Professional Skills

Research Proposal
Module Code-BUAP033
Student ID-3008363

Contents:

 Introduction
 Research Aim & Objectives
 Background
 Importance/ Justification of Research
 Relevant literature
 Probable Methodology and analysis
 Limitations of Research
 Timelines
 References

1.Introduction
Many people struggle to efficiently manage their finances in today's complex financial
environment. Organisations have begun establishing finance advisory departments to offer
direction and help to their staff in response to this requirement. These divisions work to increase
financial knowledge, lessen financial stress, and improve general well-being.

This study examines how financial advisory departments affect businesses. These divisions offer
assistance and advice to workers on their finances. The study goal is to comprehend the
importance and usefulness of these divisions and how they might help employers and employees.
These divisions help people improve money management and lower financial stress by providing
financial advice through various channels, including in-person meetings and online support.

Module Code- BUAP022

Student Id-3008363
2.Research Aims & Objectives
The research proposal focuses on analysing how finance advisory departments affect employees'
overall productivity and job satisfaction. The main objective is to determine whether these
divisions benefit employees and whether they can enable organisations to make financial
savings. In this study interested in learning what variables affect employees' involvement in
these finance advising departments and whether they have an impact on employees' financial
stability.
The research also intends to conduct surveys among employees to learn more about their
perceptions of financial advisory departments. Additionally, this study will speak with
management to learn about the formation and operation of these departments. This study will
look for common themes and patterns by examining the survey responses and interview data to
determine what functions well and what can be improved.
The research will make suggestions based on the findings for businesses who are thinking about
establishing their own finance advising sections. The objective is to provide companies with
helpful guidance and assistance so they can make educated decisions about assisting their
employees' financial security. In addition, this study will seek to advance understanding of how
to raise financial literacy and workers' general well-being among employees. If the finance
advisory departments have significantly improved workers' productivity and job happiness, the
study will conduct a follow-up poll to assess the impact.
The research will assess the cost reductions associated with offering employees financial
counselling services by analysing the financial data of the organisations concerned. The study
hopes to show that by looking at these figures, providing these services is not only useful for
employees, but also profitable for businesses.
In order to find out what encourages or discourages employees from interacting with financial
advisory departments, the study also intends to hold small-group discussions with them. The
information will make it easier to spot any obstacles that would need to be removed for the
implementation to be effective. To see if there are any cultural differences in how effective
finance departments are, the researcher also wishes to compare their findings to those of studies
of a similar nature done in other nations.

3.Background
It is evident that many people struggle to successfully manage their finances in today's
increasingly complex financial environment is the driving force for this research. This issue
significantly affects general well-being and frequently results in high levels of financial stress.
Module Code- BUAP022
Student Id-3008363
Numerous organisations have established finance advice sections in response to this urgent issue
with the intention of assisting and advising their staff. These divisions work to promote general
financial stability, reduce financial stress, and improve financial literacy.

Considering how crucial it is to comprehend the effects and efficacy of these finance advising
departments for both companies and employees, this research aims to explore their impact on
workers' overall productivity and job satisfaction. The study tries to determine whether these
divisions prove useful for employees by looking at the potential advantages connected with
them, such as enhanced money management and decreased financial stress. It also seeks to
pinpoint the numerous elements that influence employees' involvement in these financial
advisory divisions and the effects it has on their financial security.

4.Importance / Justification of Research

This research project aims to shed light on how employee productivity and job satisfaction are
impacted by finance advisory departments. The study intends to offer useful insights for
organisations working to enhance the financial well-being of their employees by studying the
advantages, obstacles, and outcomes connected with these departments. Increases employees
financial security and gives them more control. Increases retention, work happiness, and
engagement among employees. Creates a positive organisational culture and lessens financial
stress. Provides a beneficial workplace perk that will help recruit and keep top personnel. This
can result in cost savings by helping people make wiser financial decisions. Promotes financial
stability and literacy, which has broader social ramifications.Drives innovation and ongoing
improvement inside of organisations. Recognises the relationship between a person's financial
situation, total job happiness, and quality of life. Organisations may develop a climate that
supports employee development, productivity, and long-term success by looking at the effects of
finance advising departments.

In the end, the research's conclusions will help improve both the lives of employees and the
general profitability of enterprises.

5.Relevant Literature
In the workplace, there is a significant demand for financial education, primarily to encourage
retirement savings (Garman, 1999b). According to the findings from this sample, college
students have a similar demand for financial education. Responses to the attitude items generally
showed that respondents lacked basic financial planning skills.

Module Code- BUAP022

Student Id-3008363
Multiple research projects revealed a positive relationship between financial literacy and self-
helpful financial behaviour. The countrywide Survey of Consumer Finances now includes
questions on financial behaviour and financial literacy, thanks to Hilgert, Hogarth, and Beverly
(2003). Based on actions in four areas: cash-flow management, credit management, savings, and
investment practices, they created a Financial Practices Index. When the findings of this index
were compared to the results of the financial literacy test, it became clear that financial
knowledge and behaviour are associated because individuals who were more financially
educated had higher Financial Practices Index scores.

Van Rooij, Lusardi, and Alessie (2007) discovered that Dutch adults with low financial literacy
are more prone than others to base their decisions on advice from peers and are less likely to be
financially independent.

The worry of money is something that many individuals go through. For instance, ongoing
financial stress brought on by credit issues can be detrimental to both physical and mental health.
People with high credit card debt had higher degrees of physical impairment and worse overall
health than other people, according to Drentea and Lavrakas' (2000) research. Financial stress
can be exacerbated by stressors connected to excessive credit card debt levels and bad financial
habits. Financial well-being and health perceptions are significantly impacted by high levels of
financial stress (Weisman, 2002).

