Figure 1:
Figure 2:
Figure 3:
Figure 4:
Independent samples t test: agreeableness by gender
| Levene's Test for Equality of Variances | t-test for Equality of Means | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| F | Sig. | T | df | Sig. (2-tailed) | Mean Difference | Std. Error Difference | 95% Confidence Interval of the Difference | |||
| Lower | Upper | |||||||||
| Agreeableness | Equal variances assumed | 4.264 | 0.042 | -2.393 | 77 | 0.019 | -2.69820 | 1.12769 | -4.94371 | -0.45269 |
| Equal variances not assumed | -2.446 | 73,385 | 0.017 | -2.69820 | 1.10313 | -4.89653 | -0.49986 | |||
Independent Samples Test for expected salary by work status
| Levene’s Test for Equality of Variances | t-test for Equality of Means | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| F | Sig. | † | df | Sig. (2-tailed) | Mean Difference | Std. Error Difference | 95% Confidence Interval of the Difference | |||
| Lower | Upper | |||||||||
| Expected Salary | Equal variances assumed | 6.350 | .013 | -2.893 | 101 | .005 | -29108.140 | 10060.551 | 49065.566 | -9150.713 |
| Equal variances not assumed | -3.441 | 81.860 | <.00l | -29108.140 | 8459.669 | -45937.547 | -12278.732 | |||
Correlations among agreeableness, helping others_ Intellect and enjoying working with numbers_
| Enjoy Working With Numbers | Help Others | ||
|---|---|---|---|
| Intellect | Pearson Correlation | .235* | .119 |
| Sig. (2-tailed) | .037 | .295 | |
| Agreeableness | Pearson Correlation | .001 | .221 |
| Sig. (2-tailed) | .996 | .051 | |
| Enjoy Working With Numbers | Pearson Correlation | 1 | .395** |
| Sig. (2-tailed) | .000 |
Implications for stakeholders
| Stakeholder | Implications of findings |
|---|---|
| Profession |
|
| Tertiary Educators |
|
| Secondary Educators and Career Counsellors |
|
| Financial Planning Employers |
|
| Regulators |
|
Frequency of free responses: life experiences influencing career choice
| Financial Hardships | Observed Benefits | Help Others | Engagement w/ Profession | Other | Total | |
|---|---|---|---|---|---|---|
| Survey (N = 103) | 11 | 4 | 12 | 12 | 8 | 47 |
| Interviews (N = 14) | 6 | 1 | 2 | 3 | 2 | 14 |
| Total | 17 | 5 | 14 | 15 | 10 | 61 |
Descriptive statistics: the ‘Big 5’ personality factors
| Extraversion | Agreeableness | Conscientiousness | Emotional Stability (Neuroticism) | Intellect | ||
|---|---|---|---|---|---|---|
| N | Valid | 79 | 79 | 79 | 79 | 79 |
| Missing | 46 | 46 | 46 | 46 | 46 | |
| Mean | 32.9747 | 41.4304 | 40.6835 | 33.2785 | 37.1899 | |
| Median | 33.0000 | 42.0000 | 41.0000 | 34.0000 | 38.0000 | |
| Mode | 34.00 | 41.00a | 40.00 | 26.00a | 38.00 | |
| Std. Deviation | 7.09817 | 5.15076 | 5.01675 | 7.67937 | 5.45160 |
Descriptive statistics for expected salary of a financial adviser according to work status
| Work status | N | Mean | Std. Deviation | Std. Error Mean |
|---|---|---|---|---|
| Not currently working as a financial adviser | 30 | 110354.60 | 32956.756 | 6017.053 |
