Search

There is a well-known idiom uttered when someone doesn't understand: It's all Greek to me! The Greek language has two words for the English word time. One is a verb; the other is a noun. Advisors know the noun version well, but for clients, the verb version is more important because it means sensing opportunity. How confident are clients in making decisions? There are difficult questions without easy answers in financial planning. Some things might be all Greek to clients, but success can come when advisors focus on education and professionalism. [ABSTRACT FROM AUTHOR]

Estate planning is a multifaceted process encompassing the accumulation, management, and preservation of wealth. Among estate planning tools like wills or life insurance policies, two common options for asset distributions are per stirpes and per capita. Per stirpes distribution, which is relatively straightforward and more widely used, directs the inheritance to the lineal descendants of a predeceased beneficiary. In contrast, the per capita method has varying interpretations in estate planning, financial planning, and insurance fields. This method encompasses several options. This article delves into the ambiguities in the per capita option, particularly the lack of a standardized definition. It underscores the necessity for financial professionals to navigate these distinctions effectively, ensuring clients' objectives are met precisely and clearly in a field where precision and clarity are paramount. [ABSTRACT FROM AUTHOR]

People with disabilities are often targets for exploitation. Persons with disabilities subject to guardianship require additional planning protections to safeguard them from financial predation. This article reviews the literature on this topic and identifies key areas of concern that financial advisors should address to protect this vulnerable population. [ABSTRACT FROM AUTHOR]

Identifying and managing risk is as integral to financial planning as are investing, wealth management, and managing tax and legal considerations. Risk is present at every level or life stage of a financial planning pyramid. The top of most planning pyramids--when individuals focus on retirement income and legacy planning--includes a much wider, expanded, critically important, and longer- lasting range of risks than earlier planning levels. Identifying and addressing the risks individuals may encounter at the top of the planning pyramid can determine if retirement planning will be successful. [ABSTRACT FROM AUTHOR]

In my September column ("Planning for One's Housing Future: Proactive Decision Making," Journal of Financial Service Professionals 77, no. 5 (2023): 38-41), I introduced the concept of being proactive and deliberate in planning for one's housing future, as well as the role financial services professionals can play in encouraging clients to think about housing as a key element of their financial plan. In this column, I continue with this theme, focusing on the importance of home design. [ABSTRACT FROM AUTHOR]

For many financial planners, cash-flow planning is financial planning. Planners must make the effort to fully understand a client's income. This may involve looking at W-2 forms, profit and loss statements, and K-1 tax forms from the client's business. In addition, the planner must identify all the expenses that the client has. We recommend several strategies for monitoring cash-flow planning. [ABSTRACT FROM AUTHOR]

There is a good chance that many clients have neither considered nor discussed how their death and dying may affect their financial and advanced planning. Why? Because the topic is uncomfortable, and for many, something to be avoided. Should advisors think about discussing this topic with their clients? The author says yes. If so, how? This column provides insight about the why and suggestions about the how. [ABSTRACT FROM AUTHOR]

As a financial services professional, you are in a unique position to encourage your clients to think about housing as a key element of their financial plan--not just in terms of the expense but also in considering how where they live can support their lifestyle and changing needs as they age. [ABSTRACT FROM AUTHOR]

Planning for long-term care is a best practice for financial planning. In addition to long-term care insurance, there are other methods for planning. We will review these methods and let the new planner in on some nontraditional solutions for their clients. [ABSTRACT FROM AUTHOR]

The definition of a complete financial plan has been a subject of debate for some time within the industry. What constitutes a financial plan? Is there such a thing as a financial plan that does not address all elements of client financial needs, and is considered comprehensive? What do clients expect? What does a financial services professional hold themselves out to be? Financial planning can be puzzling for clients. Financial professionals are often perceived as having all the answers, all the puzzle pieces. This column discusses key issues for consideration. [ABSTRACT FROM AUTHOR]

The SECURE Act 2.0 of 2022 law has substantially changed the financial planning landscape, and going forward it will not be business as usual for financial planners. This law has spawned several new and pioneering concepts. A brief discussion of these novel ideas is followed by examples illustrating the changes. Planners should pay close attention to the effective date for each change. Some ideas have already been enacted. Others become effective in 2024. And yet others will not become effective for several years. [ABSTRACT FROM AUTHOR]