Individual traits, financial habits, and stressful financial events all influence financial well-being.
The outcomes of financial behaviours also include financial well-being (Kim, 2000). Several
studies have been carried out to investigate people's financial behaviours and the methods they
employ to manage their financial resources in order to succeed financially (Joo, 1998; Kim,
2000; Porter, 1990; Scannell, 1990). The systems approach has also been used by researchers to
examine how financial management practices affect financial well-being (Fitzsimmons & Leach,
1994; Hira, Fanlsow, & Vogelsang, 1992). Financial well-being and financial management
practices are frequently discovered to be related.

The term "financial stressor events" refers to non-normative financial occurrences like "home
went into foreclosure," "had items repossessed," and "had wages garnished or attached."
According to Bagwell (2000) and Tokunaga (1993), these occurrences suggest that there has
been recent financial difficulty, possibly within the last year.

Financial stress and decreased financial well-being may be brought on by an accumulation of

financial stressor events.

According to research, when a person reacts in the same way to stressful situations over and over
again, the body suffers catastrophic results that make them more and more prone to emotional
Module Code- BUAP022
Student Id-3008363
issues, accidents, illnesses, and behavioural disorders (McGuigan, 1999). It is sensible to assume
that credit counseling clients who are in severe financial problems are also stressed out about
their financial status, but it is unclear how stressed out they are.

6.Probable Methodology and Analysis

The study will use a mixed-methods research strategy to accomplish these goals. Surveys will be
administered to employees as part of the study to learn about their perceptions and experiences
with financial advisory departments. Managers will also be interviewed to get insight into the
viability and implementation process of these departments. To find recurring themes and patterns
in the obtained data, thematic analysis will be used.

Additionally, this research intends to examine financial information about the business to
calculate the possible cost savings linked to offering financial advice to staff members. The
financial advantages of such initiatives for businesses will be determined by this analysis.

A case study technique that involves undertaking a thorough assessment of a particular

organisation or a small group of organisations that have established financial advisory
departments is something else I might take into consideration. Combining techniques like
interviewing, document analysis, and observation, for example, allows me to gather data. I can
obtain a comprehensive grasp of the implementation, activities, and results of these departments
by concentrating on one or more situations. The distinctive dynamics and difficulties faced by
finance advisory departments may be thoroughly examined in this example by providing
valuable insights into real-world scenarios.

The study might also think about using a case study technique, which entails undertaking
thorough research of a single organisation or a small group of related organisations that have
established financial advisory departments. This research can gather information using various
techniques, including interviews, document analysis, and observation. The study can develop a
comprehensive understanding of the implementation, operations, and results of these
departments by concentrating on one or more specific situations. It may be possible to analyse
real-world situations in detail using this instance, giving significant insights into the unique
dynamics and difficulties faced by finance advisory departments.

Module Code- BUAP022

Student Id-3008363
7.Limitations of Research
Sample Size: The study's small sample size might limit how broadly the results can be applied.
It is possible that the findings will not apply to other situations if the research was done in a
particular business or sector.

Self-Reporting Bias: Self-reporting bias could affect the data obtained from surveys and
interviews. The validity of the results may be impacted by participants' socially acceptable
comments or their inability to recollect specifics about their interactions with finance advising
departments. The selection of participants for surveys, interviews, or focus groups may be
influenced by prejudice. Employees that are particularly interested in or have had positive
experiences with financial counselling, for instance, may be more likely to engage, resulting in a
skewed depiction of the entire employee group.

Time Constraints: The study's participant poll may have a built-in bias against certain
demographics. Employees with greater levels of financial knowledge or those who actively
participate in the finance advising department, for instance, might be more likely to take part.
The results may be skewed if this results in an overrepresentation of people who are already
responsible for their money. The study's time limitations might make it difficult to evaluate the
long-term benefits of finance advisory services. Within the research timeframe, it might be
difficult to evaluate the viability and long-term effects of these activities.

Non-Causal Relationship: It may be difficult to establish a causal link between the existence of
finance advising departments and the observed results because the study is observational in
nature. The effects observed could be attributed to additional variables and factors not considered
in the research methodology.

Reliance on Self-Perception: Survey results and self-reported measures of financial well-being

or work satisfaction are only two examples of self-perception data that the research may strongly
rely on. Due to its subjective character, data collecting may be vulnerable to biases in
respondents' opinions and may not accurately reflect the genuine impact of finance advising
departments.

Practical Implementation Challenges: Organisations may have practical difficulties when

implementing finance advisory departments, such as employee reluctance or a lack of training
and support resources. The successful installation and operation of such departments may be
hampered by several practical obstacles, which may have an impact on the study's findings.

Module Code- BUAP022

Student Id-3008363
8.Timetable

9.References

- Leadership vs. management - ProQuest. Available:

https://www.proquest.com/openview/218e7e5ff73dea92fedf831bdee40c04/1?pq-
origsite=gscholar&cbl=41493 [Accessed: 8 May 2023a].
- Mandell, Lewis & Klein, Linda. (2009). The Impact of Financial Literacy Education on
Subsequent Financial Behavior. Journal of Financial Counseling and Planning. 20.
- Nieboer, J., Dolan, P. and Vlaev, I. (2017) Chapter 16: Financial Advisory Services.
SSRN. 9 June. Available: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2982384
[Accessed: 8 May 2023].
- Quantitative research ProQuest. Available:
https://www.proquest.com/openview/058c84ecfd436cf965eacb1556000ab0/1?pq-
origsite=gscholar&cbl=2042228 [Accessed: 8 May 2023b].
- The European Journal of Finance. Available:
https://www.tandfonline.com/doi/epdf/10.1080/1351847X.2019.1700148?
needAccess=true&role=button [Accessed: 8 May 2023c].

Module Code- BUAP022

Student Id-3008363