Personal Finances Research Articles

PERSONAL FINANCIAL PLANNING AND BUSINESS FINANCE IN UMKM IN ARA VILLAGE, BULUKUMBA REGENCY

In an increasingly competitive economy, efficient financial management is the key to success for both individuals and businesses. Good financial planning is not only important for individuals in managing personal finances but also crucial for business continuity, especially for Micro, Small and Medium Enterprises (MSMEs). In 2023, it is estimated that the Indonesian economy will strengthen thanks to the significant contribution of MSME growth, MSMEs play a vital role as the main driver of the Indonesian economy, considering that 99% of businesses in this country are MSMEs. PKM uni aims to increase knowledge about personal finance and business finance. The method used in producing the focus of PKM objectives is Service Learning (SL), where through this approach business groups are invited to not only understand the theory of using science and technology in their business activities theoretically, but also to apply this knowledge practically. The results obtained are Based on the survey conducted, there was a positive response from the participants in the community service activities which was seen from the average of the three aspects in the survey results which were classified as very high above four. There were no significant obstacles during the process of implementing community service activities, due to good cooperation from partners and a high intention to learn from the training participants.

Transforming Personal Finance Coaching through Artificial Intelligence

Artificial intelligence (AI) has bloomed in recent years and is gradually becoming an irreplaceable asset in finance,among other sectors. Personal finance is a subset of finance, which too is being revolutionized due to changing timesand technological advancements, much like AI. Security and proper financial guidance have never been moreimportant with such significant change. In this study, we use FinBERT, a modern large language model specializedin the financial domain, for our AI-powered personal finance coach. However, FinBERT, although a cut above therest, still has room for growth, so we aim to improve its flaws and enhance its efficiency. We established thatFinBERT succeeded in detecting sentiments in explicit sentiments, but was not usually successful in doing socorrectly for implicit sentiments. FinBERT, despite its limitations, has a high accuracy and is the best model to usein our study. This model can also be utilised to provide accurate results regarding the overall trend (positive ornegative) of the global stock market. Our results demonstrate that integrating AI in personal finances is feasible andcan successfully aid individuals in making decisions regarding their finances.

Mengkaji Perilaku Keuangan Pribadi; Fokus pada Gaya Hidup, E-Commerce, Kontrol Diri, dan Pendapatan

This research examines personal financial behavior in Sidoarjo City in the early adult generation. The aim of this research is to deepen understanding of how individuals in Sidoarjo City manage their personal finances. Quantitative methods were used with non-probability sampling techniques on 117 individuals who were working and had their own income. The results of the analysis show that there is no influence of lifestyle on financial behavior, but e-commerce and self-control have a positive and significant influence on financial behavior. Meanwhile, income has no influence on financial behavior. This research highlights the importance of financial literacy and self-control in managing personal finances, especially among the younger generation.

Pengaruh Digital Financial Literacy Terhadap Perilaku Keuangan Masyarakat Kota Gresik

Financial literacy can be generally defined as a person's ability to understand, analyze, manage and communicate personal finances. Technological advances can have an impact on people's financial behavior. So financial literacy in this era of sophisticated digital technology and virtualization is very important for society, so digital financial literacy needs to be understood by the public. Digital financial literacy (DFL) is financial literacy in the form of digital financial technology. Demographic factors also influence financial behavior in society. Demographic factors can have an influence because the older you get, the more experience you have, including your financial intelligence, which also increases. This research used a sample of 125 respondents and obtained data from the results of a questionnaire distributed using the Likert scale assessment method. The analysis method uses structuralEquation Modeling Partial Least Square (SEM PLS) analysis. The results of this research conclude that Digital Financial Literacy (DFL) has been proven to have a good and significant effect on the financial behavior of the people of Gresik City. And educational demographics are proven to have a good and significant effect in moderating the influence of DFL on financial behavior.

