Personal Financial Planning: Determination of Customer Profiles, Needs and Viewpoints

Personal financial planning is a service that springs from the need for objective and centralized advice on a wide range of areas such as investments, insurance, money management, taxes, estate planning and others. A personal financial planner fits each one of those individual areas into a well- balanced, integrated plan, after a comprehensive financial analysis is undertaken— guided by a family\u27s goals, attitudes and objectives. The purposes of this study were (1) to identify characteristics which discriminate between households that are interested and those not interested in obtaining a personal financial plan; (2) to determine the relative importance of the various differentiating characteristics; (3) to develop demographic and life style profiles of consumers that reported an interest in obtaining a personal financial plan; (4) to relate several aspects of personal financial management and behavior to interest in obtaining a personal financial plan; (5) to assess the needs and viewpoints of consumers regarding personal financial planning; and (6) to determine how attitude towards personal financial planning is related to interest in obtaining this service. The data was collected by means of a questionnaire mailed to participants of the Arkansas Household Research Panel during the Fall, 1979. Various analytical tools were utilized to analyze the data, including discriminant and factor analyses, t-tests, and Chi Square tests of independence. The major findings are briefly summarized as follows: the discriminant function correctly classified 68 percent of households into either of two groups: (l) those interested in obtaining a personal financial plan, and (2) those not interested. Attitude towards financial planning was the most important discriminating variable among the groups, with age being second, but negatively related to interest in financial planning. The typical head of household interested in obtaining a personal financial plan was found to be 25-35 years old, well educated with at least a bachelor’s degree, renting the home in which he/she lives, and with the spouse also employed. This person holds cosmopolitan views, is an avid information seeker, self-confident, community minded and a credit user. The individual\u27s interest in financial planning is increased by being engaged in a discussion about his/her financial goals and objectives with a financial planner. Additionally, those persons making real estate investments are more interested in financial planning than those who do not make real estate investments. The data implied that consumers interested in obtaining a personal financial plan attribute a high degree of importance to their active participation in determining the broad goals required for developing a financial plan. Individuals believe they too are excellent sources for developing financial plans, along with bankers, accountants, attorneys, and certified financial planners. The study also suggests that financial planners should base their fees on a sliding scale according to income; that is, the higher the clients income, the more he/she should be charged for a personal financial plan. Finally, it was determined that households interested in obtaining a personal financial plan have a more favorable attitude towards the concept of financial planning than those who are not interested in this service. In conclusion, the findings should provide valuable information to assist the financial planning industry to identify prospective customers more easily

Opportunities, challenges and systems requirements for developing post-abortion family planning services: Perceptions of service stakeholders in China

Post-abortion family planning (PAFP) has been proposed as a key strategy to decrease unintended pregnancy and repeat induced abortions. However, the accessibility and quality of PAFP services remain a challenge in many countries including China where more than 10 million unintended pregnancies occur each year. Most of these unwanted pregnancies end in repeated induced abortions. This paper aims to explore service providers’ perceptions of the current situation regarding family planning and abortion service needs, provision, utilization, and the feasibility and acceptability of high quality PAFP in the future. Qualitative methods, including in-depth interviews and focus group discussions, were used with family planning policy makers, health managers, and service providers. Three provinces—Zhejiang, Hubei and Yunnan—were purposively selected, representing high, medium and relatively undeveloped areas of China. A total of fifty-three in-depth interviews and ten focus-group discussions were conducted and analysed thematically. Increased numbers of abortions among young, unmarried women were perceived as a major reason for high numbers of abortions. Participants attributed this to increasing socio-cultural acceptability of premarital sex, and simultaneously, lack of understanding or awareness of contraception among young people. The majority of service stakeholders acknowledged that free family planning services were neither targeted at, nor accessible to unmarried people. The extent of PAFP provision is variable and limited. However, service providers expressed willingness and enthusiasm towards providing PAFP services in the future. Three main considerations were expressed regarding the feasibility of developing and implementing PAFP services: policy support, human resources, and financial resources. The study indicated that key service stakeholders show demand for and perceive considerable opportunities to develop PAFP in China. However, changes are needed to enable the systematic development of high quality PAFP, including actively targeting young and unmarried people in service provision, obtaining policy support and increasing the investment of human and financial resources

