Financial Priorities Research Articles

The Influence of Cultural Factors on Financial Decision-Making in Ghana

This study investigates the role of cultural factors in shaping financial behaviors in Ghana, focusing on elements such as family obligations, communal traditions, religious beliefs, and traditional practices. It examines how these cultural dynamics influence decisions related to savings, borrowing, investments, and the use of informal financial systems like "susu," a widely trusted savings method in Ghanaian society. Through a mixed-method approach combining qualitative and quantitative techniques, the research provides a holistic view of the cultural influences driving financial decision-making. The analysis reveals a strong cultural preference for financial practices rooted in community trust and collective responsibility, often favoring informal systems over formal financial institutions. Family structures and societal expectations strongly influence financial priorities, emphasizing the needs of the group over individual goals. Religious values also play a significant role, shaping attitudes toward financial ethics, debt management, and charitable contributions. This reliance on cultural norms reflects the high level of trust in traditional methods that align with familiar and accessible systems. The findings underscore the necessity of culturally tailored financial solutions to bridge the gap between informal practices and formal financial services. Policymakers and financial service providers must consider these cultural intricacies when designing products and strategies to improve financial inclusion. Culturally aligned financial education and services can foster trust and encourage broader participation in formal financial systems, supporting economic growth and stability. This research not only advances academic understanding of the intersection between culture and finance but also offers actionable insights for creating financial policies and services that resonate with the cultural realities of Ghanaian society. By aligning modern financial systems with traditional values and practices, financial inclusion can be enhanced, fostering a more inclusive and equitable financial environment.

Leveraging Transactional Data for Analytics: Building Economic Indicators from Wire Transfers, Credit Card, and ACH Transactions

Traditional financial metrics for startup companies are often scarce due to the limited availability of public financial data. This paper proposes a novel approach to building leading economic indicators for startups by leveraging transactional data from wire transfers, credit card transactions, and Automated Clearing House (ACH) payments. These data sources provide rich, granular insights into the financial activities of startups, offering a proxy for their operational health and growth trajectories. The methodology involves clustering transactional data based on sender and receiver information to identify spending patterns. Outgoing transactions are categorized into key expenditure categories such as payroll, marketing, legal, computing, and operational costs. By analyzing the distribution and frequency of these expenses, this framework provides a comprehensive view of a startup's resource allocation and financial priorities. In addition, incoming transactions from various channels are used as a proxy for sales or revenue, enabling the development of dynamic indicators of financial performance. This approach bridges the gap in financial visibility for startups, providing timely and actionable insights into their economic activities. These leading indicators can serve as early warning signals of financial distress or as predictors of growth, offering immense value to investors, analysts, and policymakers. The study highlights the potential of transactional data analytics in enhancing transparency and decision-making in the startup ecosystem, paving the way for more robust analytical frameworks in a traditionally opaque domain. Index Terms: Transactional Data Analysis, Wire Transfers, Credit Card Transactions, ACH Payments, Startup Financial Health, Spending Patterns, Revenue Proxy, Data Clustering, Expense Categorization, Payroll Analysis, Marketing Expenses, Legal Costs, Computing and Operational Costs, Startup Growth Metrics, Financial Visibility, Early Warning Signals, Startup Ecosystem Analytics

Framing Inclusive Practice Options for Financial, Operational, and Community Outcomes

While the operations management literature has addressed inclusive business models for large organizations, there has been less focus on how small- and medium-sized enterprises (SMEs) include vulnerable end-users when they are subject to industry constraints and are not able to redesign their business models. In such cases, organizations face variable profits based on the socioeconomic status (SES) of the end-user. We introduce the Inclusive Practice Options (IPO) framework to explain how, within the constraints of existing business models, SMEs can balance financial, operational, and community-related priorities. Vulnerable end-users should be considered in the end-user mix of all three priorities and may contribute to the overall fiscal solvency of the organization because while servicing these end-users may generate less revenue per end-user, they also may require less processing time, lower processing variability, and fewer denied or missed payments contributing to more stable profits on average. To present this framework, we first describe the conceptual and theoretical underpinnings of IPO. We then delineate the three dimensions of the IPO framework: comprehensive financial performance, operational fairness, and community lift. We describe how the IPO framework can be applied to stakeholder management, market segmentation, and resource allocation. We provide an illustrative mental health practice case for additional context. Finally, we discuss future research directions and the implications of viewing operations management through this multidimensional lens.