LITERASI KEUANGAN BAGI KUBE (KELOMPOK USAHA BERSAMA) GANTARI JAYA DI KOTA DENPASAR

This community service aims to provide financial management knowledge to business actors who are members of the Ganatri Jaya Joint Business Group (KUBE) which is facilitated by Graha Nawasena Rumah Harapan Disabled Denpasar City. The separation of personal finances and business finances is still widely mixed in their use and recording. In fact, separating personal finances from business as a form of financial management is very important to support business continuity. Financial literacy is a very important thing to provide to business actors so that they can manage their business finances well. Financial management is the key to someone's success in running their business. Remembering the importance of recording and managing finances to distinguish business assets from personal assets. The result of this service activity is that business actors become more aware of financial management in increasing income and maintaining business continuity

EDUCAÇÃO FINANCEIRA COMO FORMA DE INCLUSÃO SOCIAL

The theme of this study is “financial education as a form of social inclusion”. It seeks to address the benefitsgenerated by financial education in the lives of citizens and some factors that can influence the quality of lifeand daily life. The aim of this research is to highlight the importance of financial education in social inclusionthrough public policies. It is socially relevant, providing an opportunity for reflection and action towards amore peaceful life, free from certain problems related to the lack of this knowledge. Considering its benefitsin the management of personal finances in the lives of citizens. However, not only to the lives of citizens,but also to the economy. The economic situation of a population has a direct impact on the economy, bothdirectly and indirectly. At the heart of this issue is consumption and default, which can lead to economicgrowth or stagnation. Financial education provides citizens with a more peaceful life, free from certainhassles. In particular, it minimizes psychological problems related to indebtedness and a financiallyunbalanced life. In this case, the methodology used was bibliographical research, using publications onwebsites, articles and books, based on authors such as Domingos (2012), Cerbasi (2007) and Artifon andPiva (2013). The main conclusions are that financial education plays a fundamental role in citizens' livesand has a direct influence on their quality of life and inclusiveness.

Pengaruh Financial Knowledge, Financial Confidence dan Learning Capacity terhadap Financial Behavior Gen Z di Kota Batam

Gen Z currently has greater access to financial information, but they face new challenges in managing their personal finances effectively. This study aims to investigate the influence of financial knowledge, financial confidence, and learning capacity on financial behavior of Gen Z individuals in Batam City. This study used purposive sampling method by distributing questionnaires to Gen Z in Sagulung sub-district, resulting in 204 respondents after rounding based on Jacob Cohen's calculation. This research uses quantitative methodology using multiple linear regression analysis conducted through SPSS 29 software. The results of multiple linear regression analysis show that financial knowledge has an influence of 13.5% on financial behavior, financial confidence has an influence of 20.4% on financial behavior and learning capacity has an influence of 85.8% on financial behavior. Findings measured using the coefficient of determination (R2) analysis, which shows that financial knowledge, financial confidence, and learning capacity can affect financial behavior by 76.0%. the results of the t test and f test show that financial knowledge, financial confidence, and learning capacity have a positive and significant effect on Financial Behavior.

Financial stress and leadership behavior: The role of leader gender.

Concern about personal finances is one of the most widespread and salient sources of stress. We advance our emerging understanding of the work-related impacts of financial stress by examining the consequences of personal financial stress on leadership behavior. Drawing on compensatory control theory, we propose that financial stress positively relates to abusive supervision via a lowered sense of personal control. Integrating social role theory, we propose that these effects are stronger for leaders who are men than leaders who are women. We test our model in a vignette-based study using a sample of leaders (N = 201) and a second multiwave, multisource field survey study among leaders and their subordinates (N = 119 leader-subordinate dyads). Across both studies, we found that financial stress was positively associated with abusive supervision via lack of control and that this relationship was stronger for men than women. In Study 2, we examined an alternative tend-and-befriend theoretical account, proposing that leaders who are women exhibit more communion-striving motivation and empathic leadership as a result of financial stress. We found some support for this alternative pathway, though not gender differences in it, and in doing so we uncovered novel outcomes of financial stress. Our results offer implications for supporting employee financial health and uncover a context wherein men (and their subordinates), rather than women, experience the costs of misalignment with societal gender expectations. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