Asset rich cash poor in the economic downturn: the financial challenges facing retired older people

Older people are thought to be particularly vulnerable during times of economic downturn. Little is currently understood of the impact of the current economic downturn on the financial circumstances and wellbeing of retired people and the nature of the services and support needed to enable them to cope financially and maintain their wellbeing and quality of life. Retired people are not a homogenous group. Therefore, this study explores the impact of the downturn on a specific group: house owners over the age of 65, not in receipt of means tested state benefits and living on modest incomes. This group may be described as “asset rich cash poor” (ARCPs). It is thought that this group is particularly vulnerable as they are not eligible for state support but are insufficiently well off to be living comfortably. Findings from this research, although focused on retired people with specific circumstances, may have wider relevance in relation to retired people with different financial circumstances. The purpose of this study is to investigate the experiences of asset rich cash poor older people in the economic downturn, in order to establish: • how they manage their financial circumstances in these times; • the impact of the downturn on their wellbeing and quality of life; and • whether services and support available to this group and other older people could be improved. The study comprised two phases. In phase one, the perspectives of older people were explored by carrying out 28 semi-structured interviews with older people in the asset rich cash poor category, permanently resident in Dorset, some of whom lived in a conurbation and others in rural areas. In phase two, the study explored perspectives of key financial advice/information/service providers through four focus groups comprising: health and social care professionals; financial advisors from the private sector; and professionals from the third (not for profit) sector. 6 ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN The study has shown that the economic downturn is having a marked impact on the financial, social, mental and physical wellbeing of this sample of asset rich cash poor older people in Dorset. For many, the level of income that they had expected when planning for retirement had not come to fruition and they feel poor in relation to their previous lifestyle and retirement expectations. The key findings and policy implications of the study are: Key finding 1: Many ARCP older people particularly women, had done little retirement planning. Many ARCP older people had insufficiently planned for their retirement. In particular some women had relied on their husbands to manage all finances and had not provided for their own pensions. This reflects the findings of earlier studies on the older generation. Policy implications The independent Money Advice Service (formerly the FSA Consumer Financial Education Board) should commit greater financial resource to the awareness raising and skill development of future generations to help people plan more carefully for their retirement. Although the findings of this study show a widespread need among older people for information and advice, resources should be targeted particularly at women, especially those who have had extended periods out of workplace. Private, public and voluntary sector services should respond to this increased investment through developing and testing out models of financial capability training, with an emphasis on financial planning, as well as its mode of delivery. There may be potential in raising awareness of the need for retirement planning and associated training to non-working women through health visiting or child care services. For older people who have planned ahead, pensions and savings have been traditionally seen as a key way to plan responsibly for one’s retirement future. But these are not risk free as has been played out in the recent years of economic downturn, with the associated low interest rates and return on investment. People planning ahead for retirement need to be reminded of the impact of any future recession and the risks of this if it coincides with their planned retirement date. ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN 7 Key finding 2: Older people, in the ARCP category, tended to manage the money they had very carefully, despite the economic downturn, and had an aversion to debt. This finding mirrors the quantitative study of Atkinson et al. (2006) who found older people to be better at managing money than the younger generations. In discussion of the financial pressures placed upon them in term of escalating essential and non-essential expenditure, no interviewees referred to having resorted to unsecured debt. Policy implications Managing money is identified in this study and earlier studies as a strength within older people. Therefore, financial capability training for this age group should focus on the other dimensions of financial capability where older people are less skilled, for example choosing financial products and staying informed. Older people should be considered an asset in society and their strong skills in managing money should be utilised. Those organisations wishing to develop and deliver financial capability curricula for younger people could consider intergenerational programmes in which older people participate as guest speakers, sharing their experiences in managing money with younger generations. These educators could be encouraged to work together with the Money Advice Service and the Department of Health and financial advice and information providers to bring various age groups together. Key finding 3: The combination of reduced income from investments, increases in pensions which do not keep pace with inflation, combined with increases in costs for essential and non-essential expenditure, is having an impact on social, physical and mental wellbeing and is causing noticeable life style changes. The effects of the economic downturn on ARCP older people’s wellbeing was highlighted by both older people themselves and service providers. In both phases of the research, reference is made to feelings of anxiety, worry, fear, depression and concern. 8 ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN Policy implications Reduced wellbeing during the economic downturn in this age group is likely to put an increased demand on health and social care services. Policy makers in the Department of Health have a vested interest therefore in developing strategies to counter this negative impact. One recommendation to enhance social wellbeing is that the Money Advice Service, the Department of Health and local councils fund national and local initiatives to further support and develop social clubs or other groups for older people, with an emphasis on financial planning and management. This would help sustain wellbeing and provide a network of peers with whom older people might exchange financial experiences and information. Third and private sector organisations such as care homes and age related charities are well-placed to contribute to the development of these programmes. Key finding 4: The economic downturn is impacting on older people indirectly though cuts to public and third sector services. The economic downturn has been associated with cuts in funding to many services previously relied