The retirement crisis of South African Dutch Reformed ministers: An empirical study

There has been a backlash from recently graduated proponents of the Dutch Reformed Church of South Africa that they are unemployed not just because of dwindling church member numbers, but mainly because contract posts are being filled by retired ministers and not by the proponents. International research suggests that the reason retired ministers continue working is not necessarily because they want to, but because they do not have sufficient retirement savings. The aim of this study was to examine the perceptions of Dutch Reformed ministers who would reach retirement age within the next 5 years, in an effort to establish their preparedness for retirement. The respondents were sent a link to an online questionnaire and 147 useable questionnaires were returned, representing a response rate of 47.7%. The results indicated that almost half of the respondents stated that they would want to continue working in a part-time ministerial post after retirement and that the ministers’ motivation to continue working was directly linked to their lack of financial provision for retirement. A major cause for concern is the high number of respondents who selected the ‘uncertain’ response option for most of the retirement questions, as they are so close to retirement. An intervention to incorporate financial management specifically in theological training is urgently needed

SPOUSES’ VIEWS OF GENDER ROLES: FINANCIAL MANAGEMENT IN MARRIAGE

Published ArticleArguments about money represent one of the most common reasons for divorce. South African and several Western cultures consider communication about money as uncivil and taboo – even more so than sex and death. The aim of this investigation is to determine newly married couples’ views of gender roles in marriage with regard to financial management. Various factors can lead to personal financial problems and marital problems, namely financial illiteracy, financial phobia, low income, an excessive standard of living, compulsive buying and indebtedness. In general, men are more confident with regard to financial management, a phenomenon that is also confirmed by the results of this study. This was a quantitative study and questionnaires were distributed amongst couples that have been married for less than 10 years. Both spouses had to complete a questionnaire, and in order to ensure frankness they were requested not to share their answers with each other. The results show that both genders consider men to be superior concerning financial behaviour. The women indicated that they are not as self-confident with regard to their own ability and knowledge of financial management, despite major advances in the empowerment of women and the fact that many women are breadwinners in their homes. The indication by men that they have little faith in their wives’ abilities to discern between luxuries and essentials was statistically significant. The sensitivity of the topic was once again emphasised by, in particular, the strong reaction from men about the completion of the questionnaires. Future research in this domain is essential, but it is recommended that anonymity be regarded as a critical point in gaining a larger response rate

The retirement crisis of South African Dutch Reformed ministers: An empirical study

There has been a backlash from recently graduated proponents of the Dutch Reformed Church of South Africa that they are unemployed not just because of dwindling church member numbers, but mainly because contract posts are being filled by retired ministers and not by the proponents. International research suggests that the reason retired ministers continue working is not necessarily because they want to, but because they do not have sufficient retirement savings. The aim of this study was to examine the perceptions of Dutch Reformed ministers who would reach retirement age within the next 5 years, in an effort to establish their preparedness for retirement. The respondents were sent a link to an online questionnaire and 147 useable questionnaires were returned, representing a response rate of 47.7%. The results indicated that almost half of the respondents stated that they would want to continue working in a part-time ministerial post after retirement and that the ministers’ motivation to continue working was directly linked to their lack of financial provision for retirement. A major cause for concern is the high number of respondents who selected the ‘uncertain’ response option for most of the retirement questions, as they are so close to retirement. An intervention to incorporate financial management specifically in theological training is urgently needed

The Contribution Of Business Units To Overall Company Customer Satisfaction And Profitability

The relationship betweencustomer satisfaction and profitability is well-researched and accepted.  There seems to be a lack of information oncompanies with business units and how satisfaction with these business unitsaffects the business units’ profitability and the overall customer satisfactionwith the company. The article aims to determine whether customer satisfactioncan be used as a predictor of the level of profitability a business unit shouldachieve and how this impacts on the company as a whole. The study is of aquantitative nature and uses both questionnaires and financial data. All activecustomers of a major agricultural business in Central South Africa wereapproached to determine customer satisfaction. Published financial reports overa five-year period provided the contribution to net profit data for eachbusiness unit. The results indicated that there is a definite relationshipbetween the business unit performance from a customer satisfaction standpointand profitability, with a few exceptions. However, the level of profitabilitycould not be predicted as all of the business units had relatively high levelsof customer satisfaction, but profitability spanned a wide range. Businessunits with the least satisfied customers have a bigger impact on overall customersatisfaction, indicating that in order to reach higher profitability levels,the main focus should reside with the worst performing business units. Thegreater good of the company should be paramount for all the business units, asthe ‘bad apples’ can have an inflated negative impact on overall customersatisfaction and affect other business units adversely

