The Role of Finance in Our Lives

Academic Journal of Accounting and Economics Researches, 2023

Without understanding the basic concepts of finance, people do not have enough ability to make decisions about financial management. People should be financially literate and make informed financial choices about saving, investing, borrowing and other things. Overall, financial literacy is important on many levels. In the highly complex world of finance, there is an ever-increasing need for fundamental financial knowledge. Based on the statistical analysis of linear regression between resilience and financial literacy, it was determined that financial resilience is able to predict financial literacy of people; So that 64.7% of financial literacy is explained by financial resilience.

Journal of the International Academy of Case Studies, 2020

The interest of this paper lies within financial literacy & education. Principles such as diversification of investments, exploitation of the power of interest compounding, taking advantage of tax-favored assets or employer matches are fundamental. Asteriou & Siriopoulos dictate the prevalence of vocational education, through which various financial skills emerge. How to be less vulnerable to financial fraud, use debt responsibly, runs a business efficiently, knowledge of interest compounding and numeracy are the strongest predictors of planning and economic growth. Any saving plan requires the ability to calculate present values, and an understanding of the advantages of starting to save early in life that can benefit every investor.

International Journal for Research in Applied Science & Engineering Technology (IJRASET), 2022

The purpose of this study is to understand the importance of personal finance planning to be financially sound and well equipped for the uncertainty. According to the findings of this study, the ignorance of personal finance is to the pinnacle. This isn't just to set up family spending plan yet additionally to save, contribute as well as plan for our retirement. The meaning of financial management, its significance, the steps that each person can take to plan and manage their finances, and the awareness of financial management are all discussed in this writing. In addition to educating readers on how to plan and manage each individual's finances for their benefit today and in the future, which indirectly contributes to the development of the nation, the purpose of this writing is to raise awareness of the significance of personal finance planning and management. The impact of personal finance education on financial knowledge, attitudes, and actions is the subject of much debate. Our research also reveals that discussing money with friends, income, work experience, year/field of study, and family financial socialization were all important factors in influencing financial knowledge, attitudes, and behavior. We're not saying that formal financial education isn't important; rather, we're saying that its role in changing people's attitudes and behaviors should be carefully considered if that's its goal. The objective was to describe the financial knowledge, attitudes, and experiences of residents to inform the design of a personal finance curriculum.

Contemporary Family Therapy

2021

The purpose of the article: the aim of the article is to present the essence of personal finance management using modern financial technologies. The paper seeks to answer the question of the impact financial literacy and the growth of the fintech solutions have on personal financial

Finesta, 2015

Abstrak-Penelitian ini dilakukan untuk meneliti hubungan yang ada antara kepuasan finansial dengan financial stressors, financial behavior, risk tolerance, financial solvency, dan financial knowledge. Penelitian ini menggunakan data yang diperoleh dari convenience sampling penduduk di daerah Sepanjang yang telah berusia kerja. Hubungan antara variabel-variabel yang ada diteliti secara parsial. Metode yang digunakan dalam penelitian ini adalah analisa dengan menggunakan crosstabulation dan chi-square Hasil dari penelitian ini menyatakan adanya hubungan yang signifikan antara financial stressors, financial behavior, risk tolerance, financial solvency, dan financial knowledge untuk masyarakat di daerah Sepanjang. Hasil penelitian menyarankan agar dilakukan usaha untuk meningkatkan financial knowledge dan memperbaiki financial behavior untuk meningkatkan kepuasan finansial.

International Journal of Academic Research in Business and Social Sciences

Finance is an important component of human life. Money is not everything, but it is necessary for survival and sustenance. Money is a tool or object of universally recognized value that can be used to exchange products, services and settle debts. Finances have become very important to improve the quality of life and overall well-being of a person. A life that is not based on Islamic Sharia will lead to an imbalance in life. In general, the method used in this study is part of a qualitative approach that involves the highlighting and analysis of secondary data obtained through documents, research results or writings that have been highlighted. The data obtained is then systematically analyzed using content analysis techniques. The results of the study show that every aspect of finance includes financial management skills, planning, budgeting, control and savings. Therefore, efforts need to be implemented to improve the level of financial management and financial behavior, especially among the youth. There are several factors that influence determination in financial management, among them are individual financial management factors, family management factors and the level of literacy in Islamic financial management. It further shows a person's level of determination towards financial management based on an Islamic perspective.

