Financial Planning Research Articles

The Role of Housewives in the Management of Household Finances

The aim of study focuses on evaluating the role of the housewives, regarding the terms such as: financial management, knowledge and use of financial products, financial planning, forecasting and savings as well, level of debt. Female workers from the “Duxom” Corporate participated in the study, which are located in the different headquarters in the State of Mexico, Progreso, Tabasco, Sinaloa, Sonora, Guadalajara, Veracruz, and Baja California. Of the total number of employees, a non-probabilistic sample was applied by self-determination, in order to obtain the greatest number of cases in the time established for the field study, which was two months. To obtain the data we used a scale, which integrates questions from the participants' profile, and 27 items related to financial management (9 items); knowledge and use of financial products (4 items); financial planning at home (4 items), foresight and savings (3 items), debt level (7 items). With the results, a four-factor model is validated, where we can see that women like to have items to impress people, and it gives them pleasure to buy luxury items. They agree to be guarantors for other people, they make extreme decisions in investments and something very risky, they make purchases even when they cannot pay them, since they prefer to have debts than to let their children go without gifts on important dates. They like to buy online because the internet makes everything easier for them. They recognize the importance of families setting financial goals to identify priorities. Finally, they consider that having a written financial plan is essential for successful financial management of income, savings and expenses, which translates into family success.

Insurance, part of an overall financial plan for long-term well-being

Insurance, part of an overall financial plan for long-term well-being

The Impact of Social Assistance on The Community In Bendoroto Village, Munjungan Sub-District, Trenggalek District

This research aims to evaluate the impact of social assistance on the community in Bendaroto Village, Munjungan District, Trenggalek Regency. The focus of this research is to understand the type of social assistance received, the economic and social impacts felt by the community, and the problems faced during the implementation of the program, Such problems include administrative issues and inequities in disbursement that result in delays in aid disbursement, which reduces aid effectiveness and hampers financial planning. The research methods used include surveys and interviews. The survey results showed that the majority of respondents received direct cash assistance (BLT) and food assistance, with 60% reporting an increase in purchasing power and 45% experiencing an increase in food consumption. Significant social impacts were also seen from the reduction of financial burden for 70% of respondents and the increase in productive motivation for 50% of respondents. However, significant problems were also identified, such as uneven distribution of aid (55%), delays in distribution (60%), and lack of information regarding aid (45%). These findings show that although social assistance contributes positively to economic and social well-being, there are weaknesses in implementation that need to be improved. Recommendations to increase the effectiveness of social assistance include improvements in the distribution system, increased transparency, and better counseling on the use of assistance. This research provides important insights for the development of social assistance policies that are more effective and responsive to the needs of the community

MODERN STRATEGIES FOR OPTIMIZING THE FINANCIAL RESOURCES OF COMPANIES

The purpose of the article is to explore modern strategies for optimizing a company's financial resources for the gradual implementation of these concepts in the activities of Ukrainian business entities. The study identifies that the successful functioning and development of companies in modern conditions are characterized by the objective necessity to seek new opportunities for forming and using resources to increase the company's value. The research highlights that financial resources, by their nature, can be classified into two broad categories: internal and external financial resources, the ratio of which in the overall volume of the company's financial resources forms the capital structure indicator, which is one of the most important criteria for assessing the financial condition of companies. It is noted that the main goals of optimizing the structure of a company's financial resources are maximizing profit and profitability, increasing the company's market value, minimizing financial risks and the cost of capital attraction, and ensuring sustainable growth overall. The policy for shaping the structure of financial resources should ensure a combination of equity and borrowed sources of financing that fosters increased capital profitability, solvency, financial stability, reduced financial risks, and weighted average cost of capital, among other factors. As a result of the study, the author concludes that by using a combination of financial planning and forecasting, cost optimization, working capital and fixed assets management, risk management, capital structure optimization, investment management, as well as leveraging government incentives and digital transformation, companies can effectively manage their financial resources to achieve strategic goals

Edukasi Keuangan Pelajar: Pengenalan Investasi Pada Generasi Z Untuk Mencapai Tujuan Keuangan

Every individual has a good life goal. One of the ways an individual can achieve their goals is through financial success. A person's intelligence in achieving financial success starts from how they can set goals, make financial plans, and manage their finances. Financial education through the introduction of investment to students will reflect financial behaviour that can affect their future welfare level. This community service was carried out at the Islamic boarding school of Tarbiyatul Banin, Dukupuntang, Cirebon Regency, by a Faculty of Economics and Business, Kuningan University team. This service aims to create a young generation that is competent in investment. The methods used in this activity include delivering financial education materials, interactive discussions, and evaluations through quizzes and questionnaires. This activity showed a significant increase in participants' understanding of the basic concepts of investment, capital markets, and the risks associated with investment. These results are expected to provide a positive contribution in preparing a younger generation that is better prepared to face financial challenges in the future.

