Women’s financial planning for retirement

2019 ◽  
Vol 37 (1) ◽  
pp. 120-141 ◽  
Author(s):  
Satish Kumar ◽  
Sweta Tomar ◽  
Deepak Verma
Keyword(s):  
Financial Literacy ◽  
Financial Planning ◽  
Financial Management ◽  
Future Research ◽  
Content Type ◽  
Developed Economies ◽  
Factors Influencing ◽  
The Status ◽  
Socio Demographic Factors ◽  
Women's Retirement

PurposeThe purpose of this paper is to examine the status of the research on women’s financial planning for retirement. This paper provides a brief review of the work carried out so far along with a conceptual framework of factors influencing women’s retirement financial planning. In addition, it lists significant gaps and recommends avenues for future research.Design/methodology/approachThe review is based on 151 articles appearing in various peer-reviewed journals published during 1980–2017. The study establishes its prominence by studying the publication activities based on the year of publication and region, citation analysis, research designs, data analysis techniques and findings from the selected articles.FindingsMost of the literature on women’s financial planning for retirement indicates a lack of financial management amongst women and their susceptibility to poverty in postretirement years. The majority of the research works in this field have taken place in developed economies. Empirical research with regression-based models for analysis is the most popular research design. This review also highlights the significant determinants of women’s retirement financial planning as identified through literature. These include socio-demographic factors, psychological constructs, financial literacy, economic and circumstantial forces.Originality/valueThis paper covers the research works done in this area in the past 38 years. To the best of authors’ knowledge, this is the first attempt to provide a systematic and comprehensive compilation of the knowledge in this subject. It further synthesizes the findings of various studies on factors influencing women’s retirement financial planning and gives recommendations for future studies.

Conceptualizing financial capability: evidence from Indonesia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Arief Wibisono Lubis
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Qualitative Method ◽  
Microfinance Institutions ◽  
Group Discussions ◽  
Financial Capability ◽  
Content Type ◽  
Developed Economies ◽  
South Sulawesi ◽  
Limited Generalizability

Purpose This paper aims to investigate how microfinance institutions’ clients in Indonesia conceptualize financial capability. Previous investigations on the concept were mostly in the lenses of those in the developed economies. Design/methodology/approach A qualitative method was used, in which focus group discussions (FGDs) and interviews were conducted with microfinance institutions’ clients and management in four provinces in Indonesia: DKI Jakarta, DI Yogyakarta, West Nusa Tenggara and South Sulawesi. Findings The results exhibit some similarities with those of previous studies that highlight the importance of financial management and financial planning for strategic purposes. However, financial literacies perceived as less important due to the lack of awareness of the concept and its benefits. Research limitations/implications This research is only focused on certain groups of the population which implies its limited generalizability. One important implication is for policymakers and scholars to re-examine the value of financial literacy within the context of Indonesia. Although the interviews reveal skepticisms on the instrumental value of financial literacy, robust investigations are further needed. Originality/value This study is the first that uses the participatory method to define financial capability as understood by microfinance institutions’ clients in Indonesia.

Financial Planning for Retirement: Bibliometric Analysis and Future Research Directions

2021 ◽  
pp. JFCP-19-00062
Author(s):  
Sweta Tomar ◽  
Satish Kumar ◽  
Riya Sureka
Keyword(s):  
Bibliometric Analysis ◽  
Financial Literacy ◽  
Financial Planning ◽  
Future Research ◽  
Research Directions ◽  
Psychological Constructs ◽  
The Status ◽  
Future Research Directions ◽  
The Impact ◽  
Social Biases

This study aims to determine the status of existing research on financial planning for retirement. We used bibliometric analysis and content analysis to examine a sample of 1,116 studies conducted over a span of more than five decades. Bibliographic coupling network was developed to determine the intellectual themes in the field. Our findings suggest that the structural, economic, and cultural disparities worldwide lead to distinct pressures for savings on individuals. Further studies should be conducted considering emerging economies and the aforementioned disparities to gain deeper insights. While a few studies have examined the influence of social biases, behavioral biases, personality traits, and psychological constructs on financial literacy and the impact of this interaction on financial planning for retirement. We conclude by suggesting potential future research directions.

