ChatGPT as a Financial Advisor: A Re-Examination

As selective revealing is being recognized as a new means to find collaboration partners, little attention has been paid on how selectively revealed solutions are best formulated in order to be positively perceived. Prior research has highlighted that technological gatekeepers, i.e. individuals with who handle the R&D communication network and hence potential recipients of revealed knowledge, rely on cognitive and perceptual abilities during the recognition and evaluation of novel technologies. To enrich existing knowledge about opportunity recognition in selective revealing, this study took a cognitive perspective and intended to explore the effects of different formulated revealed solutions on the identification of collaborative opportunities. By priorly manipulating the superficial and structural commonalities of two revealed solutions conducted in collaboration with industry experts, I designed a 2*2 within-subject experiment to validate whether such an induction of analogies increases the percipience of a selectively revealed opportunity. The data, which was attained during an online-experiment with university students from different fields of studies also included individual factors such as prior knowledge about markets and technologies, creative ability (proxied by divergent thinking test and creative self-efficacy) and other demographic characteristics. The gathered data was analyzed through a linear-mixed effect model to capture the repeated design of the experiment. The computation illustrated that relational commonalities between a market and a revealed solution considerably improved the perception about a revealed solution and the willingness to engage a collaboration. In addition, the results demonstrated that superficial similarities facilitate the retrieval of analogies from structural commonalities. For the individual factors, the provided evidence could not support the initial hypotheses that individual creativity and prior knowledge positively moderate the effects of superficial and structural similarities. Contrarily, the results revealed negative moderating effects of creativity and the field of study. Despite further research is necessary, this study delivered implications for both ends of the information flow in selective revealing by conjointly examining the effects of selectively revealed opportunities and personal traits, and enriched this field of study through comprehending the drivers of early action in open innovation and strategic renewal. As selective revealing is being recognized as a new means to find collaboration partners, little attention has been paid on how selectively revealed solutions are best formulated in order to be positively perceived. Prior research has highlighted that technological gatekeepers, i.e. individuals with who handle the R&D communication network and hence potential recipients of revealed knowledge, rely on cognitive and perceptual abilities during the recognition and evaluation of novel technologies. To enrich existing knowledge about opportunity recognition in selective revealing, this study took a cognitive perspective and intended to explore the effects of different formulated revealed solutions on the identification of collaborative opportunities. By priorly manipulating the superficial and structural commonalities of two revealed solutions conducted in collaboration with industry experts, I designed a 2*2 within-subject experiment to validate whether such an induction of analogies increases the percipience of a selectively revealed opportunity. The data, which was attained during an online-experiment with university students from different fields of studies also included individual factors such as prior knowledge about markets and technologies, creative ability (proxied by divergent thinking test and creative self-efficacy) and other demographic characteristics. The gathered data was analyzed through a linear-mixed effect model to capture the repeated design of the experiment. The computation illustrated that relational commonalities between a market and a revealed solution considerably improved the perception about a revealed solution and the willingness to engage a collaboration. In addition, the results demonstrated that superficial similarities facilitate the retrieval of analogies from structural commonalities. For the individual factors, the provided evidence could not support the initial hypotheses that individual creativity and prior knowledge positively moderate the effects of superficial and structural similarities. Contrarily, the results revealed negative moderating effects of creativity and the field of study. Despite further research is necessary, this study delivered implications for both ends of the information flow in selective revealing by conjointly examining the effects of selectively revealed opportunities and personal traits, and enriched this field of study through comprehending the drivers of early action in open innovation and strategic renewal. Keywords: Selective Revealing, Opportunity Recognition, Open Innovation, Analogical Reasoning, Gatekeepers

Decision-making in an unfamiliar environment like the stock market is a difficult task, particularly given the immense amount of information and peer pressure. This study aims to analyze the influence of investors’ personality, assessed using the Big Five personality model, on investors’ decision-making in the Indian secondary equity market. Indian secondary equity investors in the city of Chennai were selected as the study population, and data was gathered from a sample of 436 investors using the questionnaire survey method. A Pearson correlation analysis was conducted to study the relationships between investors’ decision-making tools and personality dimensions, and significant correlation relationships were identified. Multiple linear regression was then used to analyze the linear relationship between the returns earned from equity investment and the personality dimensions and decision-making tools, as well as several demographics and financials. The results of the study could help investors better understand their equity decision-making in terms of the influence of their personality and guide them to adopt appropriate decision-making tools to increase their equity returns. Financial advisors could also benefit from this study as it would allow them to correlate their clients’ personalities and decision-making tools and suggest the most appropriate investment strategies.

The article provides an overview of the framework to create an AI-based Personal Finance Advisor (AIPFA) that would democratize access to advanced financial advice. Conservative financial advice has long been limited to people with a great deal of wealth, and the available digital financial advice systems are mostly descriptive as opposed to prescriptive. The AIPFA system proposed changes to this paradigm by a multi-layered architecture, which involves the aggregation of data, an advanced AI engine based on a four-stage analytical maturity model, and personalization features in addition to a conversational interface. The key aspect in this framework is a well-developed ethical governance model with fairness, transparency, and user-centric optimization. The article describes every element of the architecture, discusses how descriptive analytics transforms into prescriptive analytics, sets ethical standards in autonomous financial advice, and provides a roadmap for gradual implementation. Through this framework, financial institutions will be able to provide personalized and proactive financial advice at scale and enhance customer relationships and close key financial wellness gaps among underserved people.

