Effective Personal Financial Management through ELF Model

The marriage between democracy and capitalism seems to have collapsed with the catastrophe manifesting as hunger, poverty, unemployment, increasing inequality, financial exclusion and lack of confidence in governments. This places a new sort of demand on employees to innovate their personal financial strategy with a comprehensive framework that does not just focus on short term range but the entire career life of the employee. Truly, it is not the primary responsibility of employers to plan and implement personal financial management for employees; the responsibility is that of an employee. Effective Personal Financial Management through Employment Lifecycle Fund Model is a novel framework that provides new insights into the implications of being an employee in a capitalist democracy and what employees should do to lead a successful personal finance. The principles can also be applied by employers to empower their employees or trade unions/associations to engage their employers for better employment conditions.