Financial savings at the household level are vital for poverty alleviation, yet they face social, psychological and institutional obstacles. Over recent years, mobile phones have proven effective in enhancing financial inclusion. However, when individuals decide how to save, their preferences remain unclear. This study investigates the preferences of 421 Malian smallholder farmers for a hypothetical mobile savings application using a discrete choice experiment. Apart from standard savings account features such as transaction charges, interest amount and minimum deposit requirements, it assesses preferences for two innovative features designed to address deviations from rational decision‐making. The first feature allows multiple users to pool their savings, utilising social dynamics and peer pressure to encourage responsible savings behaviour and enhance commitment. The second feature offers users the ability to manage their finances more effectively by dividing them into purpose‐specific sub‐accounts. The findings reveal a strong overall preference for saving via the application rather than keeping cash on hand. As anticipated, farmers favour lower costs and deposits and higher interest amounts. Generally, individual saving is preferred over group saving, and the option to compartmentalise is valued, albeit not statistically significantly so. However, the analysis of underlying heterogeneity reveals substantial differences in respondents' preferences for these commitment‐enhancing features. These findings underscore the need for customised approaches that align with farmers' unique preferences and constraints. Such approaches can inform the development of bespoke mobile savings solutions for farming households, thereby boosting their resilience and financial well‐being. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Inflation rates and expectations have far-reaching effects, influencing asset returns, cash requirements to meet spending needs, and various other aspects relevant to achieving financial goals. To understand the comprehensive impact of inflation shocks, we conducted sensitivity analyses using Monte Carlo simulations for various investor archetypes in a goals-based framework. Results show that larger inflation shocks reduce the likelihood of meeting financial goals. However, several factors influence the degree of sensitivity to inflation shocks, including, but not limited to, asset allocation, time horizon, and net saver status. [ABSTRACT FROM AUTHOR]

This research was conducted to identify the practices employed by the SorSU Faculty members towards saving money as well as discover the problems encountered by them in handling their finances. A total of 40 faculty members of Sorsogon State University Bulan Campus participated in this study. The mixed designed was used in this research which employed survey and focus group discussions. This study concludes that the faculty members of SorSU Bulan Campus adopt both the traditional way of saving money and the modern style of investment as modes of saving their finances which include budgeting, joining in “paluwagan”, using piggy bank, maintaining bank accounts and deposits and purchasing investment instruments. Increasing cost of utilities and unexpected day-to-day expenses; lack of financial literacy; poor debt management; and low and delayed salaries were the problems encountered by the faculty participants in handling their monetary resources. From the results of the study, this highly recommends the adoption of the Bongalonta’s Financial Model for SorSU Bulan Campus Faculty Members designed by the researcher as a guide or model for saving money. It is likewise recommended that seminars and trainings on financial literacy may be conducted. [ABSTRACT FROM AUTHOR]

The Redesign of the Planning and Budgeting System (RSPP) is one of the government's efforts to realise effective and efficient planning and budgeting at the central and regional levels. The implementation of RSPP is expected to be able to answer problems in the planning and budgeting system, including the inconsistency of central and regional expenditure programs, differences in programs used in planning and budgeting documents, the formulation of program nomenclature and normative outcomes, and development performance information in planning and budgeting documents that are difficult for the public to understand. However, in its implementation, there are still problems faced by Ministries/Institutions so the Ministry of Finance together with the Ministry of National Development Planning/Bappenas need to periodically evaluate the formulation of RSPP in Ministries/Institutions through the Work Plan and Budget documents that have been issued. The process of improving the implementation of RSPP in Ministries/Institutions is followed by improving the guidelines and rules that oversee the implementation of RSPP in Indonesia. Several policies need to be taken to support the implementation of RSPP, namely the Logical Framework policy in the Formulation of Performance and Performance Indicators as well as the Synchronization of Planning and Budgeting Documents through the Integration of Planning and Budgeting Applications so that planning and budgeting documents become harmonious and easy to understand. For the implementation of RSPP to be effective and efficient, the Ministry of Finance together with the Ministry of National Development Planning/Bappenas need to periodically evaluate the performance information that has been prepared by the Ministries/Institutions by the Regulation on the Implementation of Planning and Budgeting System Redesign. [ABSTRACT FROM AUTHOR]

