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"FINANCIAL PLANNING"
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Financial planning behaviour: a systematic literature review and new theory development
Financial resilience is founded on good financial planning behaviour. Contributing to theorisation efforts in this space, this study aims to develop a new theory that explains financial planning behaviour. Following an appraisal of theories, a systematic literature review of financial planning behaviour through the lens of the theory of planned behaviour (TPB) is conducted using the SPAR-4-SLR protocol. Thirty relevant articles indexed in Scopus and Web of Science were identified and retrieved from Google Scholar. The content of these articles was analysed using the antecedents, decisions, and outcomes (ADO) and theories, contexts, and methods (TCM) frameworks to obtain a fundamental grasp of financial planning behaviour. The results provide insights into how the financial planning behaviour of an individual can be understood and shaped by substituting the original components of the TPB with relevant concepts from behavioural finance, and thus, leading to the establishment of the theory of financial planning behaviour, which posits that (a) financial satisfaction (attitude), (b) financial socialisation (subjective norms), and (c) financial literacy, mental accounting, and financial cognition (perceived behavioural controls) directly affect (d) the intention to adopt and indirectly shape, (e) the actual adoption of financial planning behaviour, which could manifest in six forms (i.e. adoption of cash flow, tax, investment, risk, estate, and retirement planning). The study contributes to establishing the theory of financial planning behaviour, which is an original theory that explains how different concepts in behavioural finance could be synthesised to parsimoniously explain financial planning behaviour.
Journal Article
Financial Capability and Financial Planning at the Verge of Retirement Age
Financial capability is an important public policy concern, particularly as it relates to retirement preparedness. Almost one-third of older adults in the United States, those over the age of 55, have neither retirement savings nor accumulated pension benefits. Focusing on low-income adults who are nearing retirement, we explore the relationship between financial-planning behaviors (paying bills on time, emergency savings, and retirement planning) and two key components of financial capability, financial education and financial inclusion. Using data from the 2015 National Financial Capability Study, the results point to the role of financial inclusion for financial-planning behaviors. Having access to mainstream financial services was more strongly associated with the three financial-planning behaviors than was participating in financial education in the workplace. These results for low-income older adults held for the middle-income groups but were weaker for higher-income households. The results highlight efforts targeting financial inclusion for the financial planning of low-income older adults nearing retirement age. Policy implications include suggestions for interventions to facilitate financial inclusion for those nearing retirement age.
Journal Article
Goal-based investing based on multi-stage robust portfolio optimization
While portfolio optimization is generally based on the return and risk of a portfolio, goal-based investing primarily focuses on achieving financial goals of individuals, which has become a popular approach in personalized financial planning. While many long-term financial planning models use scenarios for representing uncertainty in future market dynamics, it is subject to the curse of dimensionality. In this study, we propose a goal-based investing model for personalized lifetime financial planning based on robust portfolio optimization, which incorporates multiple goals that occur in different periods with various priorities. Empirical results illustrate how the size of uncertainty sets and risk constraints can be customized for finding the optimal investment and show efficiency in solving a portfolio problem with many stages compared to scenario-based approaches.
Journal Article
Financial planning 3.0 : evolving our relationships with money
Money is weird stuff. We cannot avoid it but it terrifies and mystifies. Most folks need help relating to it--and lots of it. Most especially, they need their own financial planner, someone who thoroughly understands money, what it is and how it works. Hence Financial Planning 3.0. Written eclectically, it looks at money and the financial planning profession from both the \"outside in\" and, perhaps more importantly, from the \"inside out.\" It makes the case for looking at money from the perspectives of individuals and families. This is in stark contrast to money's public persona grounded in macroeconomics and investment theory. It suggests useful resources and tools for working with money helpfully, healthfully and joyfully. Finally, treating money as the most powerful and pervasive secular force on the planet and financial planning as the most important profession of the 21st century, it posits the new \"liberal arts\" based academic discipline of \"Finology.\"
Book
Attributes of Households that Engage in Higher Levels of Family Financial Planning
This research uses data from the 2018 National Financial Capability Study to investigate the attributes of households that engage in higher levels of family financial planning. Greater levels of financial planning are evidenced when households report more positive responses in planning for retirement, saving for emergencies, and establishing a will. Based on an ordinal logistic regression, various demographic attributes, objective and subjective financial knowledge scores, frequency of participation in financial education, and the frequent use of financial websites or apps to help with financial tasks are positively related to higher levels of family financial planning. The results have implications for financial literacy education and the development and marketing of websites and apps for personal finance.
Journal Article
The Effects of Financial Attitudes, Financial Literacy and Health Literacy on Sustainable Financial Retirement Planning: The Moderating Role of the Financial Advisor
Financial planning for retirement is essential to ensure that people have enough money to live the lifestyle they desire when they retire. Self-employed business owners in developed countries widely do financial retirement planning. However, in Malaysia, the percentage of self-employed individuals concerned about financial retirement planning is lower than in other countries. This study aims to identify the relationship between the financial attitude, financial literacy and health literacy of self-employed individuals toward sustainable financial retirement planning in Malaysia and find out the moderating effect of the role of financial advisors. The study utilized structural equation modelling. Data were collected through a survey questionnaire and analyzed using SMART PLS 3.3. The total sample size was 416 self-employed individuals from the northern Malaysian region. The findings revealed that financial attitude and financial literacy significantly impact retirement planning. Moreover, the role of financial advisors moderates the relationship between financial attitude–financial retirement planning and financial literacy–financial retirement planning. The result of the study will fulfil the needs of self-employed individuals to plan their retirement by including the financial planning determinants needed for a well-planned retirement.
Journal Article