OIIRJ Journal, 2015

Indian culture had the system of joint families, but it is vanishing from our society and as a result one has to think and plan properly about one's future financial needs. After completion of studies when one gets employed, from that time onwards one has to think not only about the current expenses and how much to keep aside i.e., save but during old age and after retirement whether one will have sufficient resource to take care of oneself. In this context, the proverb "A stitch in time saves nine" holds true. During young age and while in job, if one is not thinking about the ways to save and most importantly invest in today's rising inflationary situation, then during old age life will become financially painful. Again in our Indian society it is seen that from ancient times, men were the bread earners and even today they are taking decisions when it comes to savings and investment. In the light of this, the present study has made a humble attempt to find out the financial knowledge of the other half of our society who can be homemakers as well as nation builders-"WOMEN" in Dimapur.

Journal of the Oriental Institute, 2022

Personal finance is not one of the most often taught subjects in educational institutions. The majority of us will need to learn about personal finance either from our parents or on our own because it isn't a subject covered in many college degrees. Studies have proven that poor financial health of individuals impact greatly on the physical health. The same importance should be given to financial health as to physical and mental wellbeing. The study aims to measure the impact of Financial Knowledge on Personal Financial Management among the salaried population in Chennai city. The study proves that Financial Knowledge and Personal financial Management are positively correlated. More financial research and specialized centers are critically needed. Personal Financial Management demands academic financial recognition as an investment and corporate finance center.

The purpose of this study is to see how parental income, lifestyle, and locus of control affect financial management behavior. Active students from the Faculty of Economics and Business at Janabadra University in Yogyakarta, batches VIII, IX, X, and XI, were included in this study. This study's sample size is 100 people, with a 5% chance of being wrong. Data was gathered by distributing online questionnaires via Google Forms. SPSS (Statistical Product and Service Solution) version 25 was used for the analysis. According to the findings of this study, (1) parental income has no effect on student financial management behavior during the Covid-19 pandemic, (2) lifestyle has no effect on student financial management behavior during the Covid-19 pandemic, and (3) locus of control has an effect on student financial management behavior during the Covid-19 pandemic.

Concerns that debt loads and other financial worries negatively affect student wellness are a top priority for many university administrators. Factors related to financial stress among college students were explored using the Roy Adaptation Model, a conceptual framework used in health care applications. Responses from the 2010 Ohio Student Financial Wellness Survey were analyzed using proportion tests and multivariate logistic regressions. The results show that financial stress is widespread among students -71% of the sample reported feeling stress from personal finances. The results of the proportion tests and logistic regressions show that this study successfully identified important financial stressors among college students. Two of the most important financial stressors were not having enough money to participate in the same activities as peers and expecting to have higher amounts of student loan debt at graduation. The results also indicate that students with higher financial self-efficacy and greater financial optimism about the future are significantly less likely to report financial stress. Implications for student life administrators, policymakers, financial counselors, and financial therapists are discussed.

2020

The Covid 19 pandemic resulted in a new normal era that the Indonesian people must face. The unstable economic situation, the large number of unemployment and increasing poverty make the government have to be able to make the best decisions for its people. In financial management, financial planning is able to reduce poverty. Providing material and knowledge about good financial management can help the community in facing the new normal order. This research is a descriptive study, which examines financial planning in the new normal era. This study used online interview techniques and literature and literature reviews on financial planning in the new normal era. From the results of this study there are several things that must be considered such as a), regulating expenditure items, b) creating a budget, c) evaluating the amount of income d), looking for additional income e) delaying long-term investment f) closing non-important expenditure items g) avoid debt Keyword: financial plann...

Türkiye mesleki ve sosyal bilimler dergisi, 2022

This study was conducted to examine employees' attitudes towards financial planning and management in terms of various variables (age, gender, marital status, educational status, number of children, spouse working status, vehicle ownership, and house ownership). The study focused on the health sector and emergency healthcare service employees. The data needed to test the stated hypotheses were collected using the survey method. The application of the questionnaire was carried out on the healthcare employees working at the Central 112 stations affiliated with the Isparta Provincial Ambulance Service Chief Physician, using face-to-face and online methods. As a result of the study, 131 healthcare employees completed the questionnaire, and the participation rate was 87.9%. According to the results of the comparative analysis, there is no meaningful differentiation regarding all variables. Likewise, according to the logistic regression analysis results performed to examine whether categorical variables affect financial planning and management, no significant effect was found for all variables.

The global financial and economic crisis has prompted economic behavior and financial decision-making with the projection in the future not only in economic subjects, but also in significant social groups. The active participation of citizens and economic operators in the real business exchanges in the context of financialisation of their participation in economic processes (exchanges, investments and savings), their rights and imposes obligations of a financial nature are in the process the redistribution of income, property management, contracting transactions for purchases and investments. There is a tendency to increase the transfer of responsibilities from the public to the personal and family finances. The level of financial literacy determines individual consumers to make informed choices and decisions to determine the stability of personal finance. This is especially important for families with limited means; they may lose a lot as a result of poor financial decisions. Purpo...