotra not only shielded his investments from unnecessary withdrawals, but the option also gave him the confidence to tide over his financial exigencies The case concludes that reverse mortgage can provide greater probability of the investments/savings to survive the retirement period, coupled with a high probability of greater net worth at the end of the period. It can be safely concluded that reverse mortgage is definitely a golden walking stick for the elderly. If the government and the lending institutions take cognizance of this aspect of reverse mortgage and market it accordingly, it can turn out to be a vanguard product for the Indian elderly.

A system dynamics modelling approach for municipal solid waste management and financial analysis

In face of the population and economic growth of the 20th century, solid waste management (SWM) has become one of the most critical public policy issues challenging state and local governments. Although some developed countries are advanced in this matter, the regulatory acts that rule solid waste management in some developing countries is very recent. Public managers should have modelling and simulation tools at hand in order to make sound decisions, grounded on data and projections. This paper presents a System Dynamics (SD) model for municipal solid waste management which provides a comprehensive view of the involved resources, the destinations of waste and the cost structure of the service/system. Existing similar studies do not provide this extensive view, including the various resources involved (staff, fleet, other assets), the different destinations for waste, the different recycling streams and associated revenues and, specially, the cost structure, altogether, in the same model. Another branch of models concerns the assessment and optimization of specific policies, such as waste disposal charging fees (WDCF), which is not the aim of this study. Its main contribution is to present a financial planning tool for managers, allowing a scenario analysis to support strategic or tactic decisions, such as capacity expansions, investments in operational improvement, and so on. The modular design of the model aims at providing capability of generalization and application to different contexts and regions. As a case study, the context of a Brazilian city of 230,000 inhabitants was modelled and scenarios for 10 years were proposed. The scenario that presented better results with feasible investments prescribes an increase from 8.5% to 15% in the public collection of dry waste together with a productivity improvement of the sorting process. The simulations showed that the revenues from the recyclables do not cover the expenditures of the service provider and also allowed pointing out scenarios that make the provider less dependent of governmental subsidy. The results allowed proposing an extended conceptual SD model to be tested in future works, containing mechanisms suitable to the studied context for influencing recycling behaviour. Solid waste management in Brazil and in other developing countries is incipient and some managers do not have formal education in management. The improvement of managers’ awareness about the cost structure of the SWM system represents a relevant social implication of this study.

Финансовые аспекты управления проектами государственно-частного партнерства в рыбохозяйственном комплексе

The results of fisheries are effects of important economic and social importance. Therefore, the problems of the development of the fishing industry occupy a special place in economic policy at all levels of government. There is a fairly large set of measures for such a policy. Nevertheless, the scale and complexity of the problems in the fishing industry in our country necessitates a further search for optimal forms of interaction between the state and the organizations of the fishing business. The basis of interaction can be the PPP mechanism — one of the generally recognized ways to solve complex socio-economic problems. The purpose of this article is to develop an approach to the organization of financial management of PPP projects in the field of fisheries. The theoretical basis of the work is the provisions of the methodology of financial planning and project finance management. The article discusses the financial and economic aspects of PPP projects in the fishing industry. A multilevel model for organizing financial planning of such projects is proposed, recommendations are given on its practical application and the selection of tools that serve as its filling. It is concluded that the goal of financial planning of PPP projects in the fishing industry is to ensure long-term sustainable development of enterprises, consistent with the priorities and goals of social development. The scientific novelty of the work done is to systematize the views on PPP finance management and develop on this basis an approach to organizing a financial planning system within the framework of PPP projects taking into account the specifics of the fishing industry. The practical value of the results of this study is determined by the possibility of using them to develop measures of state economic policy in the field of the fishery complex, in particular, in the formation of state and regional target programs, as well as in the implementation of PPP mechanisms in the industry. It seems that the detailed study of financial planning tools and the development of practice-oriented methods that ensure the effectiveness of the PPP financial management system in the fishing industry can become a promising area for further research.

Budgeting as an Instrument of Increasing Competitiveness and Sustainability of Mining Enterprise

The authors conducted a study of the concept and essence of budgeting as a financial planning tool for mining companies to secure their sustainable development. The role of budgeting in increasing the competitiveness and sustainability of the organization is shown. The importance of information on the state of budgets is shown. This information provides the company management with the opportunity to analyze the financial performance of the structural divisions of the company, identify promising areas of activity, as well as areas of differentiation of activities or structural adjustment.

Implementation of an interprofessional medication adherence program for chronic patients in community pharmacies: how much does it cost for the provider?