This study investigates the factors driving the financial literacy of adult population in Spain using a regression count model (specifically the latent class Poisson model). The paper pays special attention to the effect of certain financial attitudes and financial personality traits (such as financial myopia, risk aversion, attitude to financial planning and self‐perception of financial vulnerability) upon financial literacy. The results demonstrate a positive association between the financial skills, the sociodemographic characteristics and the attitudes and personality traits of individuals regarding finances. Furthermore, the analysis permits the conclusion that the effects of the financial attitudes analysed in the study vary among the different population groups, which suggests the need to adapt financial literacy promotional programs to the characteristics of the target group. Findings have implications for financial educators, practitioners and policymakers to help them recognize the proper financial program to be delivered on the basis of the FL levels and the sociodemographic composition of the individuals. [ABSTRACT FROM AUTHOR]

The benefits of engaging a financial planner are well-documented in the literature. That is why it is so surprising that very few financial planners had their own planners despite spending their days purporting the importance of having a planner to potential clients. This article introduces an exercise, designed for financial planning courses, which encourages students to meet with a financial planner and write about their experience. The essays were examined using the qualitative methodology of thematic analysis. Several themes emerged: (a) insights into what it would be like to be a financial planner, (b) decreased anxiety after seeing the planner, (c) better empathy regarding the client's experience, (d) increased respect for the interpersonal skills required to do financial planning, and (e) receiving personal and professional benefits to seeing a financial planner. Implications for both Certified Financial Planner Board Registered Programs and existing financial planners are provided based on these results. [ABSTRACT FROM AUTHOR]

This research investigates travel calculated hedonism (TCH) in diverse tourism contexts. An extant literature review, five focus groups and two expert panels conceptualised TCH. Field studies operationalised TCH in drinking (N = 355), eating (N = 351), wellness (N = 330) and shopping (N = 337) contexts. Findings identified four TCH scale dimensions -- delaying rewards, planned impulsiveness, planned financial compulsiveness and planned time/physical compulsiveness. Theoretical definitions of TCH set the groundwork for rationalised binging that is cognitive- and affect-driven. The methodology presents an approach for a rigorous TCH measure. The TCH scale offers a tool for practitioners to design activities that instigate rationalised binging and responsible behaviour. [ABSTRACT FROM AUTHOR]

Although financial trust has been modeled as a critical predictor of retirement financial planning activities, insufficient understanding has been developed concerning the relationship between financial trust and the effectiveness of the model of retirement financial planning. This current research creatively evaluated the moderating role of financial trust in the model of retirement financial planning in a sample of young working adults in Shanghai and Shenzhen, China (N = 422). Results presented evidence to support financial trust strengthened the pathways in the model of retirement financial planning. For example, social support was positively and significantly linked to retirement financial behaviors in the subsample reporting high financial trust but not among those with low trust; Risk tolerance was positively and significantly associated with retirement financial planning behaviors in the high-trust subsample but not in the low-trust subsample; Future time perspectives positively and significantly connected to retirement goal clarity in the high-trust but not low-trust respondents. Our findings improve the understanding of the model of retirement financial planning by increasing its complexity and providing new entry points to enhance retirement financial planning, namely promoting financial trust among the public. The results also propose a potential mechanism that can be used to explain how manipulation of financial trust will lead to better retirement financial planning. [ABSTRACT FROM AUTHOR]

Key Takeaways: Setting water rates that are both sustainable and predictable can be challenging for water utilities coping with infrastructure renewal, inflation, and other challenges. Although most utilities conduct master planning efforts, the planning horizon is often too short, and the results are not fully integrated with long‐term financial planning. Without integrated planning efforts and an adequate planning horizon, sustainable and predictable rates cannot be achieved. [ABSTRACT FROM AUTHOR]

