Financial Management of Individuals with Various Perspectives of Tax Planning

This study focuses on an individual’s activity (individual financial management behaviour) when making financial decisions in order to investigate how living expenses and financial literacy relate to one another. More of everything and a strong focus on consumption define the modern era. Many people believe that this tendency is a representation of the hyper- materialization of modern life, which unavoidably places more strain on our financial resources. While adults are no longer satisfied with two pairs of shoes—rather, we need at least half a dozen—our children are requesting more in the way of apparel, activities, and other items. This implies that in order to maintain our level of consumption, or rather to meet our material needs, we must earn more money. Here, the goals and tactics will be covered. This paper looks into how financial issues affect the financial and tax reporting choices made by individuals.