Medical practitioners learn money management by trial and error and often realize the mistakes and shortfalls at later stages of life. This study measured the levels of personal financial management knowledge and attitude of the medical practitioners in yeka and bole sub. In this cross sectional study, a pre-tested questionnaire was used to conduct face to face interviews with randomly selected medical specialist, medical officers, nurses and other health officers through a multistage sampling.
A total of 385 (53.0% yeka sub city and 47.0% bole sub city) medical practitioners. The aim of this study is to assess the level of knowledge and attitude of medical practitioners towards personal financial management in Addis Ababa city administration yeka and bole sub city public health center. Thus, the target population of this study is all medical practitioners in Addis Ababa city administration yeka and bole sub city. The number of medical practitioners considered for this study was 197 using stratified random sampling technique.
The analysis is done through using descriptive statistics including cross tabulation, charts and tables and from inferential statistics Chi-square test of independence and Logistic regression model, which are used to determine the factor that affect medical practitioner’s attitude and knowledge on personal financial management. Based on the result of this research paper, Academic qualification, financial knowledge, cash & credit management and saving & risk management is the most effective variable to affect the attitude and knowledge of medical practitioners towards personal financial management.
Table of Contents
CHAPTER 1
INTRODUCTION
1.1 Background of study
1.2 Problem Statement
1.3 The Study Objective
1.3.1 Major Objective of the Study
1.3.2 Specific objectives of the Study
1.4 Research questions of the Study
1.5 Hypotheses of the Study
1.6 The Significance of the Study
1.7 Scope of the Study
1.8 Organization of the Study
1.9 limitation of the study
1.10 Conclusion
CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction
2.2 Theoretical framework of the study
2.2.1 Overview of personal financial management
2.2.2 The birth of personal financial management and its features
2.2.3 History of personal financial management in Ethiopia and its features
2.2.4 The Importance of Personal Financial Management
2.2.4.1 The need for personal financial management studies
2.2.4.2 Personal Financial Management Process
2.2.5 Major Factors affecting personal financial management
2.2.5.1 Demographic Variables
2.2.5.2 Financial Knowledge
2.2.5.3 Financial Attitude
2.2.5.4 Financial Planning
2.3 Empirical works on personal financial management
2.4 Conceptual framework of Personal Financial Management
2.5 Research gap
CHAPTER THREE
METHODOLOGY OF THE RESEARCH
3.1 Introduction
3.2 The study area and Study Population
3.3 Research Design
3.4 Data sources
3.5 Methods of Data Collection
3.6 Reliability of the research instrument
3.7 Validity of the research instrument
3.8 Sampling Design
3.8.1 Sampling technique
3.8.1.1 Purposes and stratified sampling
3.8.2 Sample Size determination
3.9 Model specification and Data Analysis
3.9.1 Model specification
3.9.2 Method of Data Analysis
3.9.2.1 Descriptive Statistics
3.9.2.1 Inferential Statistics
3.9.2.2.1 Chi-square test of independence
3.9.2.2.2 Logistic Regression
3.9.2.2.3 Test statistics for over all models
3.9.2.2.4 Test statistics for each coefficient
CHAPTER FOUR
DATA ANALYSIS, FINDINGS AND DISCUSSIONS
4.1 Introduction
4.2 Reliability of data collection Instrument
4.3.1 Distribution of Socio-demographic factors towards attitude and knowledge of medical practitioner
4.3.2 Position of medical practitioners in Sub city
4.3.3 Monthly income with in adequate knowledge and Attitude
4.3.4 Financial Management Attitude
4.3.5. Financial Management Knowledge
4.4 Data analysis of inferential statistics
4.4.1 Chi-square Test of Independency
4.4.2 Binary Logistic Regression Analysis
4.4.2.1 Goodness of Fit Test
4.4.2.2 Classification table
4.4.3 Model Estimation
4.5 Conclusion
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMENDATIONS
5.1 Introduction
5.2 Summary of Findings
5.3 Conclusions
5.4 Recommendations
5.4.1 Policy recommendations
5.4.2 Recommendations for further research
Objectives and Topics
This study aims to assess the personal financial management knowledge and attitudes of medical practitioners in the Yeka and Bole sub-cities of Addis Ababa. It explores the relationship between various demographic and socioeconomic factors and the ability of these professionals to manage their finances effectively, ultimately testing how these factors influence financial behavior.
- Personal financial management practices among medical professionals.
- Impact of financial literacy on economic decision-making.
- Socio-demographic determinants of financial attitude and knowledge.