on by older people for their physical, social and mental wellbeing. Library closures were a cause of concern and a particular worry was the risk of withdrawal of bus passes. Policy implications Private sector service providers will need to fill the gap in services that currently support the health and wellbeing of older people, a gap left by the increased withdrawal of public and third sector services. A reduction of these services in particular will have a strong impact on the social, mental and physical wellbeing of older people. Key finding 5: Older people, in the ARCP category, do not always access enough or appropriate financial information. Many choose to seek financial information from trusted health and social care providers, their family and/or friends rather than from financial professionals. Older people, and professionals that support them, reported that older people are not always accessing the sound financial information which they may need, whether it be on financial products, forward financial planning or how to obtain the benefits they are entitled to. Lack of trust in financial advisors was widespread. Independent financial advisors indicated that older people on lower incomes were using their services less frequently. Some were either self-reliant by researching ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN 9 on the internet or using the media, or tapped into sources of social capital found within their social networks. Policy implications More effort and resource needs to be put in place to address these very serious concerns about access to advice and support by older people. Older people are approaching health professionals for financial advice, despite the fact that these professionals may not be best placed to provide this. Health professionals need to be able to direct these queries to trained financial service providers. Financial services within the private sector should therefore form interagency partnerships with more trusted public and third sector services in order to improve access to the services they provide. There is a very significant concern about lack of trust in advisors and banks. The need to rebuild reputation must be addressed by regulators, the advisors and banks themselves, with an increased emphasis being placed on the value systems of financial services and the role they can play in promoting community and individual wellbeing. The strength of the social networks of older people should also be harnessed, suggesting again that there is potential in targeting or developing social clubs for older people as locations to enhance financial capability. Key finding 6: In order to make ends meet, some older people in the ARCP category may take greater financial risks or be more vulnerable to abuse in an economic downturn. The professionals that support older people expressed concerns that the economic downturn may push older people towards riskier behaviours without them fully understanding the implications of the risks. There is also a risk of older people becoming more vulnerable to financial abuse. Policy implications Policy makers need to ensure that older people are made aware of the risks of financial abuse. As older people are often turning to more trusted health and social care providers for advice on financial matters, health/social care providers as well as financial service providers should both develop means to keep their older clients regularly informed of potential financial risk within the current economic climate. As financial support is not the remit of many of the health care providers and financial services is a regulated activity, it is advisable they form partnerships with the finance sector, in order to better inform their patients/clients of current financial risks or to be able to refer them on to qualified support. Service providers may also 10 ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN offer a helpline in which older people feel safe to disclose, anonymously if need be, any concerns of financial abuse they may be exposed to. Charities already offering these services (e.g. Age UK and Action on Elder Abuse-AEA) should be supported in these endeavours through encouraging partnerships between financial service providers on the one hand and health/social care providers on the other in order that the latter can provide accurate and up to date information on financial risk to its partners. A recent partnership between local financial advisors and the charity Age UK is an excellent example of this (Age UK, 2012). It is also essential that the Money Advice Service raises awareness of this risk. As the provision of financial services is a regulated activity, it is important to ensure that any activities undertaken by health/social care providers are not in breach of financial services regulations. Key finding 7: Older people made no reference to the Money Advice Service or the Financial Services Authority (FSA) as a source of help or advice. At the time of this study none of the interviewees of the focus groups made any reference to the role of the Financial Service Authority (FSA) or the Money Advice Service in providing information or advice about financial matters to older people. Policy implications Although the Money Advice Service is now independent of the FSA, and is endeavoring to target a wider population, it is not clear why our interviewees never referred to it. It may either be due to a lack of awareness of the service, a serious indictment of the outreach of the FSA, or alternatively a lack of IT expertise in older people, demonstrated also by their very limited use of online banking. In either event, older people may be denied access to key forms of help and advice on financial matters. Resources need to be devoted to either increasing IT literacy among older people, or alternatively providing help and support using traditional forms of communication and/or increasing the reach of the Money Advice Service by targeting this age group specifically. In conclusion, therefore, older people in this study reported being affected markedly by the current economic downturn. Members of the financial sector, including accountants, and the Money Advice Service have a responsibility to support older people during this and future downturns. They must reflect on ways in which they might tailor their support towards this group. One way of doing so is by actively seeking collaborative interagency partnerships with third and public sector health and social care professionals to improve their access and understanding of older ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN 11 clients. These more trusted professionals will be able to direct financial enquiries to accountants and financial advisors who older people may otherwise not have had the confidence, knowledge or trust to approach directly. Accountants and other financial services should also be aware of the particular challenges facing asset rich but cash older people and adapt their advice accordingly when dealing with this group. They should reflect in their consultations that many older people are fully capable of managing their money but are in greater need of advice on how to invest their money and plan ahead for their future. They should also think outside of the box in providing support, considering ways, for example, in which the power of existing social networks might be harnessed. 12 ASSET RICH CASH POOR IN THE ECONOMIC DOWNTUR

