The importance of personal finance is a life skill that is unaware by almost all individuals in this modern society. This can be seen by how people these days could earn more than our previous generation. Despite, only few people have appropriate knowledge of the best ways to manage the money that earn. Personal finance is the approach, the ways, or the methods to be taken by individuals to manage the money they earn. If an individual is capable of handling his /her personal finance therefore ,this will result into a better financial future (Munohsamy, 2015).

This research aims to analyze the importance of  finance in our modern society, along with the knowledge needed in managing individuals personal finance. This work deliberates literature review to present the importance, awareness, and perception of personal finance among society. A questionnaire also has been conducted to get  applicable result, in addition to the methodology presented in this research. At the end, conclusions and recommendations are mentioned to finalize  this research

Acknowledgment of The Importance of Personal Finance

I would like to present my great acknowledgment to my warmest supervisor (Professor’s name), who has motivated me and supported me in completing this work. His warm and friendly guidance along with professional advice, are the most valuable things that supported me throughout every stage of this work.

I also present my grateful thanks to my parents, who have always encouraged me to perform the best in completing all my tasks. I would have never succeeded without their help and support.

I would also like to express my big appreciation to my class fellow (Name), who had been helping me in gathering all the pieces into my work. Completing this work would have definitely been tougher without (his/her) friendship and encouragement.

Finally, I also wish to express my big appreciation for my University (University Name) that has given me the opportunity to explore my knowledge more by completing this task.

Table of Contents

Background of The Importance of Personal Finance

Almost all of the financial experts believe that nowadays, people could earn more than our previous generation. On the other hand, it is also mentioned that only few individuals  have appropriate knowledge of the best ways to manage the money they earn.According to (khalid almushare,2015), when it comes to financial litracy and money saving, it is said that Saudis are scored below average  . Taking full control of both planning and managing our own finance and then placing it into proper implementation is extremely fundamental for every single person. Each of us should have adequate knowledge on how to manage our money so that we would not end up in spending more than earning . This applies not only on setting up financial budget but also planning our finances such as investment or an excellent retirement plan.

As we all have acknowledged, along with the booming of globalization, there is an increase in the cost of living standards that should be taken into consideration  . However, most of us are unable to understand what the importance of personal finance is and how to manage it so that we would not end up with many debts or loans that definitely cannot be defined as a great future. Thus, it is fair to say that every single human being must have a great awareness and knowledge of their own financial planning, along with the management (Mao, Danes, Serido, & Shim, 2017).

Research objectives

The main objectives of this research are as mentioned below:

·         This research aims to identify the significance of personal finance in modern society

·         This research made to define the awareness of personal finance in society

·         This research is conducted to recognize the advantages of personal finance management

·         This research is performed to understand the steps for individuals to manage their personal finance such as; Budget and savings, Spending, Debt and credit, Investing and Housing

Explanation of each objective of The Importance of Personal Finance

Budget and savings of The Importance of Personal Finance

In terms of personal finance, budgeting is considered as the biggest key to manage your finances (MIRIAM CALDWELL,2019). DESPITE how simple the term budget IS, many people find it CONFUSING. budget is considered as the written plan for spending money in an effective MANNERS. the best startguideline is to adopt the 50-30-20 rule (michele CAGAN,). THIS rule states that an individual should spend 50 percent of their after-tax income on housing, FOOD, And other necessities ;20 percent paying debtor incresing savings; and 30 percent on wants(wes moss,2019). having a well managed budget plan helps a person to turn the finances around and starts to create wealth of his/her OWN

The budget is considered as the written plan that is required for spending money in effective manners. The person can easily create a monthly and annual budget for its requirements. This budgeting allows the person to make the financial decision with the accordance of time. The budgeting can make it easier in order to cover the entire expenses in extensive manners throughout the years. The process of budgeting constantly helps the person to turn the finances around and starts to create wealth.  The budget is one of the most important essential element that is required to spend health in effective manners.

Spending of The Importance of Personal Finance

The personal spending is considered as the document that is utilized to measure the individual’s cash flow as well as the cash flow of the family. The plan of personal spending is most similar to the budget. The personal spending is helping to obsess and highlight the ways from where incomes are earned and expenses are incurred. When personal spending is paired with a worksheet of the financial goals, the plan of personal spending can be utilized in order to create roadmap spending of the monitoring. The plan of personal spending assists in measuring the appropriate and particular methods for savings (Garman, 2011).

