Strategies to Improve Financial Management Skills of Undergraduate Students in Newfoundland

………3 Purpose of study…………………………………………………………3 Methods of study……………………………………………. 4 Literature review……………………………………………. 4 Primary data methodology………………………………. 6 Statement of ethical issue……………………………………. 6 Summary and conclusion………………………………………………………. Therefore, an effective financial platform is essential to student organization sustainability and success. Students’ effective and efficient money management help in achieving their individual objectives (Ferrell, John and Linda, 2017). As such financial management skills determine financial performance of students. B) PROJECT SUMMARY Purpose of study The purpose of the study is to ensure optimum effective financial funds utilization by Newfoundland students through the development of sound knowledge management decisions and practices. The study goal is also to develop and ingrain ideal financial strategies to learners for future professional development and management leadership in the enterprise. Secondly, financial decisions involving evaluation of student generating finance from various resources which rely on returns; a cost of financing, type of cost and period of financing.

Thirdly, the scope of financial management skills covers comprehension of key financial management skills for the development of an ideal foundation for fund management in the development of professionalism. Furthermore, development of interpersonal skills, business acumen, and innovation, the aptitude for effective communication as well as financial reporting and analytical skills. Literature review Through literature review analysis, effective financial management skills focus on the use of scarce resource and prioritization in ascertaining efficient stewardship over money and achieving a key value of funds in meeting individual or organization goals(McKeown, Warren, Mike and Marc, 2017). As such, it is precise that financial management skills are vital in control and financial planning. According to Ferrell, John and Linda (2017), budgeting incorporates financial strategic planning of aims and projected goals.

Planning presents relative sequential procedure in ingraining ideal financial management for knowing how to handle funds. Making financial budget is essential in financial management. This study will help the research in designing a diverse set of goals in day-to-day financial budgeting and planning of the students and also analyzing strategies of effective financial planning. According to McKeown, Warren, Mike and Marc (2017), strategic control entails a close evaluation of total productivity and effectiveness by ensuring financial practices are conducted as planned in the budgetary outline. C) STATEMENT OF ETHICAL ISSUE According to McKeown, Warren, Mike, and Marc (2017), the moral value of the study is to build a strong ethical foundation for students to attain their ultimate financial management success. Moreover, it develops students’ timeliness in financial information as well as transparency and accuracy skills.

The study cultivates unimpeachable integrity students eradicating conflict, biases, and prejudice through the development of ideal skills(Ferrell, John and Linda, 2017). Empower and advocate for students in the development of responsibilities and principles for strong ethical conduct in financial management as they prepare to be managers. Consequently, the study enhances students’ compliance with regulation and rules of the federal state in financial management. Therefore, strategic development of financial management skills is necessary for students for their financial decisions, investments, and savings. The study tends to trigger initiation of students investments and learning proper financial resource utilization. In addition, financial management skills are fostered by student banking as well as protection and spending. Financial management monitors spending and reinforces on planning through reviewing financial data and projecting the future which enhances the development of strategies in operations and evaluates potential financial risk to take corrective measure.