| Currently working as a financial adviser | 73 | 139462.74 | 50807.068 | 5946.517 |
Thematic analysis of interviews: factors influencing career choice
| Major themes | Interest | Personality | Skills | Benefits/incentives | Social learning/ life experience | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Sub-themes | Passion | 3 | Openness | 5 | Social Status | 4 | ||||
| Finance* | 15 | Conscientiousness | 7 | Finance/Economics | 6 | Client Interaction | 5 | |||
| Autonomy | 3 | Extraversion | 19 | Technical | 5 | Stability | 2 | Exposure to economics/finance | 5 | |
| Client-Interaction | 5 | Agreeableness* | 33 | Communication* | 12 | Flexibility* | 8 | Personal* | 9 | |
| Help people | 11 | Neuroticism | 0 | Analytical | 4 | Salary | 4 | |||
| Other | 3 | Mathematical | 3 | Unexpected events events | 2 | |||||
| Development Opportunities | 4 | |||||||||
| Impact people | 4 | |||||||||
| Other | 5 | |||||||||
| Total | 40 | 64 | 30 | 36 | 16 | |||||
j_fprj-2022-0003_tab_014
| Very accurate (16) | Moderately accurate (17) | Neither accurate nor inaccurate (18) | Moderately inaccurate (19) | Very inaccurate (20) | |
|---|---|---|---|---|---|
| Am the life of the party. (1) | ○ | ○ | ○ | ○ | ○ |
| Feel little concern for others. (2) | ○ | ○ | ○ | ○ | ○ |
| Am always prepared. (3) | ○ | ○ | ○ | ○ | ○ |
| Get stressed out easily. (4) | ○ | ○ | ○ | ○ | ○ |
| Have a rich vocabulary. (5) | ○ | ○ | ○ | ○ | ○ |
| Don’t talk a lot. (6) | ○ | ○ | ○ | ○ | ○ |
| Am interested in people. (7) | ○ | ○ | ○ | ○ | ○ |
| Leave my belongings around. (8) | ○ | ○ | ○ | ○ | ○ |
| Am relaxed most of the time. (9) | ○ | ○ | ○ | ○ | ○ |
| Have difficulty understanding abstract ideas. (10) | ○ | ○ | ○ | ○ | ○ |
| Feel comfortable around people. (11) | ○ | ○ | ○ | ○ | ○ |
| Insult people. (12) | ○ | ○ | ○ | ○ | ○ |
| Pay attention to details. (13) | ○ | ○ | ○ | ○ | ○ |
| Worry about things. (14) | ○ | ○ | ○ | ○ | ○ |
| Have a vivid imagination. (15) | ○ | ○ | ○ | ○ | ○ |
| Keep in the background. (16) | ○ | ○ | ○ | ○ | ○ |
| Sympathize with others’ feelings. (61) | ○ | ○ | ○ | ○ | ○ |
| Make a mess of things (51 ) | ○ | ○ | ○ | ○ | ○ |
| Seldom feel blue (62) | ○ | ○ | ○ | ○ | ○ |
| Am not interested in abstract ideas. (59) | ○ | ○ | ○ | ○ | ○ |
| Start conversations. (60) | ○ | ○ | ○ | ○ | ○ |
| Am not interested in other people’s problems. (20) | ○ | ○ | ○ | ○ | ○ |
| Get chores done right away. (21 ) | ○ | ○ | ○ | ○ | ○ |
| Am easily disturbed. (64) | ○ | ○ | ○ | ○ | ○ |
| Have excellent ideas. (63) | ○ | ○ | ○ | ○ | ○ |
| Have little to say. (24) | ○ | ○ | ○ | ○ | ○ |
| Have a soft heart. (25) | ○ | ○ | ○ | ○ | ○ |
| Often forget to put things back in their proper place. (26) | ○ | ○ | ○ | ○ | ○ |
| Get upset easily (66) | ○ | ○ | ○ | ○ | ○ |
| do not have a good imagination.(65) | ○ | ○ | ○ | ○ | ○ |
| Talk to a lot of different people at parties. (29) | ○ | ○ | ○ | ○ | ○ |
| Am not really interested in others (70) | ○ | ○ | ○ | ○ | ○ |