The Relationship between Spousal Communication and Financial Arguments and Stress between Young Married Couples

Published ArticleFinances are regarded as one of many argument matters between spouses, which in turn can cause financial stress. This article investigated the relationship between spousal communication, financial arguments and financial stress matters within a marriage. Questionnaires were distributed to 300 young married couples of which 75 couples responded with respect of their level of communication, occurrence of arguments and levels of stress regarding their finances. Results indicated that spousal communication influences the frequency of a rguments between spouses regarding their finances, indicating a definite lack in communication about money. High financial stress levels also contribute to the increase of financial arguments. An increase in spousal communication about finances can lead to less stress about finances and thus will result in fewer arguments about finances. Identification of patterns of communication regarding financial matters could contribute to improving financial communication in young married couples

Family Communication about Money: Why the Taboo?

Money is seen as such of a taboo subject that even parents are uncomfortable talking to their children about it. Society regard money as both profane and sacred, while social and cultural meanings and associations are attached to money. Also, money presents psychological factors such as feelings of power, shame and guilt. All of these reasons cause individuals to regard money as a taboo subject and avoid communication about it, even in the family context. If parents do not talk to children about money, then children could inherit their parent’s perceived attitudes, behaviours and actions with regard to money (good and bad). The contribution of this article is that it discusses money as a taboo subject, but also brings it into the realm of the family in an effort to indicate the importance of financial communication as it affects financial attitudes and behaviours later in life. Responsible communication about money is suggested, whereby the children are not necessarily burdened with sensitive financial information, but rather openness and honesty about money, so that mistakes, negative emotions and anxieties about personal finances are not conferred upon the children from the parents. DOI: 10.5901/mjss.2014.v5n16p51

Spouses' views of gender roles: financial management in marriage

Arguments about money represent one of the most common reasons for divorce. South African and several Western cultures consider communication about money as uncivil and taboo – even more so than sex and death. The aim of this investigation is to determine newly married couples’ views of gender roles in marriage with regard to financial management. Various factors can lead to personal financial problems and marital problems, namely financial illiteracy, financial phobia, low income, an excessive standard of living, compulsive buying and indebtedness. In general, men are more confident with regard to financial management, a phenomenon that is also confirmed by the results of this study. This was a quantitative study and questionnaires were distributed amongst couples that have been married for less than 10 years. Both spouses had to complete a questionnaire, and in order to ensure frankness they were requested not to share their answers with each other. The results show that both genders consider men to be superior concerning financial behaviour. The women indicated that they are not as self-confident with regard to their own ability and knowledge of financial management, despite major advances in the empowerment of women and the fact that many women are breadwinners in their homes. The indication by men that they have little faith in their wives’ abilities to discern between luxuries and essentials was statistically significant. The sensitivity of the topic was once again emphasised by, in particular, the strong reaction from men about the completion of the questionnaires. Future research in this domain is essential, but it is recommended that anonymity be regarded as a critical point in gaining a larger response rate

Gender perspectives of financial advisors and selected determinants of trust in the South African Financial Planning Environment

The focus of this research is on gender perspectives of financial advisors on the importance of professional and personal trust determinants in South Africa. When it comes to choosing a financial advisor, trustworthiness has been found to be the most crucial component in the advisor-client relationship. Clients may not be prepared to discuss the information required or be honest about the information they share with advisor(s) if trust is lacking in the financial advisor-client relationship. Previous studies have been based on trust from the client's perspective. The study was quantitative in nature and sent through an email link to all active members of the South African professional body. Three hundred and sixty-four completed questionnaires were returned. The female group was much less experienced as a whole, and they ranked following the process, as more critical than that of the male group, who rated level of experience as the most crucial factor. Individual antecedents were found to be superior in establishing a relationship of trust