The Functionality of Financial Inclusion as a Conceptual Foundation for Development in Australia - Research Proposal Example

ResearchProject Proposal Name Course Tutor Institution Date of submission Table of Contents Date of submission 1 Table of Contents 2 Research Topic: The Functionality of Financial inclusion as a conceptual foundation for development in Australia 2 Introduction 2 Background 3 Research questions 4 The research methodologies 5 Data collection and analysis methods 6 Data collection 6 Questionnaires, Interviews, and Sampling 7 Methods of analyzing data 7 Expected research outcomes 8 Conclusion 8 References 9 Research Topic: The Functionality of Financial inclusion as a conceptual foundation for development in Australia Introduction Most economies are said to comprise a huge gap between the high and income earners. There are numerous factors that contribute to that situation. Most of these factors are prevalent and common in most regions regardless whether it is the west or east, across the globe. This proposal is a conceptualized outline of an intended research on contemporary trends in the finance world in conjunction with the impacts on the economy. Most importantly, the issue at hand is an ongoing trend in most countries across the world. Therefore, there is abundant of concepts and understanding amongst the stakeholders of the project if it is approved for enactment. The research proposal comprises some detrimental elements to guide the successful completion of the project. The proposal commences with the brief background, as well as the purpose of the research project. That includes the research questions. Then, it will depict the preferred research methodologies and techniques that will be used in the research project. The proposal will also create an elaborate outline of the research process. That comprises a description of the data collection and analysis methods to be used in the research. Ultimately, the introductory proposal will feature on the expected research outcomes, the significance, and the rationale. These subsections are essential in the entirety of developing the literature review. Background Financial inclusion can be diagnosed as the process where there is a facilitated extension to all members of the society with adequate access to financial support mechanism. The main idea of financial inclusion in any economy is to ensure that people ‘get ahead’ rather than just ‘getting by’. The idea of financial inclusion could apply to both the developing and the developing countries. It all depends on the kind of policies and regulations that the financial systems in the countries establish. Prior to the provision of a picture of financially excluded people in Australia, it is detrimental to highlight some limitations that already exist. First, there is a feasibility that it is agreed that financial exclusion is not static, but can occur at specific periods during the life course and different scopes of finance. That is when the statistical data is deemed always to fall short of capturing the entire picture. It also lacks of disaggregated, as well as, updated statistics that would facilitate a detailed analysis and monitoring of the financial exclusion with regards to the factor of time. In the context of carrying out the research, the major issues should put into consideration some imperative aspects and features of financial inclusion and the target population. For instance, like social inclusion, financial inclusion demands to be grounded in social and economic context for it garners policy relevance. A wide scope of studies on the wellbeing and happiness have established that these subjective attributes get influenced by our relationship with the context that most people live and even socialize. From a statistical point of understanding, Australia’s recent data from the year 2008 ANZ financial literacy survey concluded that approximately 97 percent of the respondents did live on and possessed an ordinary everyday banking account (Arashiro, 2010). The measurement parameters in Australia show that most of the people in Australia are suffering from anxiety. The anxiety features in whether there is a feasible outline of inclusion financial platform, knowing that the approach is one channel towards developing a stable economy in the region. The issue of financial inclusion could be of interest even to possible respondents during the process of research. Some essential aspects that could guide the research include household income, household net worth, household consumption expenditure, financial hardships and the access to financial services. The research intends to identify some or investigate the policies and relative programs that tend to influence the access to financial services in Australia. Considering some of these factors, the research is guided by a series of research questions. Research questions The project research proposal focuses on specific issues that could assist in the main research project, acting as a preferential guideline to the research a demonstrative gathering of facts from a realistic point of understanding. They also act as a guide for the purpose of the research. The following is an outline of the research questions. 1. What are the contemporary policies in Australia that lead to the high rates of financial exclusion? 2. What successful action are people’s representations in Australia when it comes to changing policies that hinder a reduction of the economic gap created between the high and income earners and low-income earners? 3. What are the current discrepancies in the establishment and enactment of the asset-building policies in Australia? 4. Are there efforts to promote financial inclusion in Australia? 5. What are the feasible changes that the financial sector in Australia is trying to establish in promoting financial inclusion? 