Factors influencing middle income black professionals’ intention to seek financial planning assistance

With the rising day to day expenses especially post retirement when income streams are running low, financial planning helps to better manage such events more effectively. Through a proper financial plan individuals do not just deal with wealth creation and wealth protection but are able to start from the basics of budgeting, were individuals are taught how to live within their means. In South Africa, financial planning has been seen to be focusing on the more affluent clients. This has resulted in a distinct lack of academic literature done on middle income black professionals in relation to financial planning. This is despite the increase of the black middle class population which has been accompanied with an increased purchasing power exceeding that of the previously wealthier white middle class. The growth of the black middle class in South Africa has been accompanied with stumbling blocks, ranging from the lack of financial literacy of the black middle class, negative attitude towards the financial services industry that influence financial decision making, and the pre-existing perception that are built on the lack of financial awareness, a legacy left by the history of division that South Africa had. Therefore the main aim of this study was to investigate the factors that influence middle income black professionals’ intention to seek financial planning assistance. Both secondary and primary data were used to help achieve the primary research objective of the study. An in-depth literature review on the financial planning industry in South Africa that included the nature of financial planning, the role of the financial planner, the six step financial planning process, the importance and benefits of financial planning, current trends in the financial planning industry, financial planning and the middle income black professionals and the factors that influence the middle income black professionals’ intention to seek financial planning assistance was conducted. Selected study of the literature revealed six factors that might influence an individual’s intention to seek financial planning assistance, namely Attitude, Awareness, Family financial norms, Financial self-efficacy, Trust and Perceived rewards. A theoretical framework was proposed illustrating the relationships between the factors influencing middle income black professionals’ intention to seek financial planning assistance that were to be empirically tested. A positivistic research paradigm was followed and a quantitative approach was implemented. Snowball and convenience sampling was used and a total of 300 questionnaires were distributed to middle income black professionals in the Eastern Cape. For the purpose of this study, middle income black professionals refer to qualified working individuals in the middle income bracket, including teachers, nurses, administrative workers, office-based municipal workers and employees in the private sector, such as those working in the banks and retail supervisors. These were distributed to verify their intentional behaviour with regards to seeking financial planning assistance. From the 300 questionnaires distributed, 271 usable questionnaires were yielded. Statistical techniques including descriptive statistics, Pearson’s product moment correlations and multiple regression analysis were performed on the gathered data. Demographic data relating to the gender, age and first language of the respondents was collected. An exploratory factor analysis was undertaken, and Cronbach’s alpha coefficients were calculated to assess the validity and reliability of the measuring instrument. As a result of the factor analysis the operational definitions were rephrased. The Cronbach’s alpha coefficients reported were all greater than 0.7, deeming the scales measuring the various dimensions reliable. Descriptive statistics were calculated to summarise the sample data, and Pearson’s product-moment correlation coefficients were established to investigate the associations between the variables. Significant positive correlations were reported between all of the variables. The results of the descriptive statistics showed that the majority of respondents agreed that Attitude (77.73%), Financial self-efficacy (61.13%) and Perceived rewards (76.98%) were the most influencing factors. The results of the multiple regression analysis revealed that three factors had a significant positive influence on the dependent variable Intention to seek financial planning assistance, namely Attitude, Awareness and Perceived rewards. The factors Family financial norms, Financial self-efficacy and Trust were rejected as there was no significant relationship found between them and the Intention to seek financial planning assistance. Based on the results, it is recommended that financial service providers focus on financial education by engaging with the middle income black professionals through accessible media such as radio and television. Furthermore, financial service providers should shift from a sales orientated philosophy to a lifestyle financial planning advice philosophy that encourage value for the service rendered to the client and sells benefit than product. The Department of Education should put in place basic financial planning curriculum that can be deliverable at schooling level and is examinable in order to improve the basic financial knowledge and awareness amongst the next generation. Lastly the middle income black professionals are encouraged to read their documents when taking out financial products as well as financial related articles to develop their financial knowledge