Disentangling the binomial change/inertia to the Chilean educational policy in the post-dictatorship era (1990–2022). A normative policy instrument perspective

ABSTRACT Chile is a paradigmatic case of market-oriented educational policies. This has led to a prolific research agenda aimed at understanding the trajectory and trends during the country’s dictatorial period and after the return to democracy. Generally, these studies have focused on comparing the main educational policies across different governments. In contrast, this article employs a normative policy instrument perspective to analyse the trajectory of Chilean educational policies from 1990 to 2022. The focus is on disentangling the inertia/change binomial in the implementation of educational policies, considering policy development within and between governments. Thus, the article seeks to understand when, how, and why subjects of educational policies, financial priorities, and ideological orientations change or persist over more than 30 years. The findings challenge the belief that educational policies are coherent and consistent within governments, identifying grey areas in each period. Additionally, the paper provides evidence of historical inertia in educational policies that transcends the ideologies of the governing parties. Finally, it is observed that changes in market-oriented educational policies have been more pronounced in the last decade, particularly during periods of political alternation between left- and right-wing governments.

Trends and Growth Patterns in Public Expenditure on Education: An Analytical Study in Telangana

As India's economy flourishes, the way the country allocates its resources is becoming increasingly crucial. One vital aspect is public spending on education, which is essential for nurturing human capital and driving economic growth. This study examines the trends and growth rates of public expenditure on education in Telangana from 2014 to 2021, shedding light on the financial priorities and efficiency of educational funding. The analysis reveals a mixed bag of trends and growth rates. While some states have made significant strides in increasing their educational expenditure, others have seen a decline. The data shows that the total budget allocation for education has grown steadily over the years, with some fluctuations. However, the percentage of expenditure relative to Gross State Domestic Product (GSDP) has been declining in many states. To better understand the relationship between total budget allocation and educational spending, regression analysis was employed. The results indicate a positive correlation between the two variables, suggesting that an increase in overall budget allocation is linked to increased spending on education. However, the relationship is not straightforward, with some states exhibiting high levels of expenditure despite lower budgets. The findings of this study have significant implications for policymakers and educators. They highlight the need for a more nuanced approach to educational funding, one that takes into account the diverse needs and priorities of different states. It also underscores the importance of monitoring and evaluating the effectiveness of educational programs and policies to ensure that resources are being used efficiently. In other words, India's policymakers must adopt a more targeted approach to educational funding, recognizing that every state has unique challenges and opportunities. By doing so, they can ensure that limited resources are allocated effectively to address the most pressing educational needs and drive long-term economic growth.

Influential Financial Planners and Islamic Financial Planning: A Social Media-Based Content Analysis

Financial planning has been increasingly significant where income levels are rising, the financial industry is becoming more complicated and financial products are becoming more complex. With higher income levels and fund excesses, people demand financial assistance services to manage their financial matters. The activities of financial planners continue to grow in line with the varying demand of customers. Conventional financial planning had developed during the 1970s, while the Islamic financial industry had just emerged. From an Islamic perspective, a financial planning framework would require Shariah-compliant products and services and a deep understanding of Islamic values and principles governing economic activities. This study aims to understand to what extent Islamic financial planning has been communicated and shared by financial planners/advisors and to understand their preferences and financial priorities in providing financial advice. This qualitative paper explores the social media of chosen financial planners and Islamic financial planners. Financial planners share their thoughts and ideas on their social media. Several influential financial planners were selected through some stages. Understanding their social media content will provide a picture of their financial planning. Discussion of Islamic financial planning is scant. The paper explores and offers a novel approach of whether financial planners and so-called Islamic financial planners have different financial planning. Using the particular framework of Islamic financial planning, Islamic financial planners are expected to have different financial planning emphasizing Islamic values and principles.

