A reconceptualised perspective of the six-step financial planning process
- Authors: Kinsman, Estonia Jasmine
- Date: 2023-04
- Subjects: Financial planning industry , Affluent consumers
- Language: English
- Type: Doctoral's theses , text
- Identifier: http://hdl.handle.net/10948/60786 , vital:67404
- Description: The globally applied six-step financial planning process which is used by CFP® professionals to provide financial advice is designed to ensure that the financial advice is suitable, based on the needs of the consumer. However, given the diverse cultures in South Africa, this study argues that the six-step financial planning process (as it is currently applied) may not be suitable, as it requires contextualisation based on the unique needs of South African consumers. The various population groups in South Africa have their own sets of beliefs, values and cultural practices, and thus view aspects such as wealth (the creation, preservation and transference thereof), marriage, death and retirement, differently. Thus, financial planners who are not knowledgeable about different cultures, diverse financial needs, or the provisions of customary law, may not be able to provide suitable advice. The primary objective of the study is thus to reconceptualise the six-step financial planning process to be more inclusive, in order to better serve the financial planning needs of South African consumers. A comprehensive literature review was undertaken to provide the context and framework within which the reconceptualisation of the six-step financial planning process could be approached. An investigation of the financial planning environment and the financial planning process was completed to determine how the six-step financial planning process is currently applied in the South African context. Further, an investigation of culture and the cultural dimensions – power distance, uncertainty avoidance, individualism, masculinity, timeorientation and indulgence – was conducted, as it was clear that these cultural dimensions cannot be generalised to all South African consumers, due to the large degree of diversity within the population. It was also determined that there are various factors that contribute towards the cultural diversity of South African consumers, which may influence their financial needs and the type of financial advice that is required. These factors include race and ethnicity, marital regimes, procreation and family structures. To further illustrate the diversity of financial needs of South African consumers, a discussion of Black households and the application of financial planning legislation and customary law was provided. Black households are considered to be under-serviced, historically financially excluded, have low levels of financial literacy, and are mostly collectivist in nature. It is for these reasons that Black households are the focus of the study. Some of the financial needs that vi are common among Black households include land and property ownership, family wealth, family homesteads, lobola capital and ‘black tax’ expenditure. Given that the literature review established how the six-step financial planning process is currently applied, an interpretivist research philosophy was adopted in order to gain a deeper understanding of how the six-step financial planning process should be applied in a South African context. Further, the research approach in the context of this study is an inductive one, as the six-step financial planning process is an existing theory that was reconceptualised by considering the perceptions and experiences of 16 CFP® professionals and 14 Black South African households. A mono-method qualitative research methodology was used, with a single qualitative method of data collection (semi-structured interviews), and a single qualitative method of data analysis (latent content analysis). The findings of the study were used to provide a reconceptualised perspective of the six-step financial planning process which takes into consideration the fact that the image of a financial planner plays an important role when trying to establish a professional relationship with a client. The findings reveal that Black consumers in particular, generally have a negative image of a financial planner, which is influenced not only by their perceptions of a financial planner, but also by their self-perception of their own financial situation. The reconceptualised perspective of the six-step financial planning process also incorporates the finding that discussions around personal finances are considered impolite and taboo among the Black African community, which influences their ability to talk about these topics, trust a financial planner, and establish a professional relationship with them. The findings also reveal that a racial and gender bias exists among Black consumers – they prefer interacting with a White male financial planner, as they perceive them to be more competent and have more experience with finances and wealth accumulation. It was also found that CFP® professionals believe that having cultural awareness and cultural intelligence can reduce bias in the way that questions are asked, so as not to offend the client. Thus, cultural awareness was also incorporated into the reconceptualised perspective of the six-step financial planning process. It was also noted that it is important to ascertain clients’ level of financial literacy during the information gathering stage. Black consumers opined that in this regard, it is the role of the financial planner to both ascertain and ensure their clients’ financial literacy, and to offer financial education to ensure client understanding. vii Although the premise of the study is that South African consumers have unique financial needs due to the high degree of diversity among the population, it was the opinion of CFP® professionals that Black consumers, in particular, do not have unique financial needs – instead, they define their needs differently, have different exposures to financial resources to address their financial needs, and also prioritise and satisfy their needs differently. The prioritised financial needs of Black households (sub-themes) that emerged from both participant groups include the need to make provision for black tax, estate planning, funerals, and property ownership. Black household participants mentioned (to a greater extent than CFP® professionals did) the need to make provision for lobola and initiation schools, as these form part of several traditional ceremonies. The need to make provision for a family home was mentioned by Black household participants but not by CFP® professionals. It was discovered from Black household participants that stokvels are the most common micro-finance tool used by Black consumers, for various reasons. In fact for some, stokvels are preferred over formal financial products because they perceive that they yield a higher return, and others use them successfully to supplement their current provisions. These findings (among others) were incorporated into the reconceptualised perspective of the six-step financial planning process which is presented in this study. This study has made a contribution to the financial planning body of knowledge by presenting a reconceptualised perspective of the six-step financial planning process, and providing new knowledge on each of the associated six steps and their suitability in a South African context. This study also provides justification and evidence for the inclusion of aspects within