The systemic position of the local government treasurer in the terms of labor law, public finance law and the act on local government employees

Pursuant to the provisions of the Act of August 27, 2009 on public finances, the chief accountant of a public finance sector entity is an employee to whom the manager of the entity entrusts duties and responsibilities in the scope of keeping the entity's accounting, executing cash orders, and performing preliminary control of the compliance of economic operations. and financial with the financial plan, completeness and reliability of documents regarding economic and financial operations. Therefore, entrusting the function of an accountant consists of two elements: entrusting duties and, consequently, responsibility in this respect. The chief accountant is therefore an employee of the entity. The provisions of both the Act on Public Finance, Local Government Employees and the Labor Code apply to it. Recognizing the relevant legal regulations is important when answering questions and problems related to the performance of the function of treasurer (chief accountant). The treasurer's actions are a consequence of the statutory tasks assigned to him and the function entrusted by the unit manager. The function of treasurer of a commune, district or voivodeship is an obligatory function. The head of the unit cannot entrust the tasks specified in the Public Finance Act to a functional employee other than the treasurer. Exceptions in this respect cannot lead to the transfer of financial matters to another organizational unit within the office structure.

Financial Technologies Impact on Higher Education Institution Budgeting and Financial Planning

This study investigates the impact of financial technologies on the budgeting and financial planning practices of private Higher Education Institutions (HEIs). The primary objectives are to identify the most adopted financial technologies, evaluate the extent of cash flow management practices, and assess the implementation of digital payment systems. Comparative research design was utilized in the study to determine the differences in perception between teaching staff (N = 50) and non-teaching staff (N = 50) regarding these technologies. Data were collected through surveys and analyzed to determine the levels of adoption and effectiveness of various financial technologies. The findings reveal that digital payment systems are the most widely adopted, followed by Oracle Financials and Enterprise Resource Planning (ERP) systems. HEIs demonstrate strong practices in revenue diversification, strategic budgeting, cost control, and financial reserve management. However, concerns about the accuracy of financial reporting indicate a need for improvement. Significant differences in perceptions and attitudes towards financial technologies were found between teaching and non- teaching staff, highlighting the necessity for targeted interventions. Based on these findings, a comprehensive financial technology plan is proposed, focusing on enhancing perceived use, improving ease of use, fostering positive attitudes, and increasing actual usage of financial technologies. The plan includes specific actions, responsibilities, and timelines to ensure effective implementation. This research underscores the importance of continuous investment in financial technologies and strategic planning to enhance financial management practices in HEIs. By addressing the identified gaps and leveraging existing strengths, institutions can achieve greater efficiency, accuracy, and innovation in their financial operations, ultimately leading to improved financial stability and performance. Keywords: Financial Technology, HEIs, Financial Planning, Budgeting

Procedure for coordination of legislative norms of financial and tax law within the framework of public law regulation

