Original Research

Developing a framework to investigate the personal financial management knowledge of individuals

Miemie Struwig, W Plaatjes
South African Journal of Economic and Management Sciences | Vol 10, No 1 | a534 | DOI: https://doi.org/10.4102/sajems.v10i1.534 | © 2013 Miemie Struwig, W Plaatjes | This work is licensed under CC Attribution 4.0
Submitted: 20 February 2013 | Published: 21 February 2013

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Miemie Struwig, NMMU, South Africa
W Plaatjes, Walter Sisulu University

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Abstract

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.

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