Predicting mutual fund performance with machine learning: Are ESG pillar scores relevant predictors of fund return?

Why Financial Advice Cannot Substitute for Financial Literacy?

Why Financial Advice Cannot Substitute for Financial Literacy?

This research focuses on developing and implementing the Physics e-Module PjBL-STEM Model to improve the creative thinking skills and learning motivation of grade X students in straight-motion topics discussion. The purpose of this development research is to 1) Produce a feasible Physics e-Module PjBL-STEM Model. 2) Knowing the effectiveness of the implementation of the Physics e-Module PjBL-STEM Model in order to improve students' creative thinking skills and learning motivation. 3) Describe the students' creative thinking skills and learning motivation profile. The e-module development procedure in this study adapted the Research and Development (RD) method using the ADDIE model developed by Dick and Carry (1996). The subjects of this study were first-grade high school students who used the 2013 curriculum at a school in the city of Yogyakarta. The results of the study show that: 1) The Physics e-Module PjBL-STEM Model is feasible to use in physics learning based on the assessment of experts and practitioners. 2) Implementation of the Physics E-Module PjBL-STEM Model is effective in increasing students' creative thinking skills by 85% and students' learning motivation by 68% which is in the good category. 3) The students' creative thinking ability profile was 54.16%, while the students' learning motivation was 60.41%. Both have average and above-average values. Students with the ability to think creatively and have the motivation to learn above the average are most students who use the Physics e-Module PjBL-STEM Model in physics learning.

The UK's personal financial services sector has been the site of controversy over alleged professional malpractice. Financial advisers’ status as professionals is in question, and their claim to knowledge and expertise is apparently challenged by an extensive consumer literature on personal finance. This article analyses a corpus of seventeen consumer guides to personal finance and money management published in the UK, together with a range of financial material available on the internet. These guides urge readers to give high priority to their finances, given the irreversible global retreat of the state from welfare provision. They argue that expert professional advice is indispensable. They prepare readers to play their part as clients in mutually profitable collaboration with professional advisers. They offer reassurance about the effectiveness of industry regulation and consumer protection. The guides are reflexively implicated in the promotional culture of personal financial services. They support financial advisers’ claim to professional standing, and contribute to the cultural work of creating a clientele for them.

In this publication we provide tips to help strengthen personal finances in a crisis situations. It should be noted that as part of state programs aimed at increasing financial literacy, it is especially important to monitor the literacy and quality control of financial activity of the population in terms of combating various forms of financial fraud targeting people’s savings. Improving financial literacy of the population is one of the main ways to improve the management of personal finances, which does not require significant costs. We analyzed the research of both foreign and domestic scientists on these matters. Household financial planning should begin with the planning and compilation of a personal budget or a family budget. Optimization of personal expenses after their detailed analysis is rationalization. Rationalization of personal expenses should be carried out on the basis of research of current and perspective needs of the individual to define the unnecessary expenses and search for the ways to save purchasing certain groups of goods or services. Helping to control and eliminate emotional purchases, thereby minimizing the impact of inflation on own costs. Low financial literacy of consumers of retail financial services, the presence of asymmetric information in the relationship between providers and consumers of the services in the financial market create favorable conditions for various abuses and financial crimes. The concept of financial inclusion is considered, which in our opinion is a driver of economic growth and an important factor of social equality in the modern world. Central banks and other financial market regulators, international organizations, and other market players have emphasized the importance of financial inclusion in recent decades. We have selected a list of basic tips from financial advisors on managing and planning personal finances. In Ukraine, more than a third of the population remains outside the financial system. This indicates their separation from the economy of the state and society as a whole, lower level of efficiency of money management and financial security. The vocation of financial scientists is to bring to the public the basics of financial awareness and help solve many issues that arise, both in personal finance and at the state level.

Present study investigates how different demographics' levels of financial literacy, risk tolerance, and investing choices interact with one another. Although previous research has shown a broad relationship between financial literacy and better investing behavior, the exact ways it affects risk tolerance and decision-making remain unknown. There is a dearth of research on the impact of confidence in financial advisers and other demographic variables such as income, gender, education level, and age. This research aimed to capture a broad variety of financial habits by randomly selecting 101 persons based on socio-demographic criteria such as age, gender, marital status, education, profession, and income. The survey was conducted over twenty days in Yelahanka, Bangalore. Findings reveal that 79.2% of respondents earn under ₹2,00,000 annually, and 63.4% save less than 10% of their income, underscoring the challenges individuals face in making significant investments. A significant portion, 48.5%, expressed satisfaction with past investments, but 28.7% were dissatisfied due to poor guidance. Moreover, education correlated with better financial decision-making, but income remains a major barrier to making higher-value investments. The study also found a preference for safer, more liquid investments, with life insurance and gold being popular choices. These insights highlight the critical need for more accessible financial literacy programs and advisory services to address existing gaps and help individuals make more informed, effective financial decisions.