The article explores the peculiarities of harmonizing legislative norms of financial and tax law within the framework of public legal regulation. It is established that the norms of financial and tax law shape the rules for managing the financial system and taxation, contributing to a balance between the state’s needs for financial resources and the preservation of economic stability for citizens and businesses. The demarcation of norms of financial and tax law by the subject of regulation is characterized, emphasizing the common method of legal regulation. It is determined that the norms of financial law regulate budgeting, financial planning, state debt, financial accounting, financial stability, and additional sources of funding. Norms of tax law cover tax rates, tax incentives, tax accounting and reporting, and combating tax evasion. It is noted that due to the common features and subject of legal regulation, conflicts arise between the norms of financial and tax law. It is established that the public legal regulation of conflicts between the norms of financial and tax law involves a systematic and organized process aimed at harmonizing legislative norms and resolving conflicts through the activities of the executive authorities of Ukraine. The competencies of central executive authorities that contribute to the harmonization of norms of financial and tax law are characterized. It is determined that the Cabinet of Ministers of Ukraine, the Ministry of Finance, the State Tax Service, the Ministry of Justice, and the National Bank of Ukraine play a key role in resolving conflicts and coordinating strategies in the financial and tax sectors. It is noted that central executive authorities coordinate and cooperate for systematic conflict management and the achievement of harmony in financial and tax legislation. The efficiency of harmonizing norms of financial and tax law is ensured by creating an Interdepartmental Committee, conducting consultations and discussions, as well as adopting and implementing harmonized subordinate legislative acts. Attention is drawn to the fact that the effectiveness of harmonizing norms of financial and tax law is determined by the efficiency of the procedure for developing harmonized subordinate legislative acts conducted by central executive authorities.

Crude oil price forecasting using K-means clustering and LSTM model enhanced by dense-sparse-dense strategy

Crude oil is an essential energy source that affects international trade, transportation, and manufacturing, highlighting its importance to the economy. Its future price prediction affects consumer prices and the energy markets, and it shapes the development of sustainable energy. It is essential for financial planning, economic stability, and investment decisions. However, reaching a reliable future prediction is an open issue because of its high volatility. Furthermore, many state-of-the-art methods utilize signal decomposition techniques, which can lead to increased prediction time. In this paper, a model called K-means-dense-sparse-dense long short-term memory (K-means-DSD-LSTM) is proposed, which has three main training phrases for crude oil price forecasting. In the first phase, the DSD-LSTM model is trained. Afterwards, the training part of the data is clustered using the K-means algorithm. Finally, a copy of the trained DSD-LSTM model is fine-tuned for each obtained cluster. It helps the models predict that cluster better while they are generalizing the whole dataset quite well, which diminishes overfitting. The proposed model is evaluated on two famous crude oil benchmarks: West Texas Intermediate (WTI) and Brent. Empirical evaluations demonstrated the superiority of the DSD-LSTM model over the K-means-LSTM model. Furthermore, the K-means-DSD-LSTM model exhibited even stronger performance. Notably, the proposed method yielded promising results across diverse datasets, achieving competitive performance in comparison to existing methods, even without employing signal decomposition techniques.

Identifying pregnant and postpartum women’s priorities for enhancing nutrition support through social needs programmes in a resource-constrained urban community in South Africa

BackgroundMalnutrition remains a pressing public health concern for mothers and children in South Africa. Despite the government’s multisectoral response, unaddressed social needs prevent some mothers getting full benefit from interventions, spanning financial planning, income stability, housing, access to government services, social support, and provision of affordable, nutritious foods. Engaging with mothers and prioritising their concerns is important if we wish to overcome obstacles to women benefiting from government nutrition interventions. This study aimed to identify the programmes that women perceived as a priority in addressing the social needs of mothers of young infants and pregnant women to enhance nutrition in a resource-constrained urban township in South Africa.MethodsA cross-sectional study employed a quantitative preference elicitation survey, administered to 210 mothers and pregnant women from five primary healthcare facilities in Soweto. The survey tool was developed with the community to identify unmet social needs and potential solutions, which were synthesised with findings from the literature. The survey described 15 programmes, grouped into three delivery levels: clinics, community, and government. Participants were required to rank programme options in two stages. First, they selected their top two programmes within each delivery level. Subsequently, they allocated stickers to indicate the strength of their preference among the top programmes across the levels. Rankings were analysed using descriptive statistics.ResultsThe highest priority was given to five programmes. Two delivered at the community level: Women’s economic empowerment groups and Job search assistance, two at the clinic level: Social needs assessment and referral, and Prescription-based food, and one at the government level: Free quality childcare. The lowest-ranked programmes were two clinic-based programmes, specifically Maternal nutrition groups and Couple antenatal education.ConclusionWomen expressed strong views about which programmes should be prioritised to support mothers and pregnant women in addressing their social needs and improving nutrition. Key areas included providing support with job searching and entrepreneurship, accessing childcare and the healthy foods recommended at clinics, as well as finding information on available community and government services. Leveraging multisectoral collaboration, aligned policy objectives, efficient public financing, and strengthened implementation capacity will be pivotal in delivering these programmes.

