Research Objectives Case
The main objective of this research is to identify the level of financial literacy among the residents who are living in the Klang Valley. The specific objectives are as follows:
To determine how people manage their family finances according to their income level
To examine the ways of how people accommodate professional financial advices and education in managing their finance
Basically, the target market of this research is the residents who are living in the Klang Valley. Klang valley comprises of Kuala Lumpur and its suburb, which is Selangor. Besides that, the targeted age group of this research will be the working adults who aged between 23-55 years old segments.
Data Collection Method
In this research, survey will be a more appropriate method by using a structure questionnaire to be given to the people who are living in the Klang Valley. Through the survey, we would be able to identify the lifestyle and behavior of the residents in Klang Valley. Therefore, this will help us in understanding as well as gain more knowledge about the residents on their decision making.
There are a number of survey methods which are telephone interviews, personal interviews, or self administrated questionnaires such as, mail survey or internet survey. As a researcher, we must be able to identify the pros and cons of each method, so that this will be helping us in to collect the data accurately. After doing all the analysis, we have chosen a combination of two survey methods, which are personal interviews and mail survey. People in general would not will to discuss about their financial situation in public as this is quite a sensitive issue to talk about. However, by attending the respondents politely and tell them about the purpose of doing this survey would definitely make them feel more secure of providing their financial status to us. Not only that, personal interviews allow the interviewer to interact with the respondent, therefore, if theres any doubts, the interviewer can explain to the respondent. It also has a relatively quick data collection. After all, it depends on how people think personal interview is, as some people may not feel comfortable with providing their information to a stranger.
Furthermore, mail survey is less costly because it can be sent to people just a click away. Some people may feel more comfortable with this mail survey method as they can take their own time to complete the questionnaire without any rush (Aaker et al 2007). Besides, they do not need to meet the interviewer face to face as they might have interview bias.
From the pros and cons of both telephone interview and internet survey, this is the reason why the team members use a combination