This paper examines the data collection methods employed in a qualitative study investigating financial literacy and how organizations process and use financial information. The study relied on semi-structured interviews and questionnaires, using purposive sampling to select relevant organizational decision-makers as interviewees. The paper evaluates the appropriateness of each method, noting the strengths of firsthand interview data and the limitations of questionnaires in yielding concrete figures. It also reflects on the ethical conduct of the research and suggests ways the author could have strengthened methodological transparency by discussing the pros and cons of each data collection approach.
This study was carried out to help identify the global changes in the business world and how organizations are adjusting to those changes (Gouws & Shuttleworth, 2009). It is undeniable that with these many changes, a large volume of information — and especially financial information — is in circulation. This information needs to be processed, understood, and analyzed in order to make sense to its targeted users.
For the study, a qualitative research approach was used. First, an empirical review was carried out to provide theoretical information that would form the basis of the study. To support this, interviews were conducted with relevant individuals, and the information gathered from those interviews was later used to develop questionnaires. These questionnaires were designed to collect the views of decision-makers in organizations, as well as individuals who played general roles in the economy.
Using interviews formed a strong starting point for the research. The researcher opted for this method because there was limited information available on how to make effective use of existing financial information — a contrast to the premise that a large amount of such information is in circulation. What is required is that the information be well processed for better comprehension. Conducting interviews as a data collection strategy was particularly well suited to this study because the focus was on organizations rather than on individual consumers (Russ, 2010).
There are two main types of interviews: structured interviews and unstructured interviews (Russ, 2010). For this study, semi-structured interviews were used to assess the degree of financial literacy within organizations. These interviews were informed by previously gathered information and by the organizational environments being studied. The approach proved successful, as the information gathered was firsthand and unbiased. The researcher applied purposive sampling when selecting interviewees, taking care to choose individuals who held relevant positions in various organizations (Russ, 2010). After targeted interviewees had given their consent, the researcher sent them preparatory questionnaires to acquaint them with the subject matter of the interview.
Based on responses from the interviews and on the experience the researcher had gained through contact with interviewees, individual statements used in the questionnaires were compiled. The questionnaires were intended for individuals who were not necessarily in decision-making positions and who were not working in business organizations. This method of data collection was not particularly well suited to the research because it is difficult to obtain the actual figures needed to support a concrete study (Russ, 2010). Furthermore, information gathered through questionnaires is often subject to bias (Russ, 2010).
For further context on how financial literacy intersects with organizational decision-making, the foundational study by Gouws and Shuttleworth (2009) provides useful background on the relationship between financial information and its users in organizational settings.
The research design was consistent with the data collection methods chosen, and both methods were used throughout the study. However, not all of the distributed questionnaires were completed. This did not affect the final results in a significant way, but it is nonetheless a notable limitation of the data collection process.
"Design coherence and impact of incomplete questionnaire returns"
"Overall assessment of data collection effectiveness and ethics"
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