Pelatihan Pengelolaan Keuangan untuk Keluarga : Mengelola Resiko dan Cerdas Finansial

This community service activity aims to increase the knowledge and skills of parents of Bandung Baptist Christian Junior High School students regarding families' financial planning and management to avoid family financial risk. This community service implementation method uses training with 25 participants, who are parents of students. The evaluation of this community service activity was carried out by conducting a survey to measure the reaction of participants, their knowledge level, and their change intention. Descriptive analysis was performed on the data collected. The results of the community service activity showed that more than 96% of the participants who attended found the activity relevant to their conditions. Additionally, 62% of the participants experienced an increase in knowledge regarding the concept of financial management, and all participants committed to taking concrete actions to improve their family's financial conditions, including avoiding debt, making financial records, using an application to simplify financial management, and setting a budget (financial prioritization).

Why Plan Ahead? A Focus Group Investigation on Barriers in Advance Financial Care Planning

Rates of advance financial care planning are low in the United States, increasing the risk of fraud, exploitation, financial mistakes, and loss of autonomy in later life. This study sought to identify older adults’ perceptions and experiences with advance financial care planning to inform ways to motivate planning behavior and communication around future money management. Four focus groups were conducted in Baltimore, Maryland, with African American, Hispanic, low-income, and low–middle-income adults aged 65 and older. Data were transcribed, analyzed, and coded thematically. Five themes were identified:dignity,privacy, andindependence;lack of knowledge/resources;prior experience;social influence; andfamily relationships. Findings suggest that older adults need education on advance financial care planning and that cultural differences affect motivation to plan. Financial advisors and other practitioners may leverage older adults’ core values around dignity and independence to promote advance financial care planning, appealing specifically to the desire to reduce burden on future decision-makers and strengthen family relationships.

A Fuzzy Inference System for Predicting Air Traffic Demand based on Socioeconomic Drivers

The past ten years have seen significant expansion in the aviation sector, which during the previous five years has steadily pushed emerging countries closer to economic independence. It is crucial to accurately forecast the potential demand for air travel to make long-term financial plans. To forecast market demand for low-cost passenger carriers, this study suggests working with low-cost airlines, airports, consultancies, and governmental institutions' strategic planning divisions. The study aims to develop an artificial intelligence-based methods, notably fuzzy inference systems (FIS), to determine the most accurate forecasting technique for domestic low-cost carrier demand in Bangladesh. To give end users real-world applications, the study includes nine variables, two sub-FIS, and one final Mamdani Fuzzy Inference System utilizing a Graphical User Interface (GUI) made with the app designer tool. The evaluation criteria used in this inquiry included mean square error (MSE), accuracy, precision, sensitivity, and specificity. The effectiveness of the developed Air Passenger Demand Prediction FIS is assessed using 240 data sets, and the accuracy, precision, sensitivity, specificity, and MSE values are 90.83%, 91.09%, 90.77%, and 2.09%, respectively.

A multidimensional tool to measure farm stressors: development and initial validation of the farmer stress assessment tool (FSAT)

BackgroundFarming is a stressful occupation, and a growing body of research shows that farm stressors are associated with poor mental health. To date, there are few methodologically sound surveys that assess farm stressors, and none have been validated for the Canadian context. Our study aimed to: (a) investigate the types of stressors experienced by farmers, (b) develop a farm stress assessment tool and test its factor structure and internal consistency, and (c) assess its criterion-related validity to self-reported levels of anxiety, depression, burnout, and resilience among farmers.MethodsWe developed a 20-item survey based on a review of the literature, examining existing farm stress surveys, and consulting 10 farmers and agricultural industry experts. Then, a convenience sample of farmers living in Alberta, Canada (Sample 1, N = 354) completed a questionnaire containing the 20-item farm stress survey and four validated measures that assessed depression, anxiety, burnout, and resilience. Sample 1 was used to assess the factor structure using exploratory factor analysis (EFA), internal consistency, and criterion-validity of the survey. Next, a convenience sample of farmers living outside of Alberta (Sample 2, N = 138) was used to evaluate the factor structure of the survey using confirmatory factor analysis (CFA).ResultsThe results of the EFA revealed five underlying dimensions of farm stressors: Unexpected work disruptions, Agricultural hazards, Farm and financial planning, Isolation, and Regulations and public pressure. The subscales accounted for 61.6% of the variance, and the internal consistency (Cronbach’s alpha) ranged from 0.66 to.75. Subscale correlations were below 0.44, indicating evidence of discriminant validity. Correlations between the five subscales and the four mental health outcome variables supported the criterion-related validity of the survey. The results of the CFA indicated that the data fit the model, and fit was further improved by correlating one pair of error terms.ConclusionsPreliminary analysis of our Farmer Stress Assessment Tool (FSAT) suggests it is a reliable and valid instrument for measuring a range of stressors farmers face. Implications for policy and community-based mental health interventions that help farmers manage the enduring stressors of agriculture is discussed.