Factors influencing graduate job choice – a systematic literature review

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Divyang Purohit ◽  
Mitesh Jayswal ◽  
Ashutosh Muduli
Keyword(s):  
Thematic Analysis ◽  
External Factors ◽  
Institutional Factors ◽  
Future Research ◽  
Job Choice ◽  
Internal Factors ◽  
Content Type ◽  
Factors Influencing ◽  
Interpersonal Factors ◽  
Socio Demographic Factors

Purpose The purpose of this paper, systematic literature review, is twofold: to identify the factors influencing graduate job choice and to propose a theoretical model that can be useful for future research. Design/methodology/approach Thematic analysis of the literature available till June 2020 has been reviewed using electronic databases such as ABI/INFORM Complete, EBSCO, Emerald Insight, ProQuest, SAGE Journals, Science Direct (Elsevier), Scopus, Springer Link, Taylor and Francis Online, Wiley Online Library. Findings Out of more than 5,000 studies, 14 studies were found addressing the issue of career choice among graduating students. The thematic analysis result explored five themes such as internal factors, external factors, interpersonal factors, institutional factors and socio-demographic factors that can be considered critical for graduates’ career choice decision. Details of the subthemes are also identified. Research limitations/implications Implications for practitioners have been suggested from the internal factors, external factors, interpersonal factors, institutional factors and socio-demographic factors’ perspectives. The study result can be useful for conducting future research using quantitative data on graduate job choice. Originality/value This is the first attempt to present a comprehensive picture of past studies on graduate job choice and exploring the factors influencing graduate job choice.

Financial management, division of financial management power and financial literacy in the family context – evidence from relationship partner dyads

2020 ◽  
Vol 38 (6) ◽  
pp. 1373-1398
Author(s):  
Piotr Bialowolski ◽  
Andrzej Cwynar ◽  
Dorota Weziak-Bialowolska
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Multilevel Regression ◽  
Analytical Treatment ◽  
Content Type ◽  
Novel Approach ◽  
The Status ◽  
Labor Specialization ◽  
Management Power

PurposeThe article aims to study the relationship between the assignments of financial management responsibilities and the level of financial literacy within married and cohabitating couples.Design/methodology/approachThe link between household financial management and the financial literacy of union partners was examined using dyadic survey data. In the dyadic multilevel regression analysis, the financial management process was scrutinized, and two distinct measures of financial literacy (tested and self-assessed) were used as the outcomes in the analysis.FindingsThe extent to which married and cohabitating individuals engage in household financial management was found to positively correlate with their financial literacy. Self-reports about the division of financial management responsibilities were found to be biased with individuals typically overestimating their share in household financial management. Consequently, the status of household financial manager was not as crucial for financial literacy as was the self-perception of engagement in household financial management. Despite the benefits of intrahousehold labor specialization, delegation of sole responsibility for household financial matters may place the person who waives the responsibility at a serious risk of self-exclusion from lifelong financial learning.Originality/valueThe article uses dyadic data (from married and cohabiting couples), which ensures more rigorous and accurate evidence for the link between the household financial management and financial literacy. A novel approach to the analytical treatment of partners' contradictory reports on the role of couple's financial manager is also proposed. The breadth of household financial management is captured by analyzing three stages of the process: proposing, decision-making and implementation of financial solutions or actions.

scholarly journals Antecedents and consequences of Personal Financial Management Behavior: a systematic literature review and future research agenda

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kirti Goyal ◽  
Satish Kumar ◽  
Jing Jian Xiao
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Research Agenda ◽  
Well Being ◽  
Future Research ◽  
Sample Population ◽  
Management Behavior ◽  
Content Type ◽  
Future Research Agenda ◽  
Antecedents And Consequences