The Accountability of Regional Financial Management A mid Covid-19 Pandemics (Study at Riau Province Government)

This research aims to identify the factors that influence the accountability of regional financial management amid pandemics. Specifically, this research is focused on the influence of internal control systems, and financial report accessibility towards the accountability of regional financial management amid the pandemics of Covid-19. 87 government’s employees of Riau Province are involved as samples, who are directly elaborated in regional financial report management, namely Head of Department/Agency, Head of Sub-Division in Financial, Head of Sub-Division in Program, Planning, and Report. Primary data, in the form of research respondent’s perceptions (subject) through survey, are required for research data. Data collection employs a direct survey with a questionnaire as the selected instrument. The quantitative method is utilized as the research method. For data analysis, Statistical Product and Service Solutions (SPSS) Version 25 is used. Based on the result of the research, it is revealed that the internal control system and financial reports accessibility, partially have a positive and significant influence on the accountability of regional financial management

Pengelolaan Keuangan Keluarga Dan Pengenalan Dasar-Dasar Investasi Menuju Keluarga Mandiri Bagi Ibu-Ibu Majlis Taklim Al Auladiyah Di Kelurahan Bakti Jaya Kecamatan Setu Tangerang Selatan

Pengabdian Kepada Masyarakat (PKM) which is called Community Service Activities was held from 6-8 July 2020 as a form to fulfilling the obligations of the higher education of Tri Dharma at Pamulang University. The purpose of this PKM is to Introduce Fundamental Investment and Financial Management Towards Independent Family For Majelis Taklim Al Auladiyah in Tangerang Selatan. Financial management for the family is needed so, therefore, all family needs such as food, clothes, shelter, school fee, or desire to buy a new motorbike/car can be fulfilled. First things first are getting to know your financial condition, and determine your needs not to wants, and choose top priority, the family has to prepare a household budget for current and future needs avoids unnecessary desires, and don’t “Big Pegs than the Pole” neither. One of the stages of financial family planning is preparing a household budget to prevent financial failure in the household.  The result or output of this activity is to increase knowledge of the importance of understanding, financial arrangements, improve family welfare to avoid dependence on borrowing money from creditors

Meeting the challenges of urban park management: A Study of Two Sites: a thesis completed and submitted in partial fulfilment of the requirements for the degree of Master of Philosophy in Resource and Environmental Planning, Massey University, Palmerston North, New Zealand

