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Date Submitted: 06/24/2012 09:37 AM
THE DIFFERENCES OF PERSONAL FINANCIAL PLANNING IN WORKING SECTORS IN HULU LANGAT: STUDY ON FINANCIAL LITERACY AND APPROACHES
Abstract
This research is conducted to identify the differences of personal financial planning attitude and approach among different working sectors. The study attempts to examine workers’ literacy to personal financial planning and their approach towards personal financial planning in two major working sectors available in Malaysia, the public and private working sector, under five basic scopes which are credit management, savings management, investment planning, insurance planning and retirement planning. Data obtained consist of primary data. Primary data were collected through distribution of questionnaires to the staffs in public and private sectors which consists of academic and non-academic staffs. Surveyed done on financial literacy and their approaches will consist questions on their knowledge on personal financial planning, components of the financial plan and the need of financial assistance.
CHAPTER 1
1. INTRODUCTION
1.1 Chapter Overview
This chapter explains the background of study, problem statement, research questions and objectives, significance of the study and limitations to the study as an overall view of the research.
1.2 Background of Study
Personal financial planning is the process of managing your money to achieve personal economic satisfaction (Kapoor, Dlabay and Hughes, 2012). To get full satisfaction on each income gained, most individual would like to handle their finances, either independently or with the assistance of a professional adviser. It is done to fulfill various needs of a human being and most of all; financial planning is done for one to have financial control and to reduce uncertainty about their future needs and resources. People can enjoy their life at the fullest and avoid financial problems by having proper financial plan. Gitman and Joehnk (2005) states that an individual’s needs...