The data collection method which we think will be appropriate for a financial literacy will be a Quantitative data collection method, depending on random sampling and structured data collection instruments that fit diverse experiences different categories. Quantitative data collection method is easy to summarize, compare with other research, and simple to investigate.
Depending on the research question f.g financial literacy survey, participants may be randomly selected, if this is not feasible, the researcher may collect data on participant and situational characteristics in order to statistically control for their influence on the subject, or effects, variable. If the intent is to generalize from the research participants to a larger population, the researcher will employ odds/even sampling to select participants.
Typical quantitative data gathering strategies include:
- Experiments and clinical trials.
- Observing and recording well-defined events (e.g., counting the number of patients waiting in emergency at specified times of the day).
- Obtaining relevant data from management information systems.
- Administering surveys with closed-ended questions (e.g., face-to face and telephone interviews, questionnaires etc).
Face -to -face interviews have a distinct advantage of enabling the researcher to establish rapport with potential participants and there for gain their co operation. These interviews yield highest response rates in survey research. Disadvantages it I hard when large sum of samples are involved and is expensive in relation to large amount of test subjects
Telephone interviews they are less time consuming and are inexpensive, accessibility is easy and wide spread. Drawback of such interviews is less or slow rate of response then face-to- face interview. The sample may be unfair to the extent that people without phones are part of the population about whom the researcher wants to draw inferences.
Computer Assisted Personal Interviewing (CAPI): is a form of personal face to face interviewing, but instead of questionnaire, the interviewer brings along a laptop or hand-held computer to enter the information directly into the database. This method saves time involved in processing the data, as well as saving the interviewer from carrying around hundreds of questionnaires. Disadvantage would be difficult to set up and expensive which also needs skilled personal to operate such tasks.
Paper-pencil-questionnaires can be sent to a large number of people and saves money. People are more truthful while responding to the questionnaires regarding controversial issues in particular due to the fact that their responses are anonymous. Majority of the people who receive questionnaires don't return them and those who do might not be representative of the originally selected sample.
Web based questionnaires: A new methodology is the use of Internet based research. This means receiving an e-mail or a website to fill in a questionnaire. Such methods are easy, quick. People who cannot or do not have a computer will be left out. The potential of inaccuracy in such method is viable because some people might be in a hurry, or not honest.
The appropriate way to approach potential subject will be from telephone survey targeting a sample population of the financially stable region, telephone survey are less time consuming and inexpensive way of approaching potential subjects.