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Abstract

In 2021, the Certified Financial Planner (CFP) Board expanded its Principal Knowledge Topics to include the domain Psychology of Financial Planning. This inclusion serves as an impetus for CFP Board Registered Programs to provide opportunities for students to explore their own attitudes and biases about money. However, little is written on how programs can aid students in this process of self-exploration. This paper introduces an experiential exercise to aid financial planning students in self-exploration. Using a thematic analysis, several themes emerged: (1) diversity in parental financial socialization, (2) anxiety about personal finances, and (3) use of technical knowledge to help loved ones. Additionally, women reported more traumatic money experiences, and men reported higher levels of career confidence. Implications can provide insights on how educational programs can aid financial planning students’ understanding of their own money beliefs to better serve future clients in the client psychology competency areas.

Details

Title
Exploring the Role of Financial Socialization on Financial Planning Students’ Financial and Career Confidence: A Thematic Analysis
Author
Watkins, Kimberly 1   VIAFID ORCID Logo  ; McCoy, Megan 2 ; White, Kenneth 3 ; Reiter, Miranda 4 ; Liu, Yingyi 1 

1  University of Georgia, Department of Financial Planning, Housing, and Consumer Economics, Athens, USA (GRID:grid.213876.9) (ISNI:0000 0004 1936 738X) 
2  Kansas State University, Institute of Personal Financial Planning, Manhattan, USA (GRID:grid.36567.31) (ISNI:0000 0001 0737 1259) 
3  University of Arizona, Department of Personal and Family Financial Planning, Arizona, USA (GRID:grid.134563.6) (ISNI:0000 0001 2168 186X) 
4  Texas Tech University, School of Personal Financial Planning, Lubbock, USA (GRID:grid.264784.b) (ISNI:0000 0001 2186 7496) 
Pages
106-116
Publication year
2024
Publication date
Mar 2024
Publisher
Springer Nature B.V.
ISSN
10580476
e-ISSN
15733475
Source type
Scholarly Journal
Language of publication
English
DOI
https://doi.org/10.1007/s10834-023-09892-1
ProQuest document ID
2921591292
Copyright
© The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2023. Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.