PurposeThe purpose of this paper is to investigate the current state of research on Personal Financial Management Behavior (PFMB), with a prime focus on its antecedents and the consequences. By analyzing the research trends, methods, determinants and outcomes, the PFMB literature is synthesized, and agenda for future research is suggested. A framework is presented that portrays PFMB's antecedents and consequences and further specification of the mediation and moderation linkages.Design/methodology/approachThe review is based on 160 articles published during 1970–2020. It follows a systematic approach and presents the definitions and theories of PFMB, publication trends based on time, region, sample population, research designs, data collection and analysis techniques, along with antecedents and outcomes through content analysis.FindingsThe synthesis draws upon various factors affecting PFMB, such as demographics, socio-economic, psychological, social, cultural, financial experience, financial literacy (FL) and technological factors. The prominent outcomes of PFMB include financial satisfaction, relationship satisfaction, quality of life, financial success, happiness, financial vulnerability/resilience and financial well-being. The future research agenda sums up the recommendations in the form of research questions on variables and their linkages, followed by methodological advancements.Originality/valueThis paper covers the scholarly work done in this area in the past 51 years. To the best of authors' knowledge, this is the first attempt to offer a most comprehensive and collective scholarship of this subject. It further gives an extensive future research agenda.

Accountability in the financial management practices of school principals

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Agrippa Madoda Dwangu ◽  
Vimbi Petrus Mahlangu
Keyword(s):  
Financial Management ◽  
Management Practices ◽  
Basic Education ◽  
School Principals ◽  
School Principal ◽  
Department Of Education ◽  
Eastern Cape ◽  
Structured Interviews ◽  
Content Type ◽  
The Status

PurposeThe purpose of this article is to investigate the effectiveness of accountability mechanisms employed in financial management practices of school principals in the Eastern Cape Provincial Department of Education. The strengths and weaknesses of the systems and mechanisms of the processes to hold school principals accountable are explored in detail in this study. The argument that this article seeks to advance is that accountability of the school principal to the school governing body (SGB) does not yield the best results in terms of efficiency. It creates a loose arrangement in terms of which the school principal takes part in financial mismanagement in schools.Design/methodology/approachData collection was made through semi-structured interviews whose purpose was to draw experiences from SGBs, particularly the finance committees who are in fact the sub-committees of the SGBs; as well as literature review. The finance committee is made up of the chairperson of the SGB, the secretary of the SGB, the treasurer of the SGB, and the financial officer who is a clerk responsible for the keeping and the management of financial records of the school. The process started with semi-structured interviews, then transcribing, coding, developing themes, making meaning of the themes and subsequently developing a principle.FindingsMechanisms employed by schools and the Department of Education to hold principals accountable for their financial management practices fail to make them fully accountable and effectively face the consequences of acts on their part that are illegal and unlawful. The mechanisms need a great deal of overhauling. The argument that this article seeks to advance is that this account of the school principal to the SGB does not yield the best results in terms of efficiency. It creates a loose arrangement in terms of which the school principal easily gets away with a crime when financial mismanagement occurs in the school.Research limitations/implicationsParticipants could possibly not be comfortable and willing, to tell the truth as it is. Participants might have the fear that telling the truth could land them in trouble with the law. Whilst participants were assured by the researchers of their anonymity and the confidentiality of the information given by them, there was no guarantee that the fear of being exposed would subdue completely. There was also a possibility that some participants would not be willing to say the truth as it is for fear of being victimised by other participants for exposing the status quo in their schools.Practical implicationsThe findings and recommendations from this study may be used by the Department of Basic Education as a source of information for policymakers and stakeholders to understand the effectiveness of their mechanisms to ensure the accountability of school principals on issues of financial management. On the basis of this study, policymakers will then be able to revisit their policies for the purpose of strengthening them. The principal is therefore responsible for the day-to-day administration and management of school funds because of this mandatory delegation. However, when things go wrong, it is the SGB that is held liable.Social implicationsSchool principals hold dual accountability in terms of which they are accountable to the employer only in so far as their professional responsibilities are concerned on financial management in the first instance. They are by no means accounting officers in schools. In the second instance, they are fully accountable to the SGB for issues relating to financial management. Section 16A of SASA lists the functions and responsibilities for which the principal as an employee of the Department of Basic Education, and in his official capacity as contemplated in Sections 23(1) and 24(1) (j) of the same Act, is accountable to the head of department (HOD).Originality/valueThe study provides a theoretical and empirical contribution to the existing literature on the effectiveness of the mechanisms employed to ensure the accountability of school principals in their financial management practices in schools. It offers practical recommendations putting in place mechanisms that effectively hold school principals wholly accountable for their financial management practices in schools. Most of the time, it is easy for the principal to get away with a crime even in instances where he or she is called upon to account for alleged financial mismanagement.