The present study analyses investors’ perceptions of financial planning. The purpose of this empirical investigation was to examine the role of different factors like financial behaviour, financial freedom, financial anxiety, tenure of investment, financial goals, and risk involved in personal financial planning. The study’s targeted population (425) was investors residing in the National Capital Region (NCR), India, which was approached based on purposive sampling techniques. A semi-structured set of questions was employed for collecting the information through Google Forms. SEM was adopted for analysing the primary data and finding the relationship among the factors. The results highlighted the most significant contribution of financial goals in financial planning. Tenure of investment, financial freedom, financial anxiety and risk also showed their relevance for financial planning. Risk has been found to impact financial planning negatively while other factors positively impact financial planning. The study favours financial planning to make sound financial decisions and protect themselves from fraudulent practices. [ABSTRACT FROM AUTHOR]

This research aims to understand current patterns, trends, and gaps in personal finance by conducting a systematic literature review of 20 years. The study collected and analyzed the articles published between 2004 to 2024. The research articles were collected from the Scopus database using the PRISMA framework. The review shows changes in the research area, including behavioural finance, digital financial planning tools, and its impact on individuals' financial literacy and planning. The major limitation of this study is that the literature search for personal financial planning might not have incorporated all publications in this area. Furthermore, there is a possibility of bias in this review concerning the papers selected for review and how the researchers interpreted the results. The findings of this systematic literature review can assist policymakers, financial planners, and practitioners in making more informed financial planning decisions and regulations. Thus, by identifying the trends and gaps in personal financial planning, strategies can be defined to provide individuals and society with the necessary level of support. The research is helpful to existing knowledge in that it presents a critical discussion of the personal financial planning literature evident in the last twenty years. The research is original and provides valuable information for upcoming research and practical application in personal financial planning. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The important decisions that retirees have to make to try to achieve their financial goals during retirement often stem from models used by financial planners. Despite the important role it plays in many of those models, the failure rate has several limitations and many alternatives have been proposed. This article introduces a new metric, the volatility-adjusted coverage ratio, which incorporates the benefit (the coverage ratio) and the cost (the volatility of the portfolio) of the strategies considered. Application of this new metric, which improves upon both the failure rate and the coverage ratio, is illustrated by determining the optimal asset allocation, for several initial withdrawal rates, for twenty-two global markets. The overall results show that maximizing the volatility-adjusted coverage ratio typically yields optimal asset allocations that are, first, more conservative than those stemming from maximizing the coverage ratio or the expected utility of the coverage ratio; and second, more consistent with those featured by target-date funds. [ABSTRACT FROM AUTHOR]

This research aimed to examine the factors that impact the financial planning for retirement among employees in Thai Rajabhat universities. To validate the theoretical framework and the collected empirical data, we utilized the confirmation factor analysis method, which allowed us to assess the relationship between the factors and examine how well the data fits the proposed model. We collected data from a sample of 433 employees by administering a 5-point Likert scale questionnaire. The collected data was subsequently analyzed using the Lavaan package in R Studio software. The research findings revealed that knowledge and understanding, financial status assessment, expected return or investment strategy, risk acceptance or risk tolerance, setting goals in life or goals’ clarity, and alternative sources of income or other income played important roles in shaping retirement financial planning among our study participants. To evaluate the theoretical structural model, we conducted statistical analyses and found that it fitted the empirical data at a significance level of 0.05. The statistical results of CMIN/df = 11, GFI = 0.941, AGFI = 0.848, FI = 0.946, and RMSEA = 0.000 provided evidence for the validity and reliability of the proposed model. Going forward, the resulting model will serve as a guideline to evaluate the efficiency of financial planning for the retirement of employees, provide solutions to identified problems, and inform policies and programs that aim to improve retirement financial planning for employees in the higher education sector. Doi: 10.28991/ESJ-2024-08-04-08 Full Text: PDF

This community service activity aims to increase the knowledge and skills of parents of Bandung Baptist Christian Junior High School students regarding families' financial planning and management to avoid family financial risk. This community service implementation method uses training with 25 participants, who are parents of students. The evaluation of this community service activity was carried out by conducting a survey to measure the reaction of participants, their knowledge level, and their change intention. Descriptive analysis was performed on the data collected. The results of the community service activity showed that more than 96% of the participants who attended found the activity relevant to their conditions. Additionally, 62% of the participants experienced an increase in knowledge regarding the concept of financial management, and all participants committed to taking concrete actions to improve their family's financial conditions, including avoiding debt, making financial records, using an application to simplify financial management, and setting a budget (financial prioritization).