Seismic hazard analysis and financial impact assessment of railway infrastructure in the US West Coast: A machine learning approach.

This research examines the seismic hazard impact on railway infrastructure along the U.S. West Coast (Washington, Oregon and California), using machine learning to explore how measures of seismic hazard such as fault density, earthquake frequency, and ground shaking relate to railway infrastructure accidents. By comparing linear and non-linear models, it finds non-linear approaches superior, particularly noting that higher fault densities and stronger peak ground shaking correlate with increased infrastructure accident rates. Shallow earthquakes with magnitudes of 3.5 or greater and hypocentral depths <20 km also exhibit a pronounced correlation with the incidence of railway infrastructure accidents The study extends to financial impact analysis through Net Present Value and Monte Carlo Simulation, and evaluates damage costs from 2000-2023 to guide financial planning and risk management strategies. It highlights the crucial role of advanced financial tools in optimizing maintenance and long-term planning that could result in better preparedness in high seismic hazard regions and emphasizes the need for robust risk management strategies in enhancing railway operational safety that considers the local and regional tectonic and seismic activity and local ground shaking intensity.

Design and Implementation of an Intelligent Financial Management System Based on Enterprise Legal System

Based on the legal system of enterprises, in the realm of intelligent financial management, accurately predicting the impact of retail promotional activities on revenue is crucial. However, traditional methods often struggle to address the complexity of promotional effects and the variability of consumer behavior, resulting in less accurate predictions. To tackle this issue, we propose a novel model, TCGNet, based on deep learning techniques. This model integrates TCN and GNN, optimized by the GWO, to provide more precise predictions of the impact of promotional activities on revenue. Experimental results demonstrate significant advantages of the TCGNet model across various metrics, offering more reliable support for retail financial management. This research aims to furnish businesses with more precise and timely financial planning and budget management support, with the potential to aid in the formulation of more effective marketing strategies and financial decisions.

Care Planning in Ageing Families during the COVID-19 Pandemic and Social Unrest in Hong Kong

AbstractThe role of care planning in addressing eldercare challenges has received increasing attention. However, the influence of the uncertainty triggered by the coronavirus disease 2019 (COVID-19) pandemic, in conjuction with significant social unrest, on family eldercare planning remains unclear. This study examines eldercare planning experiences of families in Hong Kong, focusing on the evolving changes and adaptations faced by both local residents and mainland Chinese immigrants during the COVID-19 pandemic and the 2019–2020 social unrest. Through purposive sampling, we conducted semi-structured interviews with 93 local residents and 66 migrants from 2020 to 2021. Five main themes emerged: (1) increased awareness of healthcare preparation and planning during the COVID-19 pandemic, (2) residential care homes as a suboptimal choice after the COVID-19 pandemic, (3) influence of the COVID-19 pandemic on financial planning for eldercare, (4) distant family care after the social unrest, and (5) the need to improve remote care under border restrictions. This study contributes to the literature by examining the intersection of crisis events and eldercare planning, viewing the family as a planning unit. It also deepens the understanding of caregiving within the context of health and social crises, providing valuable insights for the development of future support systems for older adults and their caregivers in similar circumstances.