Financial priorities and the growth border of the Russian economy

Subject. The article investigates the role of foreign exchange reserves in the development of the Russian economy, the securities market development, and the banking system stability. Objectives. The aim is to review the monetary policy options under international sanctions strengthening. Methods. I apply methods of statistical, neural network, and cluster analysis. Results. The study established that it is impossible to reduce currency risks by issuing shares listed in the domestic market in foreign currency. The preferred directions of Russia's monetary policy are as follows: strengthening the country's international investment position, increasing the volume of the Federal bond market, and increasing the issue of shares listed in the domestic market in rubles. Conclusions. The growth boundary of the Russian economy is determined by such parameters as the amount of funds in escrow accounts of individuals, the size of insurance and pension reserves.

Transgender Men and Non-Binary Students Managing Their Identities to Pay for College

Compared to previous generations, U.S. college students must increasingly rely on non-government sources of money to pay for college. Yet, paying for college looks markedly different for students from marginalized communities, given historical exclusion and inequitable access to financial capital. Using data from a longitudinal study of transgender men and nonbinary students, I argue that identity management is a key tactic these students use to pay for college and navigate competing financial priorities. Ultimately, this study can help researchers and policymakers better address issues of affordability, while more clearly understanding the unique nature of identity management for transgender students.

Macroeconomic challenges for Brazil post-covid-19

The objective of this article is to comprehensively investigate the adverse effects resulting from the persistent high interest rate policy in Brazil over many years. These effects have directly impacted the servicing of public debt, bringing significant negative consequences to social well-being. This situation is exacerbated by the influence of these factors on the productive sector, notably the industry, as well as on the physical, social, and technological infrastructure of the country. The concerning reality is that public debt already accounts for over 50% of public expenses, which has a pronounced impact on various key aspects of society. Therefore, it is imperative to create space for a broad and informed debate about the long-term implications of high interest rates and their influence on public debt management. Only through careful reconsideration of these policies and a strategic reshaping of financial priorities will it be possible to steer Brazil towards a scenario of sustainable economic growth and lasting social well-being.

Foreign Experience in Digitalization of Preventive Public Financial Control (on the Example of USA, China, Canada, India and Australia)

The article discusses the issues of implementing preventive financial control using modern digital technologies. The up-to-date level of informatization of the government agencies activity and local governments allows moving to a qualitatively new level of interaction between regulatory authorities and the environment under control. In this case the verification and analysis of reporting is performed not only after the fact of fulfillment but also in a preventative manner. This allows a quick respond to emerging risk situations, prevention of erroneous actions, and management decisions in a real time. When solving the problem of digitalization of state financial control procedures, the emphasis and priorities can be placed differently, both in the selection of automated processes and in the selection of technological solutions. The experience of other countries represents a valuable source of knowledge in this area. Therefore, the aim of the article is to study the best practices in digitalization of state financial control and to develop the recommendations for implementing preventive digital state financial control in Russia. This article presents the analysis of the experience of the USA, China, Canada, India, and Australia. The main projects are considered that were implemented in these countries to improve the financial control by implementing digital solutions. The features and areas of application of cloud computing, technologies of data collection, processing and analyzing the Big Data, as well as systems based on artificial intelligence in the field of public financial control are presented. As a result, recommendations have been formulated for adapting the best practices of these countries for the implementation of preventive digital control in the financial and budgetary sphere in our country. A further elaborated investigation of organization of the collection and processing of data on the object under control, coming not only from its corporate sources and government information systems but also from publicly available Internet resources, is considered as a relevant issue.

ALTERNATIVE PATHS TO AN AGE-FRIENDLY COMMUNITY

Abstract While the age-friendly community movement has seen tremendous progress in the past decade, with over 700 U.S. member communities in the Network of Age-Friendly States and Communities (NAFSC), many more U.S. communities have not yet joined the network. Joining NAFSC can spur activity to improve local conditions for older residents, as well as allow communities access to informational resources and contacts from peer communities that have undertaken similar initiatives. A better understanding of the barriers preventing communities from joining NAFSC, the hesitancy about joining, and the age-friendly work being done outside of NAFSC is critical to extending age-friendly work nationally. The present study explored factors that inhibit communities from joining NAFSC. We conducted 12 semi-structured virtual interviews with community leaders in Maine and Massachusetts whose communities are not NAFSC members but are actively working on aging-related issues. Participants were recruited through the researchers’ professional networks. We intentionally cultivated diversity of community size during recruitment. Transcripts and interview notes were coded thematically. Resulting themes included a lack of knowledge/misconceptions about what joining NAFSC requires, a perception that there are few benefits to joining, political concerns, insufficient personnel capacity, other financial priorities (e.g., children’s programming, COVID relief), and a desire to retain local control over aging-related initiatives. Recommendations include clearer communication of NAFSC membership requirements and benefits, additional technical assistance to communities, and loosening of reporting requirements for small communities.