Debit and credit of The Importance of Personal Finance

The terms of the debt and credit can be examined in various exclusive manners in terms of personal finances. The debt is the amount that you gave to another person or entity in another form of the cash receivable. This amount will be your loan on another person. That person is your debtor who is accountable to pay your amount. In the term of the personal-finance, the credit is referred as the purchase of the services and goods in the present along with particular promise to pay in the future with the accordance of money that you still plan to earn.

Investing and Housing of The Importance of Personal Finance

As an individual, Financial stability is an important element to consider. According to (michele Cogan, ), the sooner you start investing the easier you secure your financial standing in the future. In spite of associating investment with risk, it is very important to consider a solid financial foundation before starting to invest (johny,2012 ).for this reason, (michele cogan,) stated that there is 8 lists an individual should keep in mind before starting to invest :1) having a steady income .2)having money left over after meeting your financial obligations.3)considering the effect of upcoming changes such as divorce, children etc. 4)building up your savings .5)knowing the history of the type of investment .6)knowing your risk tolerance.7)setting realistic expectations for investment returns.8)delivering a diversified investment plan. Going through this path will guarantee a safe startup.

 

When the person thinks about the personal finance than the investment is the one the most important and crucial elements that must be considered by the person in a good way every person wants to invest some money  in order to make their savings in good ways that he can be utilized to purchase his house. Sometimes the luckiest people get the house in inheritance from hid forefather. But the lust of wealth makes a man crazy; the man wants to invest more and more to be the richest person in the world.

Research questions of The Importance of Personal Finance

            This research aims to analyze the importance of personal finance in our modern society, therefore questions that are needed to be answered in this research are as follows:

·         What is the significance of personal finance in modern society?

·         How is the awareness of personal finance in society?

·         What are the advantages of personal finance management?

·         What are the steps for individuals to manage their personal finance?

Literature Review of The Importance of Personal Finance
Definition of Personal Finance of The Importance of Personal Finance

Personal finance is considered as the appropriate management of the money as well as a particular financial decision for the person or family. It includes budgeting, retirement planning and investment. Personal finance addresses the methods, whereas the individuals or some families acquire, save, budget, and also spend their financial assets throughout the time, taking into account of many monetary risks, as well as the future occasions.  Personal finance is considered as the term that is required covers and managing the money by investing and saving. The entire industry is often included in that offers the financial services fir the individuals as well as advises and holding them related to the investment and financial opportunities.  Additionally, it has been proposed by the authors that if an individual does not get the knowledge on the importance of personal finance earlier, then there will be a great chance that that individual will be prevented from building up their own wealth (Garman, 2011). 

The Personal Financial Management of The Importance of Personal Finance

Zemtsov & Osipova (2016) have proposed that financial management is defined as the way to manage or handle our financial condition within a responsible manner, with a purpose to accomplish financial independence. The management of personal finance specifically deals with managing money earned and spend it properly in all aspects of our life. Financial management integrates both personal and organizational finance . The management of personal finance will support an individuals to handle and manage the finance such as saving, budgeting, debt, also investing management, and other factors associated with the personal capital, in which an individual will be able to attain personal life goals. In a simple definition, the management of personal finance is basically the process of managing the income and arranging all the expenditures with following a detailed and accurate financial plan. In brief, studying to record the track of money earned and shaping the plan to use the money in proper expenditures will able to provide a methodical method in utilizing our income (Zemtsov & Osipova, 2016). ( sentences are repeated whyyy???? No reference as well )

Moreover, Rea, Zuiker, & Mendenhall (2016) also have stated that the personal financial management has turned out to become the main element in managing money properly, and this will definitely require suitable planning. The reason behind this is due to planning defined as the process of creating an appropriate procedure of how we are doing things and also following those actions to finally achieve our expected targets or goals. Furthermore, financial planning also described as a progressing plan that modifies as we develop ourselves in our jobs in our career and then move forward to the next stages of our life, it is an essential plan that requires to be observed along with the changing life conditions, for instance, purchasing a new house, getting marriage, and more. Since there will always be changes in our life goals, which aligned with the changes in our financial condition, we will need to review actively the financial plans that we have made. This is quite necessary to observe whether we would able to attain our financial goals in the given deadline. Thus, the authors have concluded that personal financial management will able to lead each individual to have a better future life ahead. The motive is quite simple; the more successful an individual with their finances, the better lives they will get (Rea, Zuiker, & Mendenhall, 2016). (needs to be editied )

