A Conceptual Framework for Wealth Maximization: Literacy and Planning Embedded Model

Abstract

The aim of this paper is to develop a conceptual framework for wealth maximization. The paper defines and presents conclusive issues pertaining to financial literacy, financial planning and wealth maximization and expect to paradigm a conceptual framework for a prospective investigation. The research attempts to ascertain the significance of demography, perception towards money and parental role on financial literacy, financial planning and wealth maximization. Further research is obligatory to validate empirically the framework through systematic investigations and to assess its viability as a wealth maximization model. It is envisioned that the creation of awareness and transfer of financial literacy and planning to individuals will liberate the government to delve on macro level issues for economic prosperity. The theme is original and positions itself as the beginning stream of financial literacy and planning research, ultimately crafting foundational contribution to wealth maximization.

Influence of Financial Social Agents and Attitude Toward Money on Financial Literacy: The Mediating Role of Financial Self-Efficacy and Moderating Role of Mindfulness

“…According to Sundarasen et al (2014), it has been universally renowned that money is a governing tool and a strong stimulus that shapes the behavior of making financial decisions. Isomidinova et al (2017) further stated that because of the growing importance of money in everyone's life, it is worth recognizing the perspective of people toward money.…”

“…Attitude toward money is anticipated to serve as signs of healthy financial behavior (Shim et al, 2010). In exact, many studies have found that attitude toward money is significantly associated with the financial literacy of students (Albeerdy & Gharleghi, 2015; Isomidinova et al, 2017; Sorooshian & Seng Teck, 2014; Sundarasen et al, 2014; Thapa, 2015). Grounded by the above literature, it can be established that their perspective toward money has a strong impact on financial literacy.…”

“…Researchers suggest that some factors need to be further analyzed and those determinants contribute to the lack of financial literacy among university students like financial self-efficacy, financial socialization agents, and attitude toward money (Grable & Joo, 1998;Isomidinova et al, 2017;Opletalová, 2015;Sundarasen et al, 2014;Thapa, 2015;Wagner, 2015). Socialization agents are with whom people interact in day to day life affairs (McLeod & O'Keefe, 1972).…”

Assessing the Impact of Financial Literacy on Firm Sustainability: Mediating Role of Financial Access and Firm Growth

“…Money-related education is imperative to guarantee the reasonable advancement of people and society. As per Bryant, financial development and supportability are established in people's money-related proficiency (Al-Matari et al, 2014;Sundarasen et al, 2014;Wise, 2013).…”