Financial Planning for the Well-Being of Individuals and Responding to Financial Awareness Requirements

Mohammed Abdulameer Atiyah Yasi

Mohammed Abdulameer Atiyah Yasi College of Administration and Economics / University of Karbala, Iraq

Keywords: financial awareness, financial planning, financial literacy, financial decisions, personal finance

Abstract

People who do not manage their finances well or at all can experience many unfortunate consequences – stress, anxiety, embarrassment, and difficulty meeting current obligations. Individuals and families experiencing financial hardship have difficulty dealing with financial emergencies or unexpected job losses. They may end up as victims of many activities, including “get-rich-quick” activities, which are mostly borne indirectly by their children, because high-quality educational opportunities and the acquisition of skills through private activities may not be within reach without prior planning. For all of these reasons, mastering the financial planning process is worth investing in. Time and effort were addressed in our current study by measuring the interactive relationship between financial awareness and financial planning for a sample of 300 individuals as a random sample. Their reactions were mixed towards the study paragraphs that were developed to measure the impact of financial awareness in financial planning to ensure the well-being of individuals in accordance with those requirements. What reinforces this importance is the positive and significant relationship between financial awareness and financial planning, for both saving and investment, and this is evidence of the importance of financial awareness in sound planning.

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