The Significance of Personal Finance Management

The management of personal finance is mandatory for every person because it offers the chance for person to spend his life in inaccurate and effective ways. Money is the basic need of human beings. In addition to this, this personal financial management will also enable individuals to make better financial decisions, which will decrease poverty, reduce their debts, as well as enhancing their investments and savings (Lusardi, Samek, Kapteyn, Glinert, Hung, & Heinberg, 2017). Personal financial skills are important because without them, people usually spend their entire lives slaving for money, always in debt, never able to catch up and get ahead. This is bad enough, but the issue goes far deeper. When children watch their parents slaving for money, always owing more than they get from their hard work, the children usually repeat that behavior as adults. The management of the person is necessary because without it, generations of people will most likely continue to live unfulfilling lives as slaves to money.” There must particular education in order to introduce the plan for personal finance. It offers good chances to save money in effective manners for future perspectives.

INCOME	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	Total	Avg
Dividends	7,856	8,642	9,506	10,456	11,502	12,652	13,917	15,309	16,840	18,524	20,376	22,414	167,995	14,000
Gifts Received	7,768	8,545	9,399	10,339	11,373	12,510	13,761	15,138	16,651	18,317	20,148	22,163	166,113	13,843
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other	3,232	3,555	3,911	4,302	4,732	5,205	5,726	6,298	6,928	7,621	8,383	9,221	69,114	5,760
Refunds/Reimbursements	534	587	646	711	782	860	946	1,041	1,145	1,259	1,385	1,524	11,419	952
Transfer From Savings	34,567	38,024	41,826	46,009	50,610	55,670	61,238	67,361	74,097	81,507	89,658	98,624	739,191	61,599
Wages & Tips	345	380	417	459	505	556	611	672	740	813	895	984	7,378	615
Total INCOME	54,302	59,732	65,705	72,276	79,504	87,454	96,199	105,819	116,401	128,041	140,845	154,930	1,161,209	96,767
HOME EXPENSES	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	Total	Avg
Cable/Satellite	100	110	121	133	146	161	177	195	214	236	259	285	2,138	178
Electricity	344	378	416	458	504	554	609	670	737	811	892	981	7,356	613
Furnishings/Appliances	344	378	416	458	504	554	609	670	737	811	892	981	7,356	613
Gas/Oil	345	380	417	459	505	556	611	672	740	813	895	984	7,378	615
Home/Rental Insurance	345	380	417	459	505	556	611	672	740	813	895	984	7,378	615
Improvements	567	624	686	755	830	913	1,004	1,105	1,215	1,337	1,471	1,618	12,125	1,010
Internet	867	954	1,049	1,154	1,269	1,396	1,536	1,690	1,858	2,044	2,249	2,474	18,540	1,545
Lawn/Garden	678	746	820	902	993	1,092	1,201	1,321	1,453	1,599	1,759	1,934	14,499	1,208
Maintenance/Supplies	67	74	81	89	98	108	119	131	144	158	174	191	1,433	119
Mortgage/Rent	67	74	81	89	98	108	119	131	144	158	174	191	1,433	119
Other	67	74	81	89	98	108	119	131	144	158	174	191	1,433	119
Phone	897	987	1,085	1,194	1,313	1,445	1,589	1,748	1,923	2,115	2,327	2,559	19,182	1,598
Water/Sewer/Trash	89	98	108	118	130	143	158	173	191	210	231	254	1,903	159
Total HOME EXPENSES	4,777	5,255	5,780	6,358	6,994	7,693	8,463	9,309	10,240	11,264	12,390	13,629	102,153	8,513
TRANSPORTATION	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	Total	Avg
Auto Insurance	768	845	929	1,022	1,124	1,237	1,361	1,497	1,646	1,811	1,992	2,191	16,423	1,369
Bus/Taxi/Train Fare	67	74	81	89	98	108	119	131	144	158	174	191	1,433	119
Fuel	577	635	698	768	845	929	1,022	1,124	1,237	1,361	1,497	1,646	12,339	1,028
Other	5,765	6,342	6,976	7,673	8,441	9,285	10,213	11,234	12,358	13,594	14,953	16,448	123,280	10,273
Registration/License	4,567	5,024	5,526	6,079	6,687	7,355	8,091	8,900	9,790	10,769	11,846	13,030	97,662	8,139
Repairs	45	50	54	60	66	72	80	88	96	106	117	128	962	80
Vehicle Payments	656	722	794	873	960	1,056	1,162	1,278	1,406	1,547	1,701	1,872	14,028	1,169
Total TRANSPORTATION	12,445	13,690	15,058	16,564	18,221	20,043	22,047	24,252	26,677	29,345	32,279	35,507	266,127	22,177
HEALTH	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	Total	Avg
Doctor/Dentist	6,788	7,467	8,213	9,035	9,938	10,932	12,025	13,228	14,551	16,006	17,606	19,367	145,157	12,096
Health Club Dues	567	624	686	755	830	913	1,004	1,105	1,215	1,337	1,471	1,618	12,125	1,010
Health Insurance	567	624	686	755	830	913	1,004	1,105	1,215	1,337	1,471	1,618	12,125	1,010
Life Insurance	456	502	552	607	668	734	808	889	977	1,075	1,183	1,301	9,751	813
Medicine/Drugs	456	502	552	607	668	734	808	889	977	1,075	1,183	1,301	9,751	813
Other	45	50	54	60	66	72	80	88	96	106	117	128	962	80
Veterinarian/Pet Care	644	708	779	857	943	1,037	1,141	1,255	1,380	1,519	1,670	1,837	13,771	1,148
Total HEALTH	9,523	10,475	11,523	12,675	13,943	15,337	16,871	18,558	20,413	22,455	24,700	27,170	203,643	16,970

