BU6005: Spending Behavior and Financial Planning Project

This project report investigates the factors influencing the spending behavior and poor financial planning among young adults aged 20-35. The research, conducted as part of the International Business Project (BU6005), includes a survey to gather data on demographics, spending habits, savings, and the impact of peer groups, family, social status, and purchasing power. The report is structured to address the research selection, necessity, usefulness, aims, data collection methods, and ethical considerations. The survey questions explore the influence of various factors on spending and financial planning decisions, using a Likert scale to gauge agreement levels. The research aims to provide insights into the financial behaviors of young adults and offer recommendations for improved financial planning. The project adheres to the guidelines provided in the assessment brief, including referencing key resources and adhering to the specified word count and submission deadlines.

Perform a research on the topic on ‘factors influencing the spending behaviour and poor financial planning among
youngsters and young working adults between 20 to 35 years
Section1 General Information (Please choose the most convenient answer)
G0
1 Gender ☐ Male ☐ Female
G0
2 Age group (years) ☐ 18 -24 ☐24-30 ☐31-35
G0
3
Education
a. Up to High School
b. Diploma
c. Bachelor Degree
d. Master/Doctorate
G0
4 Years employed ☐<3 years ☐3-6 years ☐7+ years
G0
5
Current status
a. Student
b. Employee
c. Others
G0
6
How much money do you spend monthly?
a. Less than 2000$ a month
b. 2000$ to 5000$
c. More than 5000$ a month
G0
7
Do you engage in regular savings?
a. Yes
b. No
G0
8
What saving opportunities are you aware of?
a. Mutual funds
b. Bank deposits
c. Bond market
d. Gold
e. Others
G0
9
Do you live with your family?
a. Yes
b. No
G1
0
Do you get influenced by other individuals and factors while saving?
a. Yes
b. No
G1 Which factor affects your opinions the most

1
Social status
Family influence
Peer groups
Purchasing power

SECTION B: Factors affecting the spending and financial planning
SECTION C: Financial planning amongst young individuals
Peer groups
The innovative aspect needs to be easy to use SD D N A SA
The innovation assists carrying out the transactions easily SD D N A SA
Family
The innovation needs to add to the usefulness of the enterprise SD D N A SA
The innovation would be required to appraise the organizations
value SD D N A SA
Social status
The innovation aligns with the overall goals of the firm SD D N A SA
The innovation needs to bring better operations SD D N A SA
Purchasing Power
The innovation aligns with the overall goals of the firm SD D N A SA
The innovation needs to bring better operations SD D N A SA

SECTION D: Spending amongst young individuals
SECTION E:
SECTION F:
SD= Strongly Disagree(1)
D= Disagree (2)
N= Neutral (3)
Financial
Innovation improves the financial performance of the enterprise. SD D N A SA
The financial standing of the firm supports the innovation SD D N A SA
Customer expectation
The innovation needs to be in line with customer expectations SD D N A SA
The innovation is required to support the capability of the firm SD D N A SA
Do you believe that factors like peer groups, family, purchasing
power and social status has an impact on the spending of the
young individuals SD D N A SA
Do you believe that factors like peer groups, family, purchasing
power and social status has an impact on the financial planning of
the young individuals SD D N A SA

A= Agree (4)
SA= Strongly Agree (5)