Struggling to make ends meet: can consumer financial behaviors improve?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lisa K. Meneau ◽  
Janakiraman Moorthy
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Group Analysis ◽  
Self Control ◽  
Thinking Styles ◽  
Financial Health ◽  
Content Type ◽  
Financial Behaviors ◽  
Financial Products ◽  
The Impact

PurposeThe purpose of the study is to examine the following two research objectives. The first was to examine the predictive relationships that consumer characteristics of financial literacy, thinking styles and self-control have with a consumer's financial behaviors. The second goal was to ascertain financial management products' ability to aid those consumers who need it the most by weakening the predictive effects of consumer traits on financial behaviors.Design/methodology/approachThe study employed a web-based survey to gather information. The measurement and structural models were analyzed using generalized structured component analysis (GSCA), a component-based structural equation model. The mediation effect of self-control is assessed using the GSCA. The conditional mediation of demographic variables and use of personal financial management products are evaluated using multi-group analysis (MGA) in GSCA.FindingsAntecedents, financial literacy, thinking styles and self-control consumer characteristics are predictors of financial behaviors. However, self-control plays a more prominent role as a mediator between the other variables, strengthening the overall relationship. Also, financial products can have a beneficial moderation effect assisting those consumers who need them the most.Practical implicationsThese insights help in creating target specific financial literacy strategies to influence consumers' financial behaviors. Also, there is a need to develop mechanisms to influence a consumer's self-control and thinking styles to improve financial behavior. In conjunction with other initiatives, the impact of financial literacy has a greater effect on financial behaviors. Further, the insights assist financial institutions and financial technology firms in offering and creating products to help customers make better financial decisions and improve their financial behaviors.Social implicationsThe research addressed a significant global issue – consumer financial health. The Great Recession and the COVID-19 recession highlight the need to focus on the consumer and efforts to improve their financial health.Originality/valueThis research highlighted the mediating role of self-control and suggested that existing and future financial products can positively influence consumer behavior drivers.

scholarly journals Australian universities in a pandemic world: transforming a broken business model?

2020 ◽  
Vol 16 (4) ◽  
pp. 541-548
Author(s):  
Lee D. Parker
Keyword(s):  
Business Model ◽  
Financial Management ◽  
International Student ◽  
Well Being ◽  
Future Research ◽  
University Management ◽  
Operational Strategies ◽  
Content Type ◽  
Global Pandemic ◽  
Australian Universities

Purpose The purpose of this paper is to critique the accounting and financial orientation of Australian universities’ business model to identify the future university financial management and accounting role in universities’ strategic trajectory responding to COVID-19. Design/methodology/approach Informed by Habermasian perspectives on change, it uses published research into university commercialisation and media commentaries on COVID-19 impacts. Findings Australian universities have aggressively pursued an accounting-based private sector business model. Their revenue generating reliance on international student revenues has been undermined by the COVIS-19 crisis. Nonetheless, university management clings to their commercialised university identity and role colonised by the accounting structures. Fundamental change requires a reversal of this relationship. Research limitations/implications Future research must observe and evaluate university strategic crisis reactions and their impacts on national and societal well-being with a view to identifying alternative futures. Practical implications Universities face decisions concerning their ongoing role in society and their future approach to balancing operational strategies and the accounting influence. Social implications This study raises the issue of whether universities should continue being seen as an export industry supporting the national economy or as knowledge, educational and social resource for their national and regional communities. Originality/value This paper integrates research into universities over several decades into a strategic critique of their current reaction to an unprecedented global pandemic.