the sixstep financial planning process that enhance the understanding of cultural diversity and needs of Black households in particular. Justification has also been provided for the inclusion of cultural aspects and diverse needs of Black consumers the in the academic curriculum of FPI and FSCA recognised qualifications, as well as the facilitation and learning outcomes of business and product-specific training that FSPs are required to provide to their representatives. The study findings also have implications for the development of the academic curriculum and assessment materials for CFP® professionals by recognised education providers, the FSCA regulatory examination, and the FPI professional competency examination. In addition, the study has provided evidence for the need to develop financial products, or customise existing financial products, that address the viii needs of Black households – especially culture-specific financial needs such as black tax, lobola and funding for initiation schools. Key words: Black households; CFP® professionals; culture; diverse needs; reconceptualisation; six-step financial planning process. , Thesis (MSc) -- Faculty of Science, School of Environmental Sciences, 2022
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- Date Issued: 2023-04
Visitors' perceptions of the Outeniqua farmers' market in George
- Authors: Oberholzer, Cornelis
- Date: 2023-04
- Subjects: Farmers' Market -- George , Sustainable Development , Garden Route (South Africa)
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/60729 , vital:66486
- Description: Sustainability has been the focal point of sustainable tourism development in South Africa for a number of years. The ability of attractions to depict the culture of an area and provide visitors with locally produced goods that remain economically viable for vendors, remains crucial for tourism development. Hence, farmers’ markets have recently been identified as potential visitor attractions that can provide sustainable development for communities. However, farmers’ markets and their clientele who attend have not received the necessary scholarly attention particularly within the Western Cape region of South Africa. To further understand what role farmers markets can play in the tourism economy; this study sought to examine the perceptions of visitors at the Outeniqua Farmers’ Market in George. The research objectives were: • To determine the demographic profile of visitors to the Outeniqua Farmers’ Market. • To ascertain the preferences of visitors with regard to the type of products offered at the Outeniqua Farmers’ Market. • To determine whether the Outeniqua Farmers’ Market serves as an attraction to visitors. • To analyse which factors motivate visitors to attend the Outeniqua Farmers’ Market. • To examine the visitors understanding of the impact of COVID-19 pandemic on the Outeniqua Farmers’ Market. To accomplish the objectives of this study, previous research undertaken was consulted in order to better understand how farmers’ markets were performing around the world. In addition, to what methodological approaches would be most appropriate to utilise for such a study. The literature consulted revealed disparate differences in perceptions between farmers’ market visitors in Northern as opposed to Southern hemisphere countries. The effects of COVID 19 and the influence of visitor perceptions on travel behaviour were expounded on. Also, previous research revealed that a quantitative survey would be useful for the study as respondents would be accessible at the farmers’ market to solicit information since it was a confined area. v The findings revealed that visitors were mostly locals to the area, comprising primarily white middle-aged females who often attend with family groups. Furthermore, visitors thoroughly enjoyed the overall experience the market presented. It is further complemented by the availability of ready-to-eat foods as well as the provision of social interactions within a secure environment, while scrutinising the environmental friendliness and uniqueness of the products. , Thesis (MA) -- Faculty of Business and Economic Science, 2023
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- Date Issued: 2023-04
Women at work: A Muslim perspective
- Authors: Arghedien, Nuraan
- Date: 2023-04
- Subjects: Personnel management , Muslim women
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/60510 , vital:65640
- Description: Globally, women, including Muslim women face challenges advancing within their careers. This is supported by research focusing on the advancement of women. However, a paucity of research exists, focusing on the factors contributing to specifically the success and advancement of Muslim women. This study therefore explored the factors impacting on the experienced career success of women, particularly Muslim women and sought to identify additional barriers faced by Muslim women in the work context. In addition, the study identified interventions that can be used to enhance their success. For the purpose of this study, experienced career success referred to the subjective view of success individuals hold of themselves in relation to their careers. The target population of this study included women and men, irrespective of religious orientation or ethnic profile who reside and work in South Africa (n=243). A self-administered online survey was developed and distributed via an electronic link to individuals within a professional network as well as on various social media platforms. In addition, the study was subjected to various statistical analyses, including an Exploratory Factor Analysis, Reliability, Multiple Correlations, and Group Comparisons using ANOVAs, Tukey HSD, Independent Sample t-tests and Cohen’s d. Moreover, the qualitative analysis included ATLAS.ti, a manual search and the use of word clouds to extract themes that were highlighted or emphasised in the empirical study. The main findings of this study suggest that there are various factors impacting on the experienced career success of Muslim women. Positive significant relationships were found between Internal Factors and Success Indicators, indicating that the higher the level of motivation, the more successful are Muslim women. In addition, Organisational Factors and Success Indicators showed a positive relationship, implying that the importance placed on career-related interventions and commitment from top management influence the success of Muslim women. A significant relationship was found between Organisational Success Strategies and Success Indicators which means that the more aware and exposed Muslim women are to the identified career-related interventions, the greater their success. x No relationships were evident between gender and success, nor were differences found in the responses of men and women, contrary to the perception that the extent to which the factors apply to men and women are different. Furthermore, a model was developed based on the theoretical underpinnings and empirical evidence to assist in understanding the factors impacting on the experienced success of Muslim women. Additionally, strategies in the form of recommendations were advised with the aim of enhancing the experienced success of Muslim women. This study contributes to the body of knowledge relating to the advancement of Muslim women in the South African context. , Thesis (PhD) -- Faculty of Business and Economic Science, 2023
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- Date Issued: 2023-04