| Like order. (69) | ○ | ○ | ○ | ○ | ○ |
| Change my mood a lot. (32) | ○ | ○ | ○ | ○ | ○ |
| Am quick to understand things (33) | ○ | ○ | ○ | ○ | ○ |
| Don’t like to draw attention to myself. (34) | ○ | ○ | ○ | ○ | ○ |
| Take time out for others. (35) | ○ | ○ | ○ | ○ | ○ |
| Shirk my duties. (36) | ○ | ○ | ○ | ○ | ○ |
| Have frequent mood swings (37) | ○ | ○ | ○ | ○ | ○ |
| Use diffìcult words (38) | ○ | ○ | ○ | ○ | ○ |
| Don’t mind being the centre of attention (39) | ○ | ○ | ○ | ○ | ○ |
| Feel others’ emotions. (40) | ○ | ○ | ○ | ○ | ○ |
| Follow a schedule. (41) | ○ | ○ | ○ | ○ | ○ |
| Get irritated easily. (42) | ○ | ○ | ○ | ○ | ○ |
| Spend time reflecting on things. (43) | ○ | ○ | ○ | ○ | ○ |
| Am quiet around strangers. (71) | ○ | ○ | ○ | ○ | ○ |
| Make people feel at ease (45) | ○ | ○ | ○ | ○ | ○ |
| Am exacting in my work. (46) | ○ | ○ | ○ | ○ | ○ |
| Often feel blue. (47) | ○ | ○ | ○ | ○ | ○ |
| Am full of ideas. (48) | ○ | ○ | ○ | ○ | ○ |
j_fprj-2022-0003_tab_015
| Extremely important (40) | Very important (41) | Moderately important (42) | Slightly important (43) | Not at all important (44) | |
|---|---|---|---|---|---|
| (1) | ○ | ○ | ○ | ○ | ○ |
| Reliable (3) | ○ | ○ | ○ | ○ | ○ |
| Honest (4) | ○ | ○ | ○ | ○ | ○ |
| Empathetic (12) | ○ | ○ | ○ | ○ | ○ |
| Marketing Oneself (13) | ○ | ○ | ○ | ○ | ○ |
| Caring (14) | ○ | ○ | ○ | ○ | ○ |
| Professional (15) | ○ | ○ | ○ | ○ | ○ |
| Patient (16) | ○ | ○ | ○ | ○ | ○ |
| Communicative (17) | ○ | ○ | ○ | ○ | ○ |
| Listening (18) | ○ | ○ | ○ | ○ | ○ |
| Trustworthy (19) | ○ | ○ | ○ | ○ | ○ |
| Flexible (20) | ○ | ○ | ○ | ○ | ○ |
| Ethical (21) | ○ | ○ | ○ | ○ | ○ |
| Nurturing (22) | ○ | ○ | ○ | ○ | ○ |
| Benevolent (23) | ○ | ○ | ○ | ○ | ○ |
| Ethical (24) | ○ | ○ | ○ | ○ | ○ |
| Dependable (25) | ○ | ○ | ○ | ○ | ○ |
| Acting with Integrity (26) | ○ | ○ | ○ | ○ | ○ |
| Relationship Building (27) | ○ | ○ | ○ | ○ | ○ |
| Tactful (28) | ○ | ○ | ○ | ○ | ○ |
| Friendly/Approachable (29) | ○ | ○ | ○ | ○ | ○ |
j_fprj-2022-0003_tab_016
| Extremely Important (66) | Very important (67) | Moderately important (68) | Slightly important (69) | Not at all important (70) | |
|---|---|---|---|---|---|
| (1) | ○ | ○ | ○ | ○ | ○ |
| Numeracy (3) | ○ | ○ | ○ | ○ | ○ |
| Time Management (30) | ○ | ○ | ○ | ○ | ○ |
| Verbal Communication (31) | ○ | ○ | ○ | ○ | ○ |
| Written Communication (32) | ○ | ○ | ○ | ○ | ○ |
| Problem Solving (4) | ○ | ○ | ○ | ○ | ○ |
| Technical Knowledge (12) | ○ | ○ | ○ | ○ | ○ |
| Social/Ethical Awareness (13) | ○ | ○ | ○ | ○ | ○ |
Motivation to study financial planning
| Responses* N=103 | Percent | Percent of Cases | |
|---|---|---|---|
| Family | 8 | 2.70% | 7.80% |
| Regulatory Reform | 9 | 3.00% | 8.70% |
| Enjoy Working with Numbers | 33 | 11.10% | 32.00% |
| Help Others | 58 | 19.50% | 56.30% |
| Employment Opportunities | 55 | 18.50% | 53.40% |
| Life Experience | 26 | 8.70% | 25.20% |
| Interest/Enjoyment | 48 | 16.10% | 46.60% |
| Employment Requirement | 12 | 4.00% | 11.70% |