위헌심사를 통한 사회적 기본권의 실현 방안

This article examines ways to strengthen and to extend the realization of social rights through judicial review.
 First, it can be considered to strengthen the realization of social rights by heightening the standard of review according to types and degrees of the legal interests at issue in individual cases. It is the same way that the Constitutional Court recently showed in the application of the principle of prohibition of under-protectiveness, which is a review standard for violation of the duty for state to protect constitutional rights.
 Secondly, the realization of social rights can be expanded through judicial review with the right to equality(the principle of equality). Although the Constitutional Court cannot force the implementation of a specific policy for social welfare of people, it may require the State to expand the scope of beneficiaries of the social welfare on the ground of the right to equality(the principle of equality) once the State adopted the specific policy.
 Thirdly, the decision of non-conformity serves as an appropriate and useful form of decision in the judicial review with social rights. With declaring that the current State’s action does not meet the level required by the Constitution and leaving specific methods for improving the situation to the National Assembly, the Constitutional Court can avoid questions about the legitimacy of judicial review raised from the principles of democracy or separation of powers, and the criticisms of the Court’s lack of ability to make proper judgments about the State's financial capacity or policy priorities.
 In addition, the principle of legal stability serves to guarantee at least the current level of benefits by preventing from reduction or abolition without justifiable reasons, and the principle of Parliamentary Reservation strengthens the realization of social rights indirectly through heightening the standards of review regarding formal and procedural requirements of legislation.

Pelatihan Peningkatan Literasi Keuangan dan Pengelolaan Keuangan Rumah Tangga di Desa Tanimulya

This service activity is in collaboration with a group of women from Tanimulya village. The partners of this service activity encounter several problems related to financial management: imbalance between income and expenses, inability to determine family financial priorities, weakness in planning expenses, weakness in recording, lack of control over spending, tendency to is more about consumption behavior than investment. The proposed solution to this problem is to establish a training program for mothers on how to plan and manage family finances effectively and efficiently, which in turn can improve family happiness. family. As part of this activity, awareness-raising materials and activities were provided on financial literacy, family income and expenditure budget planning (APBK), understanding of financial industry products and digital financial planning applications, as well as a call to change consumer behavior trends into investment trends. This activity was carried out in the village of Tanimulya, with the participation of staff from the Community Services Team of Nurtanio University in Bandung. After carrying out service activities, it is desirable to achieve the goals of the activity, which are: Raise awareness and understanding of the importance of household financial records, the function and role of financial records in balancing income and expenditure of household funds and foster a sense of responsibility in doing business. family financial management, to raise awareness of the importance of saving and investing in households. Evaluation of service activities is carried out at the end of the activity using a questionnaire and results are given using pre-test and post-test evaluations. Based on the pre- and post-test results, participants increased their knowledge and understanding of the material presented. The activities were able to run smoothly thanks to the enthusiasm and enthusiasm of the participants.

Pulling back the curtain: Exploring norms and practices among a sample of anatomy-related departments in U.S. medical schools.