 Steps for individuals to manage their personal finance

Xiao & O'Neill (2016) suggested that the initial and fundamental step that must be taken by the individuals to plan and also manage their own personal finances is with creating a financial budget. Even though this will definitely require a big effort, but if those individuals succeed in this initial step, then they will benefit from the time invested. An accurate financial budget will not only support to save money that they earned. Instead, it will also support all the individuals to measure that they are on the right track of reaching their goals of savings. This financial budgeting can start with the monthly income which involves salary, fixed rates of deposit, and any other income that the individuals earn every month. Then, the authors also mentioned that the next step is to observe how much money we need to spend. This simply means that we need to observe and track each expense that we have to spend on a monthly basis. This type of expense named with fixed expenses is divided into three types of expenditures that contain fixed payments, insurance or car payments, and also house rent. Once we could list all of these fixed expenditures, then we will be able to recognize how much money we really earn and also spend every single month.  In case if we found out that our expenses are bigger than the income that we earn monthly, then we need to consider cutting off some expenses (Xiao & O'Neill, 2016).

The next step that we have to do is regarding our savings. Munohsamy (2015) has estimated a general procedure that each of us should able to save a minimum of 10% to 15% of our monthly income, or it would be better if we can save better than this amount. The reason is due to there will be some future circumstances along with future investments such as retirement planning or any education planning. Furthermore, in addition to savings, each of us must create an emergency budget to cover up some unpredictable expenditures such as medical emergencies, repairing the house, or maybe fixing a car. Once we can save for this emergency fund, then we have to start to plan for long-term goals like retirement planning. The main important point to be noted here is that we have to make the savings to function well. If we just let the money in our savings, then there is a big possibility that inflation will grind down the value of our savings. For this reason, the authors have suggested investing the money in bonds, stocks, or property (Munohsamy, 2015). Meanwhile, there are numerous other steps that can be adopted in order to manage personal finance in effective manners, and these steps are; Budget and savings, Spending, Debt and credit, Investing, and Housing.

Budget and savings of The Importance of Personal Finance

It includes planning by written documents about how much money a person must have to spend at the end of the month how he must have to save for various activities. It includes making a schedule by writing each consumption and the expenses that the person pays for that consuming.

Investing and Housing of The Importance of Personal Finance

Planning and investing for financial goals, whether it is for a new house or to have a certain amount of profit from stocks.

Spending of The Importance of Personal Finance

It includes planning for spending the person who wants to spend the future. It also alludes to the future forecasting for the expenses that a person made for his future decisions.