Small and medium-sized enterprises (SMEs) are crucial to South Africa’s economy as they provide employment, contribute to development, reduce poverty, and promote entrepreneurship. However, the COVID-19 pandemic has severely impacted SMEs in the country, posing a threat to their survival. The purpose of the study was to identify the financial planning critical success factors that are essential for SME performance in a post-COVID-19 pandemic environment. The study followed a positivist paradigm, and a quantitative survey approach was employed. South African SMEs across the various sectors of business were targeted to provide a holistic view of the financial planning strategies contributing to performance. A total of 282 questionnaires were completed electronically by the SME owners using Google Forms, which were then analyzed using SPSS and Smart PLS software. The regression model for structural equation modeling revealed a strong and significant link between financial planning and SME performance. Financial planning has a strong, significant positive effect on SME performance, as indicated by the path coefficient (β = 0.227, p = 0.002). The importance of this study lies in its ability to provide valuable insights to businesses regarding financial planning strategies to enhance SME success in a post-COVID-19 environment.

Taking advantage of the resources available on a regular basis from primary sources like the annual U.S. Census Bureau's American Community Survey and the Survey of Program Income and Program Participation can help both financial planning professionals and organizations work towards more responsive services for clients and an improved environmental scan of potential client financial needs and behaviors. These can provide information and insights about a variety of geographic and demographic perspectives--from the macro to the micro--to the advantage of their individual practice, business opportunities, and clients. And it's free!. [ABSTRACT FROM AUTHOR]

Fundamentals can explain a lot. This column goes back to the basics to give a tried-andtrue lesson on investments. Topics covered include systematic versus unsystematic risk, the difference between financial planning and investment planning, the difference between skill versus luck, modern portfolio theory, standard deviation, and beta. [ABSTRACT FROM AUTHOR]

Understanding the role of adjusted gross income (AGI) in computing taxable income is crucial to providing good tax and financial planning, especially for retirees. Not every financial planner will be a tax expert but understanding some of the interactions between income items and what type of taxes and costs might be incurred as the result of a transaction is essential. For example, because of a bright-line cutoff, just one additional dollar of modified AGI (MAGI) can trigger an additional $4,351.20 in Medicare Part B premiums. This article reviews the federal income tax formula and discusses some specific income items, including how changes in one item affect other items. It provides examples of some of the additional taxes and costs that can be incurred. [ABSTRACT FROM AUTHOR]

The article is prepared based on the experience of financial management of implementing the European Union Project "Reinventing displaced universities: enhancing competitiveness, serving communities" (REDU), Grant Agreement No. 2020/415-429. The analysis of institutional experience of partner universities in implementing the REDU project confirms the impact on both the national financial accounting and management system and European policies on the model of institutional financial management of international projects funded by the EU. Two approaches adopted by higher education institutions in the field of financial management have been identified: an approach that adheres to budgetary norms and limits in the use of grant funds, and an approach oriented towards grantor limits and norms. Under the first approach, higher education institutions are not confident in financial autonomy in managing grant funds, while the second approach is more progressive and oriented towards European practices within national legislation. It has been proven that under both approaches, universities formulate institutional policies for effective project financial management, which is important for systemic development and financial stability of the university. The principles of project financial management have been identified. The main documents necessary for consideration in grant finance management at the grantor, national, and institutional levels have been highlighted. Best practices for team formation and partner interaction, project revenue and expenditure planning, currency exchange operations and exchange rate usage, salary payments, travel reimbursements, equipment and service procurement, compliance with expenditure eligibility rules, documentation preparation, and financial reporting submission are proposed. Practical issues and conclusions of project implementation will be useful for project and financial managers, accountants working with international projects funded by the European Union.

Retirement planning is viewed as one of the cornerstones of long-term household financial security. The responsibility of retirement planning has now been shifted to the individual and is no longer the responsibility of the employer.