BackgroundThe implementation of an innovative and sustainable professional pharmacy service in routine care requires substantial resources borne by the pharmacy owner. Although a community pharmacy is a business setting, few studies have examined cost as a potential barrier to widespread implementation. Implementation costs, as the cost impact of an implementation effort, can be significant and hamper the decision to invest from the provider perspective. Traditional financial planning tools can be used to analyse and support business decision to implement a service by assessing the net impact of a new service on the provider’s budget. This study aimed to estimate the implementation costs and the break-even point of an interprofessional medication adherence program for chronic patients in Switzerland. The program combines motivational interviews, medication adherence electronic monitoring and feedback reports to patient and physicians.MethodsWe used a 3-step approach: (i) micro-costing analysis: identification of implementation activities, quantification and valuation of required resources. Implementation costs, including service support costs and direct delivery costs, were analysed according to the implementation phase (installation, initial implementation, and full operation); (ii) break-even analysis: estimation of the required number of patients to follow up with to ensure that the generated revenue exceeded the total cost; and (iii) univariate sensitivity analyses.ResultsThe estimated total cost of the installation phase was 8481 CHF, more than half of which represented the cost of the equipment. Direct delivery costs were 666 CHF per patient per year, with 68% of this value associated with the cost of workforce time. According to the Swiss national reimbursement system, a minimal of 16 [10–27] patients was required to cover the implementation costs of the installation phase. This break-even point decreased to 13 patients in the initial and full operation phases.ConclusionsThese estimates lead to a better understanding of the real cost of implementing a professional pharmacy service in routine care. In a Swiss context, the current medication adherence support fee-for-service system allows pharmacists to reach the break-even point. Such information is important for community pharmacists to guide their implementation strategies. The replication of similar analyses in other settings and countries is paramount.

Engaging Men in Prenatal Health via eHealth: Findings From a National Survey.

BackgroundPregnancy outcomes in the United States rank among the worst of countries with a developed health care system. Although traditional prenatal health primarily focuses on women, promising findings have emerged in international research that suggest the potential of including men in prenatal health interventions in the United States. eHealth apps present a promising avenue to reach new and expectant fathers with crucial parenting knowledge and healthy, supportive behaviors.ObjectiveThe aim was to explore the perceived role of men in prenatal health, acceptability of eHealth to positively engage men during pregnancy, and participant-suggested ways of improving a prenatal health app designed for new and expectant fathers.MethodsA nationally representative sample of adult males (N=962) was recruited through an online survey panel. A third-party market research and digital data collection agency managed the recruitment. The sample had a mean age of 30.2 (SD 6.3) years and included both fathers (413/962, 42.9%) and non-fathers (549/962, 57.1%). Nearly 12.0% (115/962) of participants had a partner who was pregnant at the time of the survey.ResultsDespite perceived barriers, such as time constraints, financial burdens, and an unclear role, men believe it is important to be involved in pregnancy health. The majority of participants (770/944, 81.6%) found the site to contain useful and interesting information. Most substantially, more than three-quarters (738/962, 76.7%) of the sample said they would share the site with others who would benefit from the information. Participants recommended the addition of interactive modules, such as a financial planning tool and videos, to make the site stronger.ConclusionsWe explored the use of targeted eHealth to introduce men to prenatal education. Results indicate men are favorable to this intervention. Additional refinement should include interactive tools to further engage men in this important issue. Reaching men at the prenatal phase is an early “teachable moment”—where new/expectant fathers are open to information on how to help their partners have a healthy pregnancy and promote the health of their unborn children. Findings will further inform best practices for engaging men in pregnancy, which is crucial for improving maternal and child health outcomes in the United States.

Financial Planning In Entrepreneurship Business in Nigeria: Is It So Important?

Every business organisation need to make the best out of their operations, regardless of their current financial position. Financial planning is not only for the wealthy business organisation, but also in life, it is for every business enterprise. An entrepreneurship business without financial planning is not without problems/challenges in the nearest future. This study seeks to capture and highlight the financial planning tools in entrepreneurship Business in Nigeria. It focused on what Entrepreneurship Business is all about ‘cum’ the nature of planning, the reason for financial planning and its concepts in Entrepreneurship Business. It spells out the importance of financial planning in business. The methodology gives a clear picture on the systematic procedures and methods employed in carrying out this study. Data are presented, analysed and interpreted with the aid of mean, standard error of proportion and Z – statistic. The study is not without findings and recommendations; the findings and recommendations are based on the study. We also suggested areas for further studies, which will be of great benefit to entrepreneurs in Nigeria cum financial homes.