Living beyond one’s means: evidence from Malaysia

2015 ◽  
Vol 43 (1) ◽  
pp. 2-18 ◽  
Author(s):  
Yiing Jia Loke
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Financial Distress ◽  
Financial Management ◽  
Practical Knowledge ◽  
Financial Education ◽  
Financial Knowledge ◽  
Content Type ◽  
Explanatory Variables ◽  
Financial Behaviour

Purpose – The purpose of the paper is to identify the determinants of the probability of living beyond one’s means. The paper also explores the coping mechanisms of those financially distressed as well as the debt taking behaviour of consumers. Design/methodology/approach – The study uses data obtained from the OECD International Network on Financial Education pilot study on Measuring Financial Literacy in 2010 for the case of Malaysia. A logistic regression model is used to identify the main determinants of the probability that a consumer will live beyond his/her means. The analysis is carried out by using a set of socio-economic factors and the individual’s financial behaviour and attitudinal characteristics as explanatory variables. Findings – The findings indicate that low income and seasonal income earners are more vulnerable to financial distress. Furthermore, having a higher education, higher financial knowledge and prudent financial behaviour and attitude do not necessarily translate into better financial management. Family and friends provide the main source of financial assistance in times of need. Research limitations/implications – The assessment of financial knowledge should go beyond individual’s knowledge on financial concepts and theories. Practical knowledge on financial and cash flow management should be assessed. Practical implications – The study reiterates the importance of financial education. It is imperative to include financial education as part of the schools’ curriculum and also to be incorporated as part of the Continuous Professional Development modules for working adults. Originality/value – The study is based on the first nationwide study of consumer finances in Malaysia. It contributes to the literature by integrating financial behaviour and attitudinal factors into the analysis of the ability of individuals to live within their means. The findings also show the limitations of the existing self-assessment of financial behaviour and attitude and the assessment of financial knowledge.

scholarly journals Women’s entrepreneurship policy: a 13 nation cross-country comparison

2017 ◽  
Vol 9 (3) ◽  
pp. 206-228 ◽  
Author(s):  
Colette Henry ◽  
Barbara Orser ◽  
Susan Coleman ◽  
Lene Foss
Keyword(s):  
Policy Development ◽  
Methodological Approach ◽  
Future Research ◽  
Entrepreneurship Policy ◽  
Policy Makers ◽  
Content Type ◽  
Policy Practice ◽  
Women’S Entrepreneurship ◽  
The Status ◽  
Women's Entrepreneurship

Purpose Government attention to women’s entrepreneurship has increased in the past two decades; however, there are few cross-cultural studies to inform policy development. This paper aims to draw on gender and institutional theory to report on the status of female-focused small and medium-sized enterprises/entrepreneurship policies and to ask how – and to what extent – do women’s entrepreneurship policies differ among countries? Design/methodology/approach A common methodological approach is used to identify gaps in the policy-practice nexus. Findings The study highlights countries where policy is weak but practice is strong, and vice versa. Research limitations/implications The study’s data were restricted to policy documents and observations of practices and initiatives on the ground. Practical implications The findings have implications for policy makers in respect of support for women’s entrepreneurship. Recommendations for future research are advanced. Originality/value The paper contributes to extant knowledge and understanding about entrepreneurship policy, specifically in relation to women’s entrepreneurship. It is also one of the few studies to use a common methodological approach to explore and compare women’s entrepreneurship policies in 13 countries.

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