There has been an increasingly prevalent message that data regarding costs must be included in conservation planning activities to make cost-efficient decisions. Despite the growing acceptance that socioeconomic context is critical to conservation success, the approaches to embedded economic and financial considerations into planning have not significantly evolved. Inappropriate cost data is frequently included in decisions, with the potential of compromising biodiversity and social outcomes. For each conservation planning step, this essay details common mistakes made when considering costs, proposing solutions to enable conservation managers to know when and how to include costs. Appropriate use of high-quality cost data obtained at the right scale will improve decision-making and ultimately avoid costly mistakes. More than two decades have passed since the initial push to consider economic costs in conservation. This Essay investigates why more progress has not been made and highlights common mistakes made when selecting, estimating, and including costs in conservation decisions. [ABSTRACT FROM AUTHOR]

The article focuses on how new technology innovations are enhancing Sales and Operations Planning (S&OP) and Integrated Business Planning (IBP) processes for manufacturers. Topics include the integration of financial and operational planning through Extended Planning and Analysis (xP&A) solutions, the specific benefits of manufacturing-specific (MxP&A) solutions in addressing capability gaps, and how these advancements can significantly reduce planning costs and improve profitability.

Universities are increasingly focused on preparing graduates with strong disciplinary and interdisciplinary skills to increase student employability. In accounting education however, the development of employability skills remains a concern among graduates and employers. One strategy for enhancing employability is to engage students in industry-based experiences through work-integrated learning (WIL). This paper introduces a novel, industry-led WIL experience embedded in an Australian university's accounting and financial planning curriculum and investigates students' perceptions of employability skills developed through this intervention. In this WIL experience, industry professionals workshopped multidisciplinary skills and provided feedback to students following a simulated work-based scenario. Data was analysed from student surveys and reflections and showed that students perceived this approach as effective for developing employability skills such as teamwork and communication and for aligning theory to praxis. This paper supports endorsing alternative WIL models and industry collaborations in accounting education to enhance graduate employability skills. [ABSTRACT FROM AUTHOR]

While an emerging body of research has documented the significance of estate planning, there remains limited understanding regarding the extent of Black adults' engagement with estate planning in the United States. The objectives of this study were to examine whether the utilization of financial planners, the status of inheritance receipt, and religion are associated with engagement in estate planning among U.S. Black adults, and how these associations vary based on life insurance policy ownership. Participants for this study were 673 U.S. Black adults aged 25 and older who completed an online survey in July 2021. We estimated logistic regression models to predict Black adults' engagement in estate planning. Results indicated that in fully adjusted models, Black adults who used the services of a financial planner had significantly higher odds of executing a valid will or trust than those who did not seek assistance from a financial planner. The status of inheritance receipt, frequency of attendance at religious services, and ownership of life insurance policies were positively and significantly associated with engagement in estate planning among Black adults. However, as a moderator, patterns did not differ significantly depending on whether they owned life insurance policies. These findings may assist professionals and other stakeholders in financial planning to develop strategies or interventions to enhance estate planning for U.S. Black households. [ABSTRACT FROM AUTHOR]

This study examines the capability of ChatGPT to provide financial advice based on personal finance cases. We first write our own cases and feed them to ChatGPT to get its advice (recommendations) on them. Next, we assess the quality and the validity of ChatGPT's recommendations on these cases. We find that ChatGPT serves as a suitable starting point, but its recommendations tend to be generic, and they often overlook alternative solutions and viewpoints and priority of recommendations. Overall, our analysis demonstrates the strengths and weaknesses of using ChatGPT in personal finance matters. Further, it serves as a helpful guide to financial advisors, households, and instructors of personal finance who are already using or considering using ChatGPT and want to develop a suitable understanding of the benefits and limitations of this new technology in addressing their professional and personal needs. [ABSTRACT FROM AUTHOR]

