Open AccessDeveloping a framework to investigate the personal financial management knowledge of individuals
Author(s) -
F.W. Struwig,
Winston Plaatjes
Publication year - 2013
Publication title -
suid-afrikaanse tydskrif vir ekonomiese en bestuurswetenskappe/south african journal of economic and management sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.277
H-Index - 17
eISSN - 2222-3436
pISSN - 1015-8812
DOI - 10.4102/sajems.v10i1.534
Subject(s) - financial management , accounting management , test (biology) , process (computing) , business , personal account , financial plan , finance , knowledge management , accounting , computer science , accounting information system , paleontology , linguistics , philosophy , narrative , biology , operating system
This article focuses on the development of a framework for investigating the personal financial management knowledge of individuals. Content analysis is used to derive the components included in the personal financial management requirements framework. The framework developed includes six components, namely basic concepts in personal finances, management of personal finances, risk management, future planning, investing in financial resources and miscellaneous factors. A qualitative validation process revealed that the framework indeed covers what the average South African citizen is required to know about personal financial planning. The real test of this framework will be to use it in developing an instrument to test individuals’ knowledge of personal financial management. This process of empirically testing the framework, using such an instrument, warrants a separate article