SCENARIO FORECAST OF THE IMPLEMENTATION OF THE DIGITAL MULTILEVEL MODEL OF TRANSPARENCY OF FINANCIAL RELATIONS

The study aims to develop and evaluate scenarios for implementing a digital multi-level financial and economic relations transparency model, which covers public, corporate, and personal finances. The study aims to identify key factors affecting the level of transparency, assess the consequences of implementing the model, and develop strategic recommendations to improve the efficiency of financial resource management and strengthen trust between market participants.The study's main results include the definition of three model development scenarios: optimistic, pessimistic, and realistic. Each scenario considers the specifics of public, corporate, and personal finance and reflects different levels of influence of key factors such as technological readiness, government support, and market participants' adaptation to changes. The implications of each scenario were assessed, including the potential benefits, risks, and challenges associated with implementing the model at different levels of finance.The study's main conclusions confirm that the digital multi-level model of transparency is an effective tool for increasing the transparency of financial and economic relations, reducing risks, and improving management efficiency. Implementing the model contributes to increasing trust in state institutions, improving corporate governance, and protecting the rights of consumers of financial services. Scenario forecasting makes it possible to adapt the model's implementation strategies to the changing conditions of the external environment, which contributes to its stability and successful integration into the financial system.The study also identifies directions for further research, including assessing the impact of individual digital technologies, developing new methods for monitoring transparency, and exploring barriers and incentives for implementing the model across industries and regions.

ENHANCING BUSINESS PROFITS THROUGH FINANCIAL MANAGEMENT TRAINING AT RUFATA MSMEs

<p><em>Micro, small, and medium enterprises (MSMEs), particularly in the culinary sector, frequently grapple with the challenge of effectively recording and managing both business and personal finances. This led to the initiation of community service activities that focused on the topic of financial management. The decision to focus on this topic was made to maximize business profits. The objective of this event, scheduled for March 2024, is to augment the knowledge and expertise of Rufata MSME participants engaged in the culinary industry in Gudang Sarinah, Pancoran, and South Jakarta. We utilize training techniques to accomplish this endeavour. This activity encompasses the procedure of recording and overseeing a business's revenue and expenses. The objective is to furnish business proprietors with precise and all-encompassing data regarding their financial circumstances. Furthermore, this PKM seeks to aid commercial entities in differentiating between business funds and personal resources. The exercises conducted demonstrated that all participants derived benefits from the provided knowledge, particularly due to its straightforward adoption and practical application. Furthermore, the participants assessed whether the provided material aligned with their requirements and whether its delivery was clear. Moreover, the participants expressed their readiness to participate in future attempts, emphasizing the benefits they experienced from the current actions.<strong></strong></em></p>

Gamification as an Educational Tool for Retirement Planning

Many individuals worldwide retire financially unprepared. The most evident factor for low retirement savings is due to a lack of retirement planning, especially from an early age. Financial literacy is a key element in navigating the current complex financial landscape, as it enables the individual to effectively manage personal finances and make sound financial decisions regarding earning, consuming, saving, investing, debt management, insurance, mitigating risk, identifying suitable financial sources when needed, and also ultimately saving enough for retirement. Financial education provided by employers is usually voluntary and generally designed as a one-size-fits-all solution. The current methods used to teach financial literacy are effective in accessing financial education, but whether they change financial behaviour that results in leaving individuals better prepared for retirement is not evident. Millennials thrive in a digital environment and prefer a trial-and-error approach when learning takes place. To make financial education more practical and appealing to millennials, programme developers should consider the use of gamified applications portraying real-life events where problems need to be solved and active engagement and immediate feedback, which can promote financial literacy and might change the saving behaviour of the younger generations. Gamification is explored as a potential educational tool that can be used in teaching retirement preparedness and financial literacy in the workplace.

Trends in Contacts Made by Immigrants to the National Domestic Violence Hotline, Before and During the COVID-19 Pandemic.