Debit and credit of The Importance of Personal Finance

It includes the planning for your or your families' debt and credit, knowing that you are going to be financially secure enough to pays at the time that you want to do so.

 Chapter 2 Methodology of The Importance of Personal Finance

Introduction of The Importance of Personal Finance

In this research study, secondary and primary data used. For the research initial sources, first-hand information is considered as one of the most important and essential factors that must be attained in this study. This chapter of the research study explores the concepts about the materials and methods, along with detailed processes that will be developed in this study in order to attain the objective of the research study. This section explains the research methods which will be adopted in these papers. The details of the research methods are explained in effective manners in this study. The sources of the data collection are explored in this study in good ways.

Data collection methods of The Importance of Personal Finance

Both kinds of sources of data collection are utilized in order to conduct this study, and these are; Primary and secondary sources of data collection. Both of these sources are essential in order to determine the importance of personal finance. Personal finance importance is determining in this study from various perspectives.  

Primary and secondary of The Importance of Personal Finance

The secondary analysis used to intensive for this type of research, so it made is available for the relevant topic of analysis, but to use the data in other ways, the flexible method is being used to the utilizing the relevant data. For the inspection of the research, the importance of finance can be determined in a good way by observing the various theories of several authors. Secondary analysis is being absorbed for the systematic technique and empirical exercise. But  For the help of the research secondary analysis is stepped up by the evaluative and analysis steps so effective material is being collected and primary data is being evaluated for the collection and analysis of secondary data, on systematic procedure effective practices by financial officers is fixated (Konopinski, 2013).

 Primary data is being utilized by focusing on secondary analysis. The studies were investigated by the secondary sources, which are in the field of importance of personal finance that reflect the implementation of various organization even individual personnel. The primary source of data collection leads towards the self-generation of the data as well as the view of the various peoples related to the pacific topic, e.g., the importance of personal finance. 

Research methods of The Importance of Personal Finance

Qualitative type of research methods are used in order to conduct this research study, and a qualitative research method is a good option for analyzing the importance of the personal-finance in generally and particularly for any company. Qualitative research methods lead to concept theories and reteach articles, diaries, and books. This research, the focus is also on the qualitative research on the organization and personal information, which is being conducted research by the researchers, but the Literature review is being focused on the internal audit. Hence that would be the examination for the qualitative research. The interpretations and words are being focused on the research methodology in this study why personal finance is important. In a research paper, an explanation and description are provided.      

Sampling and population of The Importance of Personal Finance

For this research sampling technique is being used. This is the probability sampling technique for random sampling that output results; hence, this also helps to increase the accuracy of the results, which has been researched. Moreover, this is vital to reflect the selection of the employees in the research. For this research work, only those researchers have been selected who have a good idea about the importance of finance?  The researchers who were participating in this research work were very professional and focused so that they can observe the activities of the organizations and have guts to provide views about financial importance as well. The secondary research is done by the observation and analysis of the primary data collected by the researches. For said research, the respondents are selected from various backgrounds and perspectives. The sample is 25 respondents, and 5 respondents are selected from each category as; 5 respondents are the students of Ph.D. and them specialization in Finance, 5 are finance experts and managers of various organization, 5 are stallholder which is selling their products and 5 are the housewives and 5 person are those students who are seeking for job.

Research instrument of The Importance of Personal Finance

The self-generated questionnaire is used as a research instrument in this study. This questionnaire is generated by considering the research objectives. The questions are developed in easy English language by considering the respondents' perceptions and their comfort zone.  The results of the different questions and observations have helped to understand the effects of the management on the internal auditing systems. Answers have been collected from the questions through emails and posts. Few of the answers are attained by the personal visit or meeting to the places of respondents.  Mostly the results are compiled on the answers to the questions related to the financial performance of the respondents.

This section of the research paper discusses the answer to the questions that are attained by interviewing the respondents. It also discusses the reviews of the respondent’s on the particular topic I order to explain and explores the concepts for important personal finance. This section also provides the detail for the various views on a particular topic by exploring the needs of the people. These answers are collected from 25 people who belong to the 5 various background and them their own concepts for personal finance according to their needs and demands. The views of all of these people have explained here, along with their background.