Impact of financial inclusion on healthcare access: evidence from developing countries

PurposeThe aim of this study is to explore how financial inclusion can impact healthcare access in developing countries using panel data for the period 2004–2022.Design/methodology/approachTo check the impact of financial inclusion on healthcare access, the estimation techniques used are the fixed-effect model (FEM), two-stage least squares (2SLS) and the system generalized method of moments (GMM). The data were collected from different websites such as the World Development Indicators (WDI), the United Nations International Children's Emergency Fund (UNICEF) and the United Nations Educational, Scientific and Cultural Organization (UNESCO).FindingsIt is found in the study that financial inclusion has a significant positive effect on healthcare access, and it is also confirmed from previous literature results. The study found that if there are high financial services in the countries, healthcare sectors can be improved by timely facilities, care and funds. Proper development of financial services could be possible by conducting awareness initiatives, financial planning and implementing literacy programs to educate individuals, particularly in rural and underdeveloped areas. According to the results, trade openness and foreign direct investment have a positive impact on healthcare access, while urbanization has negatively influenced healthcare access.Research limitations/implicationsThe limitations of this study were restricted to only 29 developing countries. The main reason behind the lack of availability of data insurance data for developing countries was the limitation in generalizing the results.Practical implicationsThe government and policymakers must check what are the best financial inclusion programs and policies that can be implemented to improve healthcare access. Previous literature does not show visibly the impact of financial inclusion’s dimensions on healthcare access.Originality/valueThis study presents a pioneering examination of financial inclusion and healthcare in 29 lower- and middle-income countries (developing countries). This study has used a comprehensive financial inclusion index of 29 developing countries to cover the overall impact of financial inclusion on healthcare in these countries.

Perceptions of Key Responsibilities and Professional Development Interests of Senior Educational Leaders: A Needs Assessment.

High-ranking educational leaders in academic medicine oversee multiple clinical programs. This requires them to prioritize dozens of emergent tasks and responsibilities daily, from educational policy and strategy to staff management, financial planning, onboarding of trainees, and facility planning and management. Identifying their key responsibilities and frequently used skills and competencies may clarify the educational needs of senior educational leaders and facilitate targeted professional development to promote effective and efficient performance. In August 2022 researchers interviewed 12 designated education officers (DEOs) from U.S. Department of Veterans Affairs (VA) Veterans Health Administration medical centers about their daily work and most challenging responsibilities. Content analysis of interview transcripts identified key responsibilities and activities identified by participants and prioritization of the perceived skills needed to complete them. Participants emphasized 4 key areas of responsibility: fiscal, administrative, affiliate partnership, and educational duties. They identified 12 skills as baseline requirements for effective performance for which additional professional development would be useful and suggested that both new and more established educational leaders receive targeted professional development and mentoring to foster these capacities. The key skills participants identified by area of perceived responsibility are relevant to VA DEOs, designated institutional officers, and senior academic leaders who develop health professions education programs, oversee clinical training, and manage educational change. Structured orientation programs and ongoing professional development for senior educational leaders could emphasize these areas of responsibility, potentially enriching DEOs' performance and reducing burnout.

Can frontline employees help consumers improve their financial planning behavior? Implications from triadic analysis

PurposeAs consumer debt can substantially impair subjective well-being, it is crucial for research to gain insights into how consumers can be motivated to improve financial planning. This paper aims to investigate how frontline employees in financial services can help consumers regulate their financial planning behaviors and how financial service providers can effectively support their frontline employees in this effort through leadership and organizational climate.Design/methodology/approachWe incorporate regulatory focus theory and conservation of resource theory to develop a conceptual model that we test in a triadic study with a unique dataset collected from consumers, frontline employees, and managers in the banking sector.FindingsWe find that frontline employees must pay attention to the details of consumers’ needs and customize the service to those needs to trigger consumer promotion focus and stimulate consumers’ financial planning behaviors. Moreover, our results emphasize that the organization must act as an integrated entity. Thus, a manager’s servant leadership and an organizational climate of customer stewardship are crucial for frontline employees to transform consumers’ financial planning behaviors.Research limitations/implicationsThe study highlights frontline employees’ key role in motivating consumer financial planning behavior, offering a new perspective in transformative service research on enhancing financial well-being.Practical implicationsThe findings provide financial service providers with actionable implications for enhancing consumers’ financial planning. This benefits both consumers and financial institutions, as customers with greater spending power can buy more financial products.Originality/valueThis study advances transformative service research on consumer financial planning behavior, which has largely focused on consumer-related or society-level variables, by exploring the role of frontline employees and organizational support in terms of leadership and climate.