Immigrants in the United States are more likely than nonimmigrants to experience risk factors for intimate partner violence (IPV) and problems in getting support. The COVID-19 pandemic and recent incidents of xenophobia and anti-immigrant sentiment may have exacerbated exposure to IPV risk factors. We examined immigrant experiences of IPV before and during the COVID-19 pandemic. This study identified changes in characteristics of abuse, services used, referrals, and barriers to services among those who contacted the National Domestic Violence Hotline (NDVH) and identified as immigrants, reported immigration status as a concern, needed immigration support, and/or identified immigration status as a barrier to accessing services (N = 49 817). We used joinpoint regressions to examine whether the rate of change differed significantly from 2016-2019 (before the pandemic) to 2019-2021 (during the pandemic). The number of immigrant contacts to NDVH peaked in 2017 (n = 9333) and declined 25% to 6946 in 2021. During 2016-2019, the percentage of contacts reporting the following increased significantly: technology-facilitated violence (+12.7 percentage points), economic/financial abuse (+10.8 percentage points), and involvement of firearms (+4.8 percentage points); during 2019-2021, these trends reversed. The percentage of contacts reporting separation or divorce was relatively flat until 2019 and then increased from 14.6% in 2019 to 19.9% in 2021 (+5.2 percentage points). Housing instability increased during 2017-2020 (+9.3 percentage points), but requests for shelters decreased (-4.5 percentage points). Immigration status and personal finances were commonly reported barriers to services; both decreased during 2016-2019 but then increased during 2019-2021. This study can inform prevention and response strategies relevant for immigrants experiencing or reporting IPV.

Loan application due diligence and financing small firms in Africa

ABSTRACT Banks gauge and verify business potential when processing small business loan applications by conducting due diligence on the firm. Although research has examined the factors that influence small business financing, little attention has been given to understanding the due diligence process that informs credit decision making. We address this gap using signal theory to analyze and develop insights from 24 qualitative interviews. Our study identified 11 key hard and soft signals loan officers use to access small business credit risk during due diligence. The key signals include key person risk, change in leadership risk, articulation of company value, adaptation to change, separating business and personal finances, personal reputation, transparency and willingness to share information, data accuracy and completeness, regular account operation, faulty budget and turnover assumptions, and legitimacy of collateral. The implications for small and medium-sized enterprises finance theory and practice are discussed.

The Influence of Interest in Using M-Banking on the Gen-Z Generation

The aim of this research is to determine the influence of interest in using m- banking on generation Z. Mobile banking is a bank payment transaction service that allows customers to carry out various transactions using smartphones. Generation Z manages their money using mobile banking which provides ease of access, greater control over personal finances, and a more efficient and secure banking experience. Data collection was carried out through primary and secondary data. Data collection through interviews, questionnaires and documentation studies. The research method uses quantitative methods with a sample size of 100 students. Data testing was carried out by carrying out classic assumption tests, regression tests and hypothesis testing using SPSS. The results of the research show that m-banking has a positive and significant influence on Generation Z. Increasing education and socialization features are very necessary, considering that ease of use and perceived benefits play an important role in the adoption of this technology. Service providers can collaborate with campuses to hold seminars or workshops that provide students with a deeper understanding of the benefits and effective ways of using M-Banking

Personal Finance Management Application

The paper presents a personal finance management mobile application developed for the Android operating system. The application is in the process of trials and test deployment among selected customers. It provides opportunities for managing a personal budget, retrieval of a financial status report for a certain period, working with expenses and income, report generation and visualization through charts, and barcode scanning. The methodology for designing and implementing the developed prototype includes pre-testing and preliminary interviews with potential customers who need convenient and easy access to manage their personal finances. Extensive research has been done on the availability of similar desktop and mobile applications. Appropriate technologies have been selected for the implementation of the program logic, software part and user interface. As a result, a mobile application has been developed that provides full integration with the web-based personal finance management system, previously created by the authors. The app is open to future improvements.