Creative thinking ability can be trained to students during learning process using suitable learning materials. The purpose of this study was to produce a valid and practical student worksheet based on iMindmap in Animalia topic to train students’ creative thinking ability. This R & D referred to 4D model (define, design, develop, and disseminate) without disseminate phase. The validity of student worksheets was determined based on experts (material, education and media) assessment. Meanwhile, the practicality was evaluated based on teachers’ and students’ responses; and the readability of the worksheet decided based on Fry Graph. The data gained were analyzed descriptive-quantitatively. The research results revealed that the worksheet developed was declared as very valid (mode value: 4) and very practical based on practitioners' responses (mode value: 4) and students’ responses (the positive responses reached 90.45%). In addition, the readability test result was at level 10, which means that the worksheet was suitable for Grade 10. Hence, it can be concluded that the student worksheet based on iMindMap in Animalia topic can be used to train students’ creative thinking ability.

Education in the 21st century requires not only content mastery but also the development of higher-order thinking skills to address complex global challenges. This study investigates the effects of STEM Project-Based Learning (PjBL) and students’ critical thinking on creativity in English language learning. Employing a mixed methods approach with an explanatory sequential design, the study first gathered quantitative data through surveys and tests, followed by qualitative data from interviews and classroom observations. The participants consisted of 200 Grade X students from two senior high schools in Serang City, selected through purposive sampling. The quantitative findings revealed that both STEM PjBL and critical thinking significantly influence student creativity, with strong positive correlations (r = 0.867 and r = 0.889) and moderate effect sizes (Cohen’s d = 0.516 and 0.505). The qualitative data supported these findings, highlighting students’ increased engagement, collaboration, and reflective thinking during project implementation. These results suggest that integrating STEM-based projects in English learning can effectively foster critical and creative thinking skills, offering a promising interdisciplinary approach to language education. The study contributes to current literature by demonstrating the combined impact of PjBL and critical thinking in a language learning context, an area often overlooked in prior research. The findings hold practical implications for curriculum designers and educators seeking to promote 21st-century competencies through integrated, student-centered instruction.

This study develops a learning coaching program to enhance grit in upper elementary school students experiencing emotional demotivation and reduced goal persistence. Grounded in prior research on learning coaching and grit, the program aims to strengthen non-cognitive competencies and self-directed learning. The study was structured into five stages: helplessness awareness, self-understanding, goal setting, action planning, and self-reflection, across ten sessions, based on Domihyang’s (2015) coaching philosophy and ACTIVE model. Key components of grit and core competencies from the 2022 revised national curriculum, such as self-management and creative thinking, were embedded in the activities. Using non-directive coaching dialogue, the program integrated emotional awareness and goal execution to support practical application in educational settings. As an exploratory study, the results indicated positive improvements in students’ Grit, particularly in perseverance of effort and consistency of interest, as well as enhanced self-directed learning behaviors. These findings suggest that the program has potential as an effective coaching-based intervention for strengthening non-cognitive competencies in upper elementary school students.

This research was aims to know the development procedure, validity, practicality, and effectiveness of the student's worksheet by instilling mathematical creative thinking ability on junior high school student are that meets valid and practical criteria, as well to know the effectiveness of student's worksheet towards student's mathematical creative thinking ability at SMP Muhammadiyah 2 Depok Sleman in the academic year 2019/2020. The types of research that were conducted the development research. The model used in this research was the ADDIE (Analysis, design, development, implementation, evaluation) model. The subject in this research was student’s grade VII at SMP Muhammadiyah 2 Depok Sleman, with the subject of the small-scale trials were five students, and the subject of the big-scale trials were 29 students. In this research, the data collection instruments with the validation test questionnaire for material experts and media experts, the student's response questionnaire, and the student's creative thinking test sheet. The data analysis technique used in this research was data analysis of validity, practicality, and effectiveness. The research outcomes based on validation test of student's worksheet include in category valid from validation of material experts with the average percentage of assessment of material expert is 4,1 with valid category ( ) and validation of media experts with percentage average was 3,8 with valid category ( ). While from and student's response questionnaire, the student's worksheet was 3,4 with practical category ( ), and from effectiveness with the percentage of classical learning completeness student was 72,4 with good category ( ). Students' worksheets by instilling mathematical creative thinking ability are valid, practical, and effective in learning.

The purpose of this study is to assess the relationship between traditional financial advisors and the increasing use of robo-advisors, in the context of the financial technology (fintech) revolution that we are witnessing now. Contrary to the doomsday outlook of many, these services complement each other and therefore are inclusive. A growing trend, however, is the democratization of the use of fintech in an increasingly varied realms associated with personal finance. While those with higher incomes and more wealth tend to pay for the services of traditional advisors, clients with lower levels of income and wealth utilize robo-advisors more often. Continuous advancements in fintech provide a somewhat customized service but the robot’s lack of ability to manage certain types of investments and integrate intangible yet critical human factors into the assessments limit the effectiveness of these tools, at least currently.