Anatomy-related departments have access to comparative research productivity data (e.g., Blue Ridge Institute for Medical Research), yet no datasets exist for comparing departments' general practices pertinent to education-focused faculty. Practice trends in anatomy-related departments across U.S. medical schools were explored by surveying departmental leaders. The survey inquired about: (i) faculty time allocations, (ii) anatomy teaching services, (iii) faculty labor distribution models, and (iv) faculty compensation practices. A nationally representative sample of 35 departments (of 194) responded to the survey. On average, anatomy educators are allotted 24% (median = 15%) protected time for research, irrespective of funding, 62% for teaching and course administration (median = 68%), 12% for service, and 2% for administration. Forty-four percent (15 of 34) of departments taught at least five different student populations, often across multiple colleges. Many departments (65%; 11 of 17) applied formulaic methods for determining faculty workloads, often as a function of course credits or contact hours. Average base salaries for assistant and associate professors reported by this survey were consistent (p ≥ 0.056) with national means (i.e., Association of American Medical Colleges Annual Faculty Salary Report). Merit-based increases and bonuses averaged 5% and 10% of faculty's salaries, respectively, when awarded. Cost-of-living increases averaged 3%. Overall, departments' workload and compensation practices vary widely, likely a consequence of different institutional cultures, locations, needs, and financial priorities. This sample dataset allows anatomy-related departments to compare and reflect upon their practices and competitiveness in recruiting and retaining faculty.

The lived experience of financial harm from gambling in Australia.

The financial consequences associated with harmful gambling create significant health and social stressors for individuals, their families, and communities. However, there has been limited research exploring how people impacted by gambling harm conceptualise and experience the financial impacts on their lives. To help fill this gap, this study used in-depth qualitative interviews with gamblers harmed by their own gambling and affected others harmed by someone else's gambling. Reflexive thematic analysis was used to interpret the data. The study had three key findings. First, prior to experiencing harm, gamblers and affected others did not consider the financial risks associated with gambling and only recognised the risks once the financial losses negatively impacted other areas of their lives. Second, gamblers and affected others managed the day-to-day financial impacts of gambling by adjusting their financial priorities, reducing spending in other areas, or accruing debt. Finally, the financial impacts of gambling and the associated financial management strategies led to broader and long-term problems for gamblers and affected others. This study demonstrates that financial harms from gambling are complex and contribute to the stigmatisation of people who experience harm. Current educational messages and tools simplify this complex issue and may legitimise gambling as a leisure activity which can be managed by making 'responsible' financial decisions. Public health and health promotion initiatives must recognise this complexity, developing approaches that are independent from the gambling industry and informed by lived experience.

AWARENESS AND THE INTENTION TO AVAIL VARIABLE UNIT-LINKED INSURANCE POLICIES AMONG RESIDENTS OF SAN PABLO CITY, LAGUNA

The main objective of this study is to assess the level of awareness and intention to avail VUL among residents of San Pablo City. An adapted and modified survey questionnaire was used to collect the data and information needed for this investigation. Cronbach’s alpha was used in the results of pilot testing conducted to determine the reliability of the research instrument. The study’s participants include 300 respondents who are potential consumers of variable unit-linked insurance policies. The study may have included both male and female respondents who are of legal age and capable of answering the survey questions. Frequency, percentage, mean, chi-square test, and spearman rho were the statistical methods employed. The research findings suggest that there are notable differences in the insurance buying behaviors of single and married individuals, influenced by factors such as financial priorities and risk perceptions. The study revealed that a significant percentage of the respondents are employed either regularly or on a contract basis. Regarding variable unit-linked (VUL) insurance, the respondents showed some understanding of its advantages but lacked knowledge on selecting the right products, interpreting terms and policies, and comprehending its adaptability as an investment. Based on these findings, insurance providers and agents can design targeted marketing campaigns and educational initiatives to enhance customer understanding of VUL insurance and improve their overall experience. By providing new policies and components benefits that appropriate to their needs. It is necessary to offer clients specific advice and direction so they are able to understand how VUL insurance may be incorporated their overall financial plan.

The relationships between economic orientation, sustainable product design and innovation performance: Empirical evidence from the US manufacturing firms

Growing corporate social responsibility requirements have compelled manufacturing organizations to embed sustainability in their business models. Consequently, firms focus on designing and producing products using sustainable means to bring new products to the market that are environmentally sustainable and socially responsible. However, to satisfy investors, it is also necessary to focus on financial priorities. This research presents a model with relationships between an organization's economic orientation, sustainable product design activities, and firm innovation performance to study how financial priorities affect sustainability initiatives in new product development and innovation outcomes. The empirical evidence is drawn from a panel survey of 282 US manufacturing firms. The results suggest strong interrelationships among the three constructs under investigation. The practitioners can pursue economic orientation and still focus on sustainable product design to achieve innovation performance.