Digitalization as a trend in the modern development of the economy of Kyrgyzstan and increasing the financial literacy of the country’s population

In modern Kyrgyzstan, transformational processes related to digitalization are taking place, which have led to a change in public consciousness, a reassessment of values in the field of economics, finance and in general in public life. At the moment, society is faced with the introduction of digital technologies, which have led to a powerful generation of new knowledge, attitudes and skills; there is a need to adjust personal financial management and lifestyle changes. Changing the model of financial behavior can be regarded as a way for the population to respond to the current situation, the purpose of which is to create opportunities for managing personal finances and ensuring relationships that allow the subject to achieve their life priorities. Citizens understand the need to involve them in new technological solutions in order to keep up with

Secure Storage of Crypto Wallet Seed Phrase

The Expense Tracker Application is a user-friendly and efficient tool designed to help individuals manage their personal finances with ease. In the ever-changing landscape of daily expenses, this application offers a structured method for tracking income, categorizing expenditures, and generating insightful financial reports. Its intuitive and visually appealing interface ensures that users of all technological skill levels can navigate it effortlessly. The application features visual representations to help users understand their budgetary trends and set limits for different expense categories. It provides timely alerts and notifications when users approach or exceed these budget limits. With robust security measures in place, the application ensures the confidentiality of users' financial data, enhancing their awareness of spending habits and enabling informed financial decisions. Additionally, this system proposes a novel approach to cryptocurrency transactions. Instead of relying on complex public and private keys, it simplifies key management by binding these keys to the unique IP addresses of the nodes involved. This method minimizes the need for users to manage large cryptographic keys, offering a more secure and user-friendly alternative for cryptocurrency wallets. By addressing the limitations of traditional cryptocurrency systems, this approach enhances key management and overall security

Pengelolaan Keuangan ditinjau dari Perspektif Self Efficacy dan Financial Knowledge

Everyone must learn to manage their own finances, including students. Students have the latest attitudes to meet primary and secondary needs. This must be done to avoid failure in managing personal finances with financial knowledge. The aim of this research is to find out how financial knowledge and financial independence impact the personal financial management of Bachelor of Accounting students. The primary and secondary data used in this research are qualitative data which were quantified using a Likert scale. The data collection method is through distributing questionnaires via Google Forms. Classical assumption tests, multiple linear regression analysis, and hypothesis testing were used to analyze the data. Study results from processed data

STATUS SOSIAL KELUARGA, LITERASI KEUANGAN TERHADAP MANAJEMEN KEUANGAN INDIVIDU DAN LIFESTYLE

The social status of a family plays a crucial role in shaping a student's ultimate career aspirations as an individual, as does financial literacy, which an individual acquires from their parents or through learning and experience. A family's social status naturally influences whether a child, as an individual, has better access to financial education or otherwise. Families with a higher social status will certainly provide different opportunities compared to those of lower economic standing. Similarly, strong financial literacy can help individuals manage their personal finances effectively. In this era of disruptive technology, a family's socioeconomic status, financial literacy, and individual financial management models can all impact one's lifestyle. This study aims to analyze the influence of a family's socioeconomic status, financial literacy, and individual financial management on lifestyle. The respondents of this study numbered 123. The results indicate that family social status affects individual financial management, financial literacy affects individual financial management, family social status affects lifestyle, financial literacy affects lifestyle, and individual financial management affects lifestyle. Additionally, individual financial management mediates the relationship between family social status and lifestyle, as well as between financial literacy and lifestyle. Keywords: Family social status, Financial literacy, Individual financial management, Lifestyle

Gender gap in consumer expectations

ABSTRACT This paper provides empirical evidence of the persistence of gender gaps in consumer expectations regarding personal finances and the national economy’s performance. Using individual-level data from two independent but comparable consumer attitude surveys – one nationally representative of the US and the other statewide representative of Florida – it demonstrates that women are significantly less likely than men to hold optimistic expectations about their personal financial situation and US business conditions over the next year and the next 5 years. These gender expectation gaps, ranging from 5% to 8.5% points, remain highly significant even after controlling for respondents’ socio-demographic characteristics, as well as survey-month and geographic location (including zip code) fixed effects. Furthermore, these gaps are prevalent in both surveys and have been present for more than four decades. Although persistent over time, these gender differences tend to narrow during periods of economic hardship and widen during economic expansions.