Case study inn Research Project Title
Analysis of Spending More or Saving More: A Case Study of Hong Kong and Everyday Personal Finance during the PandemicPart 1 Approaching Methodology | Progress Log: Project Summary and Research Problem Statement
My research aims to explore the issue of personal finance, and specifically how daily spending or saving can have an impact during the current COVID-19 pandemic. My objective is to provide an answer to the question of whether spending more or saving more is the right strategy for Hong Kong residents. My research addresses the problem of personal finance, an issue that is very difficult for many people, especially in times of uncertainty. The problem affects every body in the world right now, however, my research will only focus on Hong Kong as a basis for my study. It is common knowledge that personal finance management is a hurdle for many people, particularly when an individual’s spending habits cannot be sustained by their income. Waliszewski & Warchlewska (2021) report that as the COVID-19 pandemic continues to affect the financial and professional environments, the disruptions caused present economic problems with increasing repercussions, requiring that people understand how to better manage their finances. While this assertion can be largely agreed with certainty, a problem exists regarding a study gap on what to do (or not do) in regards to personal fiancé management during a pandemic. The issue is made more complicated by the fact that the world has not witnessed another pandemic in the recent past, save for the global financial meltdown of 2008-2009, that was not as severe as the COVID-19 pandemic (Notteboom, Pallis, & Rodrigue, 2021). In this research design paper, an exploration of different cases in Hong Kong relating to personal finance management will be presented, using a case study approach, with data collected from secondary sources, and a thorough analysis based on the findings.
Part 2 | Asking Questions in Quantitative Research | Progress Log: Research Strategy and Methodological Approach
My research strategy and design type will be use of case studies. I have chosen case studies because of the nature of the problem I intend to address. More specifically, case studies are noted by Bennett (2004) to provide detailed information about a problem. I also see the use of case studies as an effective way to study a real issue and offer practical recommendations as they apply to people. My research design will also offer insight for future studies, allowing other interested parties to use my recommendations and findings towards the same goal. Additionally, personal finance management may involve a lot of ethical issues because every case is personal and different from the last. A case study approach will permit investigation into the spending or saving habits of people in Hong Kong, without necessarily diving into personal issues. I believe that any other research design would not allow collection of personal and detailed data as is the case with case studies. In addition to the above, a case study research design will facilitate conducting of research on a rare case such as the current research problem where a larger sample of similar categorization of participants may not be available (Ridder, 2017). How people manage their personal funds during the pandemic may not be the same for everyone, but the ideas can be generalized into different categories, where case studies will be more effective. Lastly, case studies will reduce the requirement to interact with many people in a time where social distancing and isolation are recommended.
My preferred methodology is a quantitative research approach. I have chosen this approach, first, because of how it matches with my research intentions. I intend to conduct research on a very large sample made up of Hong Kong residents. A quantitative approach will allow my study to make the broader study, include more subjects, and enable more generalization of the results obtained. Basias & Pollalis (2018) also noted that quantitative research methodology provides accuracy and objectivity because few variables are discussed since data relates to information that is close-ended. By using a case study design, the quantitative approach will also benefit from an easier and faster collection of data. As a result, the methodology will be cost effective and faster. By combining quantitative approach with a case study research design, my research will be able to different factors that affect the decision on whether to spend more or have more savings as a personal strategy for finance management. I have also chosen a quantitative approach because of how it reduces personal bias through randomized cases. My hypothesis is very specific based on the decision to spend or save more during the current COVID-19 pandemic. Therefore, a quantitative approach is best suited to provide basis for either of the two options in the hypothesis based on a very large sample and population. Additionally, the methodology will allow the research to be duplicated to other scenarios with the same facts and variables.
References
Basias, N., & Pollalis, Y. (2018). Quantitative and qualitative research in business & technology: Justifying a suitable research methodology. Review of Integrative Business and Economics Research, 7, 91-105.
Bennett, A. (2004). Case study methods: Design, use, and comparative advantages. Models, numbers, and cases: Methods for studying international relations, 19-55.
Notteboom, T., Pallis, T., & Rodrigue, J. P. (2021). Disruptions and resilience in global container shipping and ports: the COVID-19 pandemic versus the 2008–2009 financial crisis. Maritime Economics & Logistics, 1-32.
Ridder, H. G. (2017). The theory contribution of case study research designs. Business Research, 10(2), 281-305.
Waliszewski, K., & Warchlewska, A. (2021). How we can benefit from personal finance management applications during the Covid-19 pandemic? The polish case. Entrepreneurship and Sustainability Issues, 8(3), 681.
