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Article

Kenton B. Walker

Some of the weaknesses of contemporary computerised financialplanning systems and procedures encouraged by batch‐processingenvironments are described. The failure of many…

Abstract

Some of the weaknesses of contemporary computerised financial planning systems and procedures encouraged by batch‐processing environments are described. The failure of many levels of corporate management actively to participate in financial planning or to rely on budgets for operating decisions or as a tool for performance evaluation is due to planning processes that force reliance on accounting and information systems personnel rather than depend on the efforts of operating management. A revolutionary new approach to computerised financial planning currently under way at Adolph Coors Company, Golden, Colorado, USA, is discussed.

Details

Industrial Management & Data Systems, vol. 89 no. 7
Type: Research Article
ISSN: 0263-5577

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Article

Linda Evelina Larisa, Anastasia Njo and Serli Wijaya

The purpose of this study is to examine the effects of demographical factors (age, education and income); psychological factors which are future time perspective (FTP) and…

Abstract

Purpose

The purpose of this study is to examine the effects of demographical factors (age, education and income); psychological factors which are future time perspective (FTP) and financial risk tolerance (FRT); along with financial literacy on retirement planning among female workers in Indonesia.

Design/methodology/approach

This study applies a quantitative approach, where primary data was acquired through online surveys to 529 workers in various locations in Indonesia. After data cleaning, the final sample size was 304. The PLS-SEM technique was utilised to assess the structural model in the study.

Findings

The results of this study show that income affects an individual's perspective towards the future. Financial literacy is confirmed to have a direct effect on retirement planning activity. Furthermore, financial literacy appears to be a significant mediator between demographical factors and FTP in affecting retirement planning. An individual's acceptance towards risk is also affected by financial literacy.

Practical implications

The general public, especially female workers group who have no retirement funds, need to be educated on financial literacy. The government might need to encourage other parties and work together to financially educate the public, specifically regarding investments for retirement planning.

Originality/value

Most previous studies on retirement planning focused on demographical factors in general, and not specifically on a certain group. Filling the gap of existing studies, this study specifically discusses retirement planning done by female workers in Indonesia. Women's role as a workforce, with their psychological conditions and financial literacy, makes for an interesting topic to be studied further in terms of retirement planning.

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Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

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Article

Jane Beckett-Camarata

Strategic planning in all sectors of government is currently experiencing greater use. Strategic planning in the federal government, for example, is now mandated and the…

Abstract

Strategic planning in all sectors of government is currently experiencing greater use. Strategic planning in the federal government, for example, is now mandated and the emphasis is on “managing for results” (Roberts, 2000). At the same time, capital budgeting in all sectors of government is also receiving greater attention because of the recognition of greater need for attention to funding infrastructure. In this study, the relationship between the municipal strategic plan and the capital budget and their effect on financial performance is examined. Based on the analysis, the strategic plan, when connected to the capital budget, was found to have a statistically significant effect on selected aspects of municipal financial performance. The findings for practitioners indicate that strategic planning and capital budgeting are a major influence on financial performance and that the combination of capital budgeting and strategic planning constitutes a strategic decision-making process.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 15 no. 1
Type: Research Article
ISSN: 1096-3367

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Article

Francisco Guzman, Audhesh Paswan and Niranjan Tripathy

Personal finance influences everything we buy and is a key driver of all economies. It has attracted significant research attention, mostly grounded in rational economics…

Abstract

Purpose

Personal finance influences everything we buy and is a key driver of all economies. It has attracted significant research attention, mostly grounded in rational economics. However, it has not received adequate research attention in the consumer behavior literature. This study aims to address this gap by looking at some of the consumer-centric antecedents of short- and long-term personal financial planning, i.e. self-other orientation, cognitive style and time orientation.

Design/methodology/approach

A self-administered survey was used to collect data from full time employees. Hypotheses were tested using multiple regression analyses.

Findings

Both short- and long-term financial planning are positively associated with non-impulsive and analytical decision-making styles; whereas self and other orientation are only associated with short-term financial planning. Intuitive decision-making is not associated to either short- or long-term financial planning.

Research limitations/implications

While analytical and long-term orientation are still important for personal finance, in the short run, consumers are also driven by self and other orientation.

Practical implications

The results are relevant for both products and services that have long-term and short-term financial implications for consumers.

Originality/value

This study explores financial planning decision-making from a consumer behavior perspective, and addresses a gap in consumer behavior literature.

Details

Journal of Consumer Marketing, vol. 36 no. 6
Type: Research Article
ISSN: 0736-3761

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Article

Satish Kumar, Sweta Tomar and Deepak Verma

The 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…

Abstract

Purpose

The 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/approach

The 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.

Findings

Most 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/value

This 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.