6. What does the middle-income earners fraternity think about the improvisation of the transformative approach that is being proposed in the financial sector of Australia? The research methodologies The research is diverse and can embrace a series of methodologies to assist the research project. Financial inclusion could be assessed from the public’s perception, experience, and understanding. That means that the public could be sampled, and information gathered from these samples. The same case applies to the financial inclusion and exclusion records. Some of the affiliated records can be used to assess the status of the economy concerning the subject topic of research. From that point of analysis, there are two subcategories of research methodologies that apply to the research. The research could use the qualitative research methodology. Arguably, this includes taking into consideration the phenomenological approach to determining and acquiring some perceptions and ideas from the public. That involves picking some people and making them case studies with respect to the research. These people are subjected to interviews in a bid to gather relevant information concerning the level of financial access in the economy. Alternatively, the research would use the quantitative or statistical methodology. The main focus of the research is to ensure that it carries out extensive and comparative research and analysis of the existing datasets. The information gathered is used to compare quantifiably the trends within a specific period to identify the average rates or measures that can help determine the level of financial inclusion or exclusion. The two approaches will be used to make a conclusion on the best results to compile in the research findings. Data collection and analysis methods Data collection The fact that the research will use both qualitative and quantitative methods of research means that there will be categorical methods of collecting and analyzing the data. For instance, the qualitative methods of research are closely attributed to the use of sampling, questionnaires, and interviews. In this case, some people from the public are picked from institutions and the general public to respond to some questions. Alternatively, the use of the quantitative methods is likely to embrace the use of sampling of statistical data records affiliated with how finances are made accessible to the public. Questionnaires, Interviews, and Sampling These approaches are used gather information from the people who suffer or benefit directly from financial inclusion and exclusion. The respondents’ information may be gathered from the oral interview approach. Here, technologically advanced gadgets will be used to record and store the information provided by the respondents. The approach will be used in cases where the respondents are believed not to be very eloquent with written communication. Alternatively, the process will embrace the use of questionnaires. That is the situation where structured questions are presented to respondents for them to fill. The information gathered from the sample of respondents is used to make certain inferences with regards to the research questions, as well as, factual aspects that are considered in the Australian financial trends. The use of sampling is also applicable in the context of quantitative data. Considering that there are new technological ways of storing statistical data, it is easier to access the record from e-copies provided by the relevant sources of information. It is from these records that sampling is done with regards to the areas and arguments based on the level of income. Methods of analyzing data The data collected is subject or related to the impacts viewed. For instance, the different variables include income levels, the net worth of families and level of financial access as facilitated by the Australian financial sector and the application of regression data analysis method. The approach intends to create a basis for identifying the extent in which the different variables relate. It will serve an appropriate role in determining the dimension in which financial inclusion policies can be revised or reinforced to ensure improved results. Expected research outcomes Inequality with regards to income distribution in Australia is rated to be below the OECD (Arashiro, 2010). The inequality is also identified to be increasing as the country launches new fiscal years. Therefore, there are some expected research outcomes that heavily rely on these axioms. First, the research is important considering that is on a very imperative issue that the public and even government policy making bodies would consider essential. That is the issue of finance access and level of economy attributed to the policies established in the financial sector. Also, it is feasible that the findings of the research will be very instrumental in the process of making new policies that intend to promote financial inclusion in Australia. Further, the policy making bodies are likely to use the findings to establish some unidentified discrepancies in the process of enhancing financial access to all willing and credible citizens. The project does not overly on most existent socially affiliated research projects. Instead, it creates a link between the accounting and finance practices, and the social-economic impacts associated with the practices. That implies that the research still intends to show how realistic it is to create a direct relationship between the financial practices and the economic status of the people. Conclusion Financial inclusion is one amongst some of the most prevalent financial concepts in the world. Recent analysis shows that the Australian financial sector has been failing to make appropriate steps in addressing issues that affect the economic status of people in the country. Arguably, there is a need for research aimed at identifying the policies and the problems associated them that make it hard for there to be successful processes of financial inclusion in Australia. The research’s findings will be instrumental in diagnosing the best accounting policies that can facilitate equitable distribution of resources. They are paramount in ensuring that the appropriate policies are reinforced. References Arashiro, Z. 2010, Financial inclusion in Australia: Towards transformative policy. 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