- Statistical modeling of financial management capabilities using binary logistic regression.
Excerpt from the Book
1.1 Background of study
Financial management (FM) is an essential element in the effective running of the organization. A lot of resources are involved in running organizations and therefore, to get value from those investments require a lot of transparencies and accountability from the people in charge, Burke (2001). The education sector in many countries consumes very high budgetary allocation and therefore sound financial management is paramount. A lot of attention is given to education world over because of the impact it has on development. According to UNESCO (2000), low levels of education are not good on the economy of any nation. As a result, secondary education in some countries like Britain, USA, Canada, Egypt and Nigeria is fully funded by the state.
Building a medical practice can bring many rewards and many responsibilities but success has price. As a medical professional it is often a struggle to balance the many different aspects of a busy life (www.emoneyadvisor.com). The more financial success a physician has the more time it takes to manage it. As the wealth grows, life does not get simpler but it gets much more complex. How well do these professionals keep track of their finances when they are busy striving for a successful medical practice? Are their assets working as hard as they are? How much time are they allocating to manage their wealth?
Financial management has been an age old complication. Ever since trade began among humans, there had been a search for an equitable and fair medium of exchange. It was the barter trade centuries ago which gave rise to conflicts between traders as they could not reach to a settlement on the values of the goods being exchanged, that led to the introduction of money.
Financial experts agree that while people have much more money today than they did generations ago, the amount of knowledge on how to manage that money hasn’t kept pace- not at all (Maura Fogarty, 2012). Taking charge of planning and managing our finance and putting it into implementation is very important for every individual. We must know how to take control of our money. This is not only to set up our household budget but also to save for the future as well as plan for our retirement and invest for our better future.
Summary of Chapters
CHAPTER 1: Provides the research background, defines the problem regarding financial literacy among physicians, and outlines the specific objectives and hypotheses of the study.
CHAPTER TWO: Reviews the theoretical and empirical literature on personal financial management, covering historical context, major factors affecting financial behavior, and the conceptual framework used.
CHAPTER THREE: Details the research methodology, including the quantitative research design, sampling techniques used to select 197 medical practitioners, and the binary logistic regression model for analysis.
CHAPTER FOUR: Presents the analysis of the data collected from the questionnaires, including findings on the financial attitudes and knowledge of the medical practitioners and the results of the inferential statistical tests.
CHAPTER FIVE: Summarizes the study's findings, draws final conclusions regarding factors influencing financial management, and offers policy recommendations for future improvements.
Keywords
Personal Financial Management, Financial Literacy, Medical Practitioners, Financial Attitude, Financial Knowledge, Binary Logistic Regression, Socio-demographic factors, Financial Planning, Addis Ababa, Investment Management, Ethiopia, Debt Tolerance, Financial Education.
Frequently Asked Questions
What is the core focus of this research?
The research focuses on evaluating the levels of personal financial management knowledge and the attitudes of medical practitioners working in the public health sector in Yeka and Bole sub-cities of Addis Ababa.
Which specific areas of financial management are covered?
The study examines cash management, credit management, risk management, investment management, and general financial planning practices.
What is the primary research goal?
The primary goal is to assess the level of financial knowledge and attitude of medical practitioners and to determine the socio-demographic factors that influence these behaviors.
Which scientific method is employed in this study?
The study uses a quantitative research approach, employing structured questionnaires and performing binary logistic regression analysis and Chi-square tests to validate the research hypotheses.
What topics are discussed in the main body of the work?
The main body covers theoretical frameworks, empirical literature reviews, detailed methodology for data collection and analysis, and a comprehensive discussion of findings regarding the financial capabilities of the participants.
What key terms characterize this research?
Key terms include Personal Financial Management, Financial Literacy, Medical Practitioners, Financial Attitude, and Binary Logistic Regression.
Are medical practitioners traditionally considered good money managers?
While there is a public perception that medical professionals are informed consumers and excellent money managers due to their lifestyle, this study seeks to empirically assess their actual financial wellbeing.
How does experience influence the financial knowledge of physicians?
The findings suggest that work experience and age are positively associated with adequate knowledge of personal financial management among the studied medical practitioners.
What is the significance of the "Research gap" mentioned in the study?
The study highlights a lack of research on financial management among adult populations in developing countries, specifically in Ethiopia, compared to existing studies in developed nations focused mostly on college students.
- Arbeit zitieren
- Sisay Nigatu (Autor:in), 2019, Personal Financial Management. Which Factors Affect it?, München, GRIN Verlag, https://www.hausarbeiten.de/document/490392