The aim of this study is to forecast the revenue of a seller taking part in an online e-commerce marketplace by using hybrid intelligent methods to help the seller build a solid financial plan. For this purpose, three different approaches are applied in order to accurately forecast the revenue. In the first approach, after applying simple preprocessing steps on the dataset, forecast models are developed with Random Forest (RF). In the second approach, Isolation Forest (IF) is used to detect outliers on the dataset, and minimum Redundancy Maximum Relevance (mRMR) is utilized to select the features that affect the quality of revenue forecast, correctly. In the last approach, a feature selection process is performed first and then the Density-Based Spatial Clustering and Application with Noise (DBSCAN) is used to cluster the dataset. After these processes are carried out, forecast models are developed with RF. The dataset used includes the daily revenue of a seller with several other features. Mean Absolute Percent Error (MAPE) is used for evaluating the performance of the forecast models. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the effect of financial literacy, financial stress, financial management practices, saving behaviour, household size and income adequacy, on Malaysian female millennials' retirement preparedness. A total of 268 questionnaires were self-administered and collected from Malaysian female millennials residing and working in the Klang Valley aged between 26 to 41 years old using a purposive stratified sampling method. Regression analyses were performed using SPSS software to determine the influence of variables investigated on retirement preparedness. Findings indicate that financial literacy level (β = 0.154, t-statistic = 2.669), financial stress level (β = 0.108, t-statistic = 2.207), saving behaviour (β = 0.281, t-statistic = 5.713) and household size (β = 0.242, t-statistic = 2.616), have significant positive effects on retirement preparedness. Income adequacy (β = - 0.298, t-statistic = - 2.595) on the other hand, is significantly and negatively associated with retirement preparedness, while financial management practices are found to have no influence. This study contributes to extant literature by examining the increasingly significant segment of the working population in our country. Hence, our findings should provide more insights to interested stakeholders in designing new or improving existing financial planning programs or mechanisms, particularly those related to retirement to better promote sound retirement planning among Malaysian female millennials. [ABSTRACT FROM AUTHOR]

Water is an indispensable resource crucial for sustaining life even though projections indicate that by 2025, over 3 billion people will inhabit water-stressed regions, with 14 countries transitioning from water stress to water scarcity. This study investigates the influence of financial planning based on financial control and decision-making on water availability for domestic use in the Pangani Basin, Tanzania. The research examines the interconnectedness between financial planning and water availability outcomes through a mixed-method approach, combining quantitative analysis and qualitative insights from key informants. Quantitative findings reveal a significant positive correlation between financial planning and domestic water availability (β = 0.377, p < 0.001), emphasising the importance of effective financial control particularly on budgeting and its proper use for improving infrastructure. Likewise, stakeholders' participation in the decision-making process is important for water resource management. The study highlights the importance of effective financial control and decision-making to ensure sustainable access to clean water for local communities. The study recommends that the Pangani Basin Water Institute emphasise proper use of financial resources for water infrastructure and prioritise stakeholder engagement in decision-making processes. [ABSTRACT FROM AUTHOR]

In the field of operation research, both linear and fractional programming problems have been more encountered in recent years because they are more realistic in expressing real-life problems. Fractional programming problem is used when several rates need to be optimized simultaneously such as resource allocation planning, financial and corporate planning, healthcare, and hospital planning. There are several techniques to solve the multiobjective linear fractional programming problem. However, because of the use of scalarization, these techniques have some limitations. This paper proposed two new mean and median techniques to solve the multiobjective linear fractional programming problem by overcoming the limitations. After utilizing mean and median techniques, the problem is converted into an equivalent linear fractional programming problem; then, the linear fractional programming problem is transformed into linear programming problem and solved by the conventional simplex method or mathematical software. Some numerical examples have been illustrated to show the efficiency of the proposed techniques and algorithm. The performance of these solutions was evaluated by comparing their results with other existing methods. The numerical results have shown that the proposed techniques are better than other techniques. Furthermore, the proposed techniques solve a pure multiobjective maximization problem, which is even impossible with some existing techniques. The present investigation can be improved further, which is left for future research. [ABSTRACT FROM AUTHOR]

