Surviving Personal Financial Strain Amid Covid-19 Outbreak: A Conceptual Review of South African Context
Keywords:
Covid-19 Outbreak; Personal Finance; Financial Strain; Financial Control; South AfricaAbstract
The current outbreak of COVID-19 infection in Wuhan (China) and its spread around the globe has generated a huge panic on personal financial well-being, as most individuals face various financial difficulties to deal with tight government regulation of stay at home. Perhaps, achieving sound financial control will be the light at the end of the tunnel for someone seeking to bring their financial life in order in a lockdown situation. As the infection rate of Covid-19 rises in South Africa, this study reveals specific financial survival strategies that may cushion the financial control and management capabilities of South Africans. This objective, however, was achieved by conceptualizing the principles of personal financial control that fits the South African context, whose population are exposed to a credit system of the economy. Latest research on the update of Covid-19 infection, as well as findings in the area of personal financial control and management, was also reviewed to uncover personal financial survival strategies in the midst of the Covid-19 pandemic. Hence, the findings of this study provide an impetus to recommend that the knowledge of personal financial control strategies such as financial literacy, personal financial discipline and social external variables are needed by South Africans to survive the personal financial strain caused by Covid-19 outbreak.
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18. Gasiorowska, A. 2014. The relationship between objective and subjective wealth is moderated by financial control and mediated by money anxiety. Journal of Economic Psychology, 43, pp.64-74.
19. Gorbachev, O. & Luengo-Prado, M.J. 2019. The credit card debt puzzle: The role of preferences, credit access risk, and financial literacy. Review of Economics and Statistics, 101(2), pp.294-309.
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25. Klapper, L., Lusardi, A. & Van Oudheusden, P. 2015. Financial Literacy around the world: Insights from the Standard and Poor’s rating services global financial literacy survey.
26. Liu, C. 2020. Pay attention to situation of SARS-CoV-2 and TCM advantages in treatment of novel coronavirus infection. Chinese Herbal Medicines. DOI:10.1016/j.chmed.2020.03.004.
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31. Maphumulo, W. T., & Bhengu, B. R. 2019. Challenges of quality improvement in the healthcare of South Africa post-apartheid: A critical review. Curationis, 42(1). DOI:10.4102/curationis.v42i1.1901.
32. Mashamba-Thompson, T.P.; Crayton, E.D. 2020. Blockchain and artificial intelligence technology for novel coronavirus disease 2019 self-testing. Diagnostics, 10, 198.
33. Matlhaku, T. 2020. Covid-19: Its impact on health workers and the response of Medical Malpractice insurers to the pandemic. Industry News, 20 Apr. https://itoo.co.za/news/covid-19-its-impact-on-health-workers-and-the-response-of-medical-malpractice-insurers-to-the-pandemic/ Date of access: 26th Jul. 2020.
34. Mazzola, F., Pizzuto, P. & Ruggieri, G. 2019. The role of tourism in island economic growth and resilience. Journal of Economic Studies.
35. Mayosi, B.M., & Benatar, S.R. 2014. Health and Health Care in South Africa - 20 Years after Mandela. The new England journal of medicine, 371:1344-1353
DOI: 10.1056/NEJMsr1405012.
36. Mbukanma, I. & Rena, R. 2018a. Conceptualizing Financial Literacy and its Economic Importance towards Personal Savings Knowledge among South Africans. International Conference on Business and Management Dynamics conference held at Somerset West during 29-31 August 2018 conference proceedings, Chapter-11, pp-121-134, ISBN: 978-1-928396-17-8.
37. Mbukanma, I & Rena, R. 2018b. The Effect of Financial Control on Personal Savings Behaviour: An Exploratory Study of Mahikeng Municipal Employees. International Business Conference held in Mauritius during 23-26 September, Conference proceedings, Chapter-42, pp 652-663.
38. Mbukanma, I., Rena, R. & Hein J.J. 2019. The National Strategy on Financial Literacy: A Conceptual Review of South African Perspectives. Special Issue on "Managing Employment Relationships in the 21st Century World of Work". Journal of Reviews on Global Economy 8, 1121-1134: in (Edtd) Wilfred Ukpere “Managing employment relationships in the 21st Century world of work.
39. Mbuvha, R., Marwala T. 2020. On Data-Driven Management of the COVID-19 Outbreak in South Africa. MedRxiv. DOI:10.1101/2020.04.07.20057133.
40. MSF (Medecins Sans Frontieres). 2020. Responding to COVID-19 in the South African context of multiple, intertwined epidemics. https://www.msf.org.za/stories-news/news-our-projects/responding-sars-cov-2-and-covid-19-south-african-context-multiple Date of access: 22 June 2020.07.
41. Myovella, G., Karacuka, M. & Haucap, J. 2020. Digitalization and economic growth: A comparative analysis of Sub-Saharan Africa and OECD economies. Telecommunications Policy, 44(2), p.101856.
42. Na, Z., Dingyu, Z., Wenling, W., Xingwang L., Bo, Y., Jingdong, S., Xiang, Z., Baoying, H., Weifeng S., Roujiam, L., Peihua, N., & Faxian, Z. 2020. A Novel Coronavirus from patients with pneumonia in China, 2019. The new England journal of medicine, 382:727-733 DOI: 10.1056/NEJMoa2001017.
43. NCID (National Institute for Communicable Diseases). 2020. First case of COVID-19 coronavirus reported in South Africa. Date of access: 22nd Jun. 2020.
44. Nigam, N. & Boughanmi, A. 2017. Can innovative reforms and practices efficiently resolve financial distress? Journal of Cleaner Production, 140, pp.1860-1871.
45. Payne, S. 2017. Family Coronaviridae. Viruses, 149–158. DOI:10.1016/b978-0-12-803109-4.00017-9.
46. Phaswana-Mafuya, N., Shisana, O., Gray, G., Zungu, N., Bekker, L. G., Kuonza, L., Zuma, K., & Baral, S. 2020. The utility of 2009 H1N1 pandemic data in understanding the transmission potential and estimating the burden of COVID-19 in RSA to guide mitigation strategies. South African Medical Journal, 110 (7), 1-2. https://dx.doi.org/10.7196/SAMJ.2020.v110i7.14935.
47. Putri, M.H. & Pamungkas, A.S. 2019. Pengaruh Financial Knowledge, Locus of Control dan Financial Self Efficacy Terhadap Financial Behavior. Journal Manajerial Dan Kewirausahaan, 1(4), pp.926-935.
48. Rajani, N.B., Giannakopoulos, G. & Filippidis, F.T. 2016. Job insecurity, financial difficulties and mental health in Europe. Occupational Medicine, 66(8), pp.681-683.
49. Refera, M.K., Dhaliwal, N.K. & Kaur, J. 2016. Financial literacy for developing countries in Africa: A review of concept, significance and research opportunities. Journal of African Studies and Development, 8(1), pp.1-12.
50. Roberts, B., Struwig, J., & Gordon, S. 2014. Financial Literacy in South Africa: Results from the 2013 South African Social Attitudes Survey round. Report prepared by the Human Sciences Research Council on behalf of the Financial Services.
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Published
2020-11-20
How to Cite
Mbukanma, I., Ravinder, R., & Ifeanyichukwu, L. U. (2020). Surviving Personal Financial Strain Amid Covid-19 Outbreak: A Conceptual Review of South African Context: Array. Acta Universitatis Danubius. Œconomica, 16(6). Retrieved from https://dj.univ-danubius.ro/index.php/AUDOE/article/view/536
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Business Administration and Business Economics
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The author fully assumes the content originality and the holograph signature makes him responsible in case of trial.