Answers of the students of Ph.D. of The Importance of Personal Finance

The views of these respondents can be summarized in such manners; personal finance is the one the basic needs of human beings, and it is the study of the family and personal resources that essential for achieving financial success. The financial plan is developed according to the needs and requirements by considering the monthly income. Most of the respondents have a good job in various sectors to earn money. Few of them are working part-time. Yes, an effective personal plan can improve standards of living. Only 1 has stated that money is not a scale set for improvements in life. Yes, due to the ineffective plans and planning the things can be destroyed. Personal finance depends upon the coping of information in the environment. It has been observed by the views of the respondents that personal finance is too important for any individual.  The views of several other respondents can be explained partially in this section due to the shortage of time. But the views of all respondents have depicted that nothing is with money, and it is necessary for the basic needs and luxury resources as well.

There is a number of respondents from the mangers of the companies who have emphasized the literacy of personal finance. They have explained there must be training by the Hr manager of the company for the importance of personal finance. For the general population, there should be concerts and seminars in the area or markets of the stallholders to provide the views of personal finance. No doubt, they have explained the personal finance in good along with their needs, but they want to be educated by the various financial strategy, and they are keening for financial literacy.

It has been observed by the views of the respondents that personal finance is necessary for understanding the flow of money a lot better. The numbers of the people are facing difficulties for personal finance, and they muddle through life by paying their mortgage payments and several other bills by the money that they earn from various resources; rest of it or maybe letting it sit in their bank account. They have no guts to utilize their money to earn more by its utilization, and they have no idea about the working of personal finances. If the person has an idea about personal finance, he is that who is unlikely to save a lot of money as compared to spend it to have left after monthly expenses.

In order to measure the effects of the personal-finance on fear and uncertainty, all of the respondents have discussed their packages that have attained from the public and private companies in the form of the insurance process. In the environments of the USA, the government of this country ensures its residents for any uncertainty, but they have to pay for it even little amount. There are the numbers of the respondents from all categories who have their personal financial plans from the private companies to avoid any kind of uncertainty and fear.

It has been observed by the arguments of the respondents that the graduates of the college and high school have inadequate knowledge related to personal finance; due to the lack of sound personal finance education. In the workplace, it has become a major issue that offers people with remedial training in order to improve their knowledge of personal finance. It has been observed during this survey that few of the respondents have arguments that financial literacy is important for one’s quality of life and the proper management of the finances can make the life of the people very good.

According to the secondary source of data collection, it has been observed in the literature review that there are numbers of Americans that have not sufficient knowledge about the basics of personal finances. It has been observed in a survey that the average scores are measured as 37% of the Vanguard Mutual Fund and to an average high score of 60% (Ronald P. Volpea, 2006).

Based on the entire discussion, it has been narrated that personal finance is important for running the function and operations of human life in good ways. The personal finance offers strategies in order to manage and plan the money by considering future forecasting. It is concluded that numbers of Americans have inadequate knowledge relates to personal finance issues, and even they don’t know the good strategy to manage their money. There is a limited resource for education in the United States of America that can provide education about personal finance to their graduates and population.

It has been concluded that financial success is considered as the achievements of financial aspirations, which are usually planned, attempted, and desired. The financial success can be attained by following the key six steps; estate planning, managing expenditures, financial planning, insurance, investment planning, retirement and money management. It has been observed by the views of the respondents during the interview all of the respondents are strongly keening to learn about the persona finance by living within their workplace and outside their workplaces. They want a good strategy in order to run the functions of the organization in good ways. The objective of the research study has been achieved in effective manners by conducting the survey as well as observing the literature review. Personal finance described by all good and Walstad (2016) as the implementation of finance principles toward the financial decisions of an individual or else a family. Personal finance addresses the methods, whereas the individuals or some families acquire, save, budget, and also spend their financial assets throughout the time, taking into account of many monetary risks, as well as the future occasions. Furthermore, the authors also have proposed that if an individual does not get the knowledge on the importance of personal finance earlier, then there will be a great chance that that individual will be prevented from building up their own wealth.

By considering the above conclusion, the recommendation was made for this study in order to explore important personal finance. The policymakers must focus on the literacy of personal finance. They have to conduct conferences and orientations in high schools and colleges in order to provide awareness about personal finance. There must be training by the Hr manager of the company for the importance of personal finance. For the general population, there should be concerts and seminars in the area or markets of the stallholders to provide the views of personal finance.