There are key environmental and management issues relevant to protected areas and national parks apparent world-wide such as: management of environmental quality, biodiversity conservation, management of visitor use and impacts, allocation of access, law enforcement and monitoring, facility design, park financial viability, and community development. Today, the trend has changed towards more specific and strategic management plans. Greater emphasis is put towards meeting targets and objectives and park managers are encouraged to have a direct hand in the preparation of management plans. Visitor impact is also creating problems in park management that was unforeseen in the past. The management of visitors may be viewed as an integral part of the operational network of service tasks, service standards, and service delivery systems of recreation sites. Comprehensive planning and on-going monitoring underpin much of the success in visitor management. Whether park management decides to use tools such as hardening, hedging, or flexing, controlling numbers and type of visitor, interpretation/information education, or even a combination of these, the vital ingredient is to have a framework for visitor management. Collaborative management is not a new approach and is the most recommended technique to achieve most management objectives within protected areas today. Collaborative management stands on the concept of "common good." Because it is a process, collaborative management requires on-going review and improvement. Its most important result is not a management plan but a management partnership that is capable of effectively responding to various needs and addressing boundless problems. In the Philippines where there is more uncertainty about protected areas management, the Department of Environment and Natural Resources has the primary responsibility for the establishment and management of protected areas. The Quezon Memorial National Park, classified as a strictly protected area and whose management objectives are categorized as a national park, is one example. Two urban parks that originally formed part of QMNP are the subjects of this study. This research compares and evaluates the management schemes of these parks based on: (a) park management, (b) visitor management, and (c) biodiversity conservation against the criteria set by international and local guidelines. It also makes recommendations on how to effect changes in the management of these urban parks to achieve environmental conservation goals

Recommendations for Mental Health Reforms in Uzbekistan: A Policy Report

Introduction: There are large differences in the development of mental health systems of the West and the countries of the former Eastern Bloc. The latter is characterized by a more biological approach to mental health and reliance on psychiatric hospitals. In 2018, Uzbekistan authorities showed interest in reforming mental health care of the country. The policy report provides an overview of progress towards the provision of community mental health (CMH) care across Eastern Europe and recommendations for this transition within Uzbekistan.Methods: A literature search on mental health care in Uzbekistan was conducted to understand its strengths and weaknesses. Progress towards the provision of CMH care across Eastern Europe was assessed using data on the number of psychiatric beds and availability of mental health services in community settings reported within the published literature. Countries identified as making the greatest progress towards CMH care were reviewed in detail to better understand the process of reform assets and barriers.Results: Mental health care in Uzbekistan is highly institutionalized, underfunded and understaffed. Social care services are poorly developed. However, current leadership has kindled the promise of mental health reform. Georgia, Lithuania and Poland have made the most progress in terms of CMH care availability. However, due to various obstacles such as dual financial burden, high stigma and lack of political will, their programs lack social integration and/or uniform availability and underfunding along with scarcity of mental health specialists are common. On the other hand, research and evaluation, involvement of service users into service planning and cooperation with donors facilitated reform implementation.Conclusion: Uzbekistan may develop into a modern mental health system and avoid the setbacks encountered by other countries in the region, through careful financial planning, stigma reduction, improving mental health literacy, human resources strategic development and civil society engagement

Assessing the use of private sector techniques and strategies in the public sector: the case of the department of provincial treasury & planning, Eastern Cape Province

The aim of this study was to determine and investigate the extent to which the Department of Treasury and Planning manage public finance making use of relevant private sector techniques and strategies. Financial management is a critical element of good governance and it requires a great deal of attention with parallel internal systems and controls. The study determines the role of various bodies within the public finance environment and the relevant legislative frameworks towards efficient and effective financial management by departments. The Public Finance Management Act(1999) and National Treasury Regulations (2009) require all government departments to ensure accountability on resource allocated to be able to measure value for money in relation to the delivery services to communities. The primary objective of this study was to assess the effectiveness and efficient management of public finance in terms of the PFMA as the legislative framework and the MTEF as a financial management tool. The Constitution Republic of South Africa (Act 108 of 1996) makes a provision that all the three government spheres to be developmental-oriented in nature with clear accountability and transparency lines towards service delivery. On the same breath, The Public Finance Management Act of 1999 (PFMA) is meant “To regulate financial management in the national government and provincial governments; to ensure that all revenue, expenditure, assets and liabilities of those governments are managed efficiently and effectively; to provide for the responsibilities of persons entrusted with financial management in those governments; and to provide for matters connected therewith”. With the above introductory contentions from different authors and researchers, this study will basically be on providing more details on the policy documents namely; PFMA so to establish the nature and extent to which effective and efficient financial management has improved good governance in the Department of Treasury & Planning, Eastern Cape Province