Корпоративный акселератор как стратегический инструмент развития трансфера технологий для предприятий легкой промышленности и моды

Abstract. A corporate accelerator allows a company to realize its strategic priority in the field of technology transfer, find the best solution to existing problems, reduce costs or increase the efficiency of business processes. Access to labor, infrastructure, financial resources of an economic entity allows pilot projects to provide all the conditions for the formation of the company’s technological sovereignty. The purpose of this scientific work is to identify the theoretical foundations of the corporate accelerator tool, as well as review and analyze the best strategic domestic and foreign practices. The scientific article analyzes different types of accelerators and their strategic goals. Corporate venture accelerators are aimed at developing projects as independent business areas. Enterprise technology accelerators have the strategic goal of creating product and service providers. Internal accelerators activate the results of intellectual activity within the company. Process accelerators allow you to increase the internal efficiency of processes and facilitate interaction with external actors. Accelerators based on the venture client model allow you to quickly implement pilot projects with the customer. The strategic goals and expected results of the acceleration program must exactly match the development strategy of the company in whose interests the acceleration program is being carried out. The strategic goal-setting of acceleration programs can be very different and depends on the strategy. The analysis made it possible to formulate the key strategic principles for the use of this tool in the light industry and the fashion industry. The author formulated that the acceleration program should be determined by the specific interests and strategic priorities of the light industry and fashion industry companies. Such interests may be entering a new sales market, technological re-equipment, digitalization of processes, and so on. The company’s financial priorities should imply the sufficiency of resources to ensure the development of an innovative direction through the use of a technology transfer mechanism. To increase economic and social efficiency, the labor resources of an industry company should be involved in the launch, implementation and improvement of such programs. A strategic target map of accelerators is proposed depending on their types. The results of this work will allow professionals in the field of creative economy to independently develop technological priorities for the development of their innovation ecosystem in the long term. This study uses the following methodological tools: study, analysis, synthesis, formalization, strategic benchmarking. The strategic principles for the creation and operation of a corporate accelerator in the fashion industry are based on the theory and methodology of strategizing by Academician V. L. Kvint. Further research may be devoted to the analysis of social and economic efficiency in the context of corporate acceleration.

What strategies can motivate businesses to consider implementing ESG?

The problem addressed by this research is that some businesses are not motivated to incorporate environmental, social and governance (ESG) into their plans. As a result, progress toward global sustainability has been impeded. The purpose of this study was to identity those strategies that motivate businesses to embrace ESG. Among the barriers impeding ESG is the lack of agreement whether it can coexist with corporate profit maximization goals and the insufficiency of standard measurements to assess its effectiveness. Another challenge is that businesses deal with diverse groups of stakeholders whose objectives may not coincide with corporate priorities. Among the key stakeholders are corporate boards who balance financial and ESG priorities while recognizing and maintaining the reputations/brands of their firms. One way to motivate businesses to embrace ESG is by integrating ESG initiatives into their strategic plans while focusing on finances, risk, board diversity, brand management, and stakeholder relationships. Since the key influencers of the business may include the next generation of leaders who are more attuned to sustainability needs, stakeholder theory is the lens through which this assessment was performed. I applied the principles of evidence-based management to address this problem and research gap involving business motivations to pursue ESG. I used the Rapid Evidence Assessment (REA) methodology which entailed identifying the business problem and research question, conducting a literature review, searching for and evaluating evidence, and coding to develop results consisting of themes and actionable recommendations.

A study on spending patterns in the digital era with special reference to Tamilnadu

This study highlights the impact of digital payments on spending patterns and financial behavior. A structured questionnaire was used to collect data from 200 participants. The results indicate that income, age, family status, and occupation played a significant role in financial behavior and priorities. The data also revealed that many respondents faced various financial challenges, such as insufficient money, debt payments, education expenses, healthcare costs, and meeting expenses. Digital payments and financial planning have been identified as potential solutions for managing these challenges and achieving financial goals. Financial awareness and education are needed, particularly for younger individuals, to improve their financial decision-making skills, investments, and stability.