| Wanted to be a Financial Planner | 43 | 14.40% | 41.70% |
| Improve Knowledge | 6 | 2.00% | 5.80% |
| High school study and/or teacher | 0 | 0.00% | 0.00% |
| Total | 298 | 100.00% | 289.30% |
Correlation between Qualifications and Salary Expectations
| Expected Salary | Qualification | ||
|---|---|---|---|
| Expected Salary | Pearson Correlation | 1 | .378** |
| Sig. (2-tailed) | .000 | ||
| N | 103 | 103 |
Motivation to become a financial adviser
| Responses* N= 56 | Percent | Percent of Cases | |
|---|---|---|---|
| Help others | 30 | 29.13% | 53.57% |
| Work experience | 19 | 18.45% | 33.93% |
| Interest | 15 | 14.56% | 26.79% |
| Enjoy working with people | 11 | 10.68% | 19.64% |
| Enjoy working with numbers | 7 | 6.80% | 12.50% |
| Working conditions | 7 | 6.80% | 12.50% |
| Enjoy working with both numbers and people | 6 | 5.83% | 10.71% |
| Employment opportunity | 6 | 5.83% | 10.71% |
| Financial stress | 2 | 1.94% | 3.57% |
| Total | 103 | 100.00% | 183.93% |
Demographic summary of survey sample
| Responses (N = 103) | Percent | ||
|---|---|---|---|
| Work status | Working as financial adviser | 73 | 70.9% |
| Professional designation and not working as a financial adviser | 6 | 5.8% | |
| Studying and not working as an adviser | 18 | 17.4% | |
| Not studying or working as an adviser | 6 | 5.8% | |
| Education (completed) | Diploma | 13 | 12.6% |
| Advanced diploma | 13 | 12.6% | |
| Bachelor degree | 47 | 45.6% | |
| Masters degree | 22 | 21.4% | |
| No formal tertiary education | 9 | 8.7% | |
| Professional designation | Holds professional designation | 62 | 60.2% |
| Study status | Studying towards a degree or designation | 50 | 48.5% |
| Not currently studying | 53 | 51.5% | |
| Study and work | Studying AND working as an adviser | 30 | 29.1% |
| Studying but NOT working as an adviser | 18 | 17.4% | |
| Studying and holds a professional designation | 2 | 1.9% | |
| Not studying and not working as an adviser | 10 | 9.7% | |
| Not studying and working as an adviser | 43 | 41.7% | |
| Gender | Male | 56 | 54.4% |
| Female | 47 | 45.6% | |
| Language | English as first language | 92 | 89.3% |
| English as a second language | 11 | 10.7% | |
| Age | 18-29 years old | 14 | 13.6% |
| 30-39 years old | 22 | 21.4% | |
| 40-49 years old | 34 | 33.0% | |
| 50-59 years old | 20 | 19.4% | |
| 60-69 years old | 13 | 12.6% |
Age group distribution for advisers and non-advisers
| Not currently working as adviser | ||||||||
|---|---|---|---|---|---|---|---|---|
| Age Group (years) | Student only | Not student | Holds prof desig | Total (not adviser) | Total (adviser) | Adviser % | Not adviser % | Totals |
| 18-29 | 9 | 1 | 10 | 4 | 3.9% | 9.7% | 13.6% | |
| 30-39 | 5 | 2 | 7 | 15 | 14.6% | 6.8% | 21.4% | |
| 40-49 | 3 | 3 | 1 | 7 | 27 | 26.2% | 6.8% | 33.0% |
| 50-59 | 0 | 4 | 4 | 16 | 15.5% | 3.9% | 19.4% | |
| 60-69 | 1 | 1 | 2 | 11 | 10.7% | 1.9% | 12.6% | |
| Total | 18 | 6 | 6 | 30 | 73 | 70.9% | 29.1% | 100.0% |