Exploratory study: Financial behaviour of qualified financial professionals during South Africa’s lockdown
Journal of Economic and Financial Sciences
| Field | Value | |
| Title | Exploratory study: Financial behaviour of qualified financial professionals during South Africa’s lockdown | |
| Creator | van Wyk, Danielle Bishop, Arthur | |
| Description | Orientation: Financial behaviour is known for the direct or indirect management of funds through inter alia spending, saving and borrowing.Research purpose: This study aimed to investigate the financial behaviour of qualified financial professionals and how it compares with behaviour since the national lockdown regulations in South Africa were imposed in March 2020.Motivation for the study: Several studies found that higher levels of financial knowledge are often associated with more desirable financial behaviour, but because of individual psychological resource differences, people in a similar economic situation may experience different levels of financial threat.Research approach/design and method: An empirical study using a survey, which is supported by an underlying literature review.Main findings: Survey results showed that most respondents do not track actual expenditure against budgets; however, this tendency changes with an increase in age. Financing through loans decreases with an increase in the age of respondents. Cash flow considerations were identified since the national lockdown regulations were imposed, addressed mostly by an increase in saving initiatives. Where qualified financial professionals use financial advisors, it is predominantly for advising on retirement and investment strategies. An association was found between the age of respondents and the likelihood of utilising the services of financial advisors for taxation savings.Practical/managerial implications: It is recommended that the findings on how qualified financial professionals managed their funds prior to and after the national lockdown should be used as guidance by others.Contribution/value-add: The study provides information that the lockdown did not necessarily result in major changes in the financial behaviour of the qualified financial professionals in the study. | |
| Publisher | AOSIS | |
| Date | 2023-03-27 | |
| Identifier | 10.4102/jef.v16i1.816 | |
| Source | Journal of Economic and Financial Sciences; Vol 16, No 1 (2023); 10 pages 2312-2803 1995-7076 | |
| Language | eng | |
| Relation |
The following web links (URLs) may trigger a file download or direct you to an alternative webpage to gain access to a publication file format of the published article:
https://jefjournal.org.za/index.php/jef/article/view/816/1561
https://jefjournal.org.za/index.php/jef/article/view/816/1562
https://jefjournal.org.za/index.php/jef/article/view/816/1563
https://jefjournal.org.za/index.php/jef/article/view/816/1564
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