Objective: The aim of the study is to understand the needs and interests of occupational medicine physicians (OMPs) as they transition to retirement. Methods: An electronic survey was distributed through member organizations in the United States (ACOEM), United Kingdom (SOM/FOM), India (IAOH), South Africa (SASOM), and Medichem. Results: Four hundred ninety-seven OMPs at various career stages responded, including 282 from the United States, 97 from the United Kingdom, 36 from India, 30 from South Africa, and 52 from other countries. Two hundred seventy-eight work full-time, 160 part-time, and 58 are not doing paid work. Approximately 60% serve as volunteers. Sixty percent have a written financial plan. Thirty-five percent are very comfortable with their retirement plans. After leaving full-time work, 85% plan to work part-time. There is a high level of interest in learning about opportunities for part-time work and volunteering. Conclusions: Occupational medicine physicians are very interested in learning more about compensated and uncompensated work in retirement. [ABSTRACT FROM AUTHOR]

The prioritisation of public facilities' maintenance is a necessary but complex task due to the need of considering both physical and socio-economic criteria. This study addresses this problem by quantifying the improvement in the delivery of social benefits that the corrective maintenance of an urban area's public facilities could yield. Based on this, a decision framework is proposed to design and schedule corrective maintenance plans at a municipal scale. The methodology integrates multi-criteria assessment with an analytical method for evaluating the contribution of an area's public facilities to its sustainable urban development based on their type of social infrastructure and their maintenance condition. The decision framework is implemented as a software to facilitate its application to a case study, consisting in building urban regeneration strategies aligned with governmental guidelines. The results revealed that decision-making is more efficient when considering the facilities' type of social infrastructure. In addition, a cost-efficient prioritisation of corrective measures yields better results than neglecting the economy. [ABSTRACT FROM AUTHOR]

Investment regulates finance such that its value can grow and generate future profits. In Indonesia, investment is increasing yearly. The increase is supported by millennials who have adapted to technology that makes it easier to make digital mutual investments. Although the increase in mutual investment in Indonesia is quite rapid, it does not preclude the possibility that there are still many people who have not invested. The reason people have not invested is that they are afraid to take risks, and their income is low. These reasons can be minimized with the use of technology. Innovation in investing has given rise to modern technological advances such as fintech or financial technology like Robo Advisor. The method used in this study was the Partial Least Squares Structural Equation Modelling analysis technique, which was operated using SmartPLSver. 3 software. Data were collected through questionnaires. The study used quantitative methods and a sample of 200 respondents who had or would have invested through the Bibit application with the use of the Robo Advisor feature. The results of this study found that Robo Advisor can affect millennials' investing through risk profiling, financial planning, and rebalancing. [ABSTRACT FROM AUTHOR]

Recently scholars have turned their attention to the role of intergenerational financial assistance in facilitating entry into home ownership for young adults. This practice has been identified as a means through which intergenerational inequalities may be translated into intragenerational inequalities. However, the question of what this form of financial dependence on family means for both young adults and their parents has received less attention. This article reports on the findings of a study conducted with 15 related donor-recipient pairs (30 in-depth interviews in total) in the UK in 2019. Drawing on these findings, we show that the provision and receipt of intergenerational financial assistance does not simply reflect family practices, but instead plays an active part in developing and conveying them. We ultimately contend that the practice of giving and receiving financial transfers shapes individuals' broader orientations to the property market, and to financial decision-making and planning. [ABSTRACT FROM AUTHOR]

The expenditures made by the state throughout history have been documented. Today, a budget is a document prepared, approved, and implemented according to specific rules, containing financial plans for the future. The modern state budget requires adherence to various budgeting principles. Interestingly, the budget prepared by Tarhuncu Ahmet Pasha in the 17th century Ottoman Empire is known to resemble today's state budget. This study aims to determine whether the budget led by Tarhuncu Ahmet Pasha is a modern state budget or what type of budget it represents. Information and documents obtained from the Ottoman Archives were used. It was found that the budget prepared by Tarhuncu Ahmet Pasha aligns with most of today's budget principles and rules. Features such as the clear recording of revenues and expenditures and the maintenance of financial discipline show that it closely approaches the modern budget concept. Tarhuncu Ahmet Pasha's budgeting practices emphasized financial discipline and accountability, laying the groundwork for many principles used today. Therefore, the budget from Tarhuncu Ahmet Pasha's era can be seen as an important step towards the modern budgeting system. [ABSTRACT FROM AUTHOR]