Details

International Journal of Bank Marketing, vol. 37 no. 1
Type: Research Article
ISSN: 0265-2323

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Article

Habib Ahmed and Ak Md Hasnol Alwee Pg Md Salleh

This paper aims to develop a conceptual framework of inclusive Islamic financial planning (IFP) by combining the traditional Islamic institutions of zakat and awqaf with…

Abstract

Purpose

This paper aims to develop a conceptual framework of inclusive Islamic financial planning (IFP) by combining the traditional Islamic institutions of zakat and awqaf with contemporary notions of financial planning, financial inclusion and financial literacy that caters to the short-term and long-term financial goals of the poor.

Design/methodology/approach

Being a conceptual article, an inclusive IFP framework is described, analyzed and developed by integrating modern notions of financial inclusion, financial planning and financial literacy with the concepts of zakat and awqaf.

Findings

Using the notion of a hierarchy of needs and a financial planning model, an inclusive IFP framework that can be used by the poor is outlined. The complementary role of the non-poor households who provide funds for zakat and awqaf is also identified.

Research limitations/implications

The applicability of an inclusive IFP would require Islamic financial instruments and products, institutional development and existence of a social planner who can integrate zakat, awqaf and financial planning to serve the financial needs of the poor.

Social implications

Application of an inclusive IFP that can mitigate poverty would necessitate integrating financial planning skills and knowledge with traditional institutions of zakat and awqaf to provide holistic financial advice and services to the poor households.

Originality/value

Discussion of financial planning in financial inclusion literature is scant. The paper explores and offers a novel approach of poverty mitigation by utilizing the full spectrum of IFP that considers the financial needs and allows for the creation of a personalized financial plan for low-income households.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 9 no. 2
Type: Research Article
ISSN: 1753-8394

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Article

Sara Osama Alkhawaja and Mohamed Albaity

This study aims to examine the effect of future time perspective (FTP), financial risk tolerance (FRT) and knowledge of financial planning for retirement (KFPR) on…

Abstract

Purpose

This study aims to examine the effect of future time perspective (FTP), financial risk tolerance (FRT) and knowledge of financial planning for retirement (KFPR) on retirement saving behavior (RSB).

Design/methodology/approach

Primary data were collected using a non-probability judgmental sampling technique. A questionnaire was distributed either manually (by hand) or through email where 370 United Arab Emirates (UAE) residents used in the higher education sector participated. The data analysis was obtained by using SPSS and Smart-PLS software. Structural equation modeling was used to evaluate the linear relationship between FTP, FRT, KFPR and RSB.

Findings

The findings from this study are consistent with previous research. FTP and KFPR had a significant positive effect, while FRT had an insignificant negative effect on RSB.

Research limitations/implications

This study examined the effect of a few psychological variables on RSB and was conducted on a sample of university employees in the UAE. Additional research should examine environmental influences, individual differences and other psychological process factors. Furthermore, future research could extend the current study into other industries and other the Middle East and North Africa countries.

Practical implications

A better understanding of the factors that influence RSB can help working individuals, financial advisors/financial planning professionals, financial institutions and government/policymakers strengthen their understanding and initiatives toward retirement planning.

Originality/value

To the best of the authors knowledge, none of the previous research papers studied RSB in the UAE. Additionally, it is important to note that the results of this study can be generalized to all Gulf Cooperation Council countries because of the similar economic, political, ethical, social and cultural factors.

Details

Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

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Article

David S. Murphy and Scott Yetmar

The purpose of this paper is to report on a survey about the personal financial planning attitudes of MBA students in the USA.

Abstract

Purpose

The purpose of this paper is to report on a survey about the personal financial planning attitudes of MBA students in the USA.

Design/methodology/approach

The study surveyed 206 MBA students about their attitudes to personal financial planning. Participants were asked about their level of knowledge, whether they had prepared components of a financial plan, where they might seek assistance in such a process and the criteria for selecting a financial planner. In addition, participants were asked to indicate their level of confidence in a financial plan's capacity to help them meet their long‐term needs and the likelihood that they would implement such a plan.

Findings

The findings indicate that, while most respondents feel both that financial planning is important and that they are interested in developing a financial plan, very few feel that they have the necessary skills and knowledge to prepare their own plan. In addition, the participants indicated a strong preference for professional personal financial planning advice. The study also indicates that less than 13 percent have prepared a comprehensive personal financial plan. When asked to identify the one professional from whom they would seek advice, certified financial planners were the preferred resource.

Research limitations/implications

While the results are not generalizable to the wider population, the views of this group are important because one might expect that educated individuals would be both more interested in personal financial planning and more capable of preparing their own plans compared with average Americans.

Practical implications

The study presents some implications for practice and financial literacy education from a US perspective.

Originality/value

A perceived need of respondents is to feel that their financial planner will put their needs first. While some professionals believe this to be the hallmark of “independence,” the respondents placed less importance on planner independence. In order to foster client confidence, planners must act in ways that convey clearly the primacy of their clients' needs.

Details

Management Research Review, vol. 33 no. 8
Type: Research Article
ISSN: 2040-8269

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Article

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property…

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Facilities, vol. 18 no. 9
Type: Research Article
ISSN: 0263-2772

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Article

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

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