This study examines the association between customers’ assessments of financial guidance from advisors at Japanese regional financial institutions and their investment behavior regarding investment trusts. Using multi-year survey data from Japanese investors, we analyze how different facets of financial advice, including risk and cost explanations and information provision, are associated with investment decisions. The results indicate that investors who provide more favorable evaluations of financial advice tend to allocate a larger share of their assets to investment trusts. This pattern is particularly evident for evaluations related to information provision. In addition, investors who purchase investment trusts through in-person channels tend to be older and to have lower financial literacy. Among these investors, higher evaluations of advice are associated with both a greater likelihood of initial investment and higher allocation levels. Overall, the findings suggest a robust association between subjective evaluations of financial advice and portfolio allocation decisions, without implying a causal relationship.
Understanding financial management behavior (FMB) is critical for improving individual well-being. Guided by the psychological and cultural dimensions of economic behavior, this study adapts and validates a simple yet comprehensive FMB scale in the context of a developing economy. Specifically, the study adapts and validates the Financial Management Behavior Scale developed by Dew and Xiao (2011) for the Indian context. Using a sequential exploratory design, the qualitative phase culturally contextualizes and refines the scale items, while the quantitative phase reassesses the factor structure and establishes reliability, structural validity, and criterion validity. Data were collected using purposive maximum-variation sampling to ensure socio-demographic heterogeneity appropriate for scale validation. The scale comprises two distinct factors based on temporal and cultural orientations of human behavior: short-term and long-term FMB. The scale captures an exhaustive range of behavioral domains, including cash management, credit/debt management, comparison shopping/thrift, savings, retirement planning, emergency funds, and insurance/risk management, within a simplified two-factor structure. This simplified two-factor structure provides a context-sensitive yet empirically robust tool for advancing FMB research and informing FMB interventions in India and similar emerging economies.
Informal borrowing from family and friends suffers from the lack of formal agreement and can lead to severe consequences. Self-control theory suggest some strategies to improve the saving tendencies which can reduce this type of borrowing. To examining which factors that can enhance these strategies in the European Union, this study uses balanced panel data analysis from the Global Findex and Eurostat databases for the years 2014, 2017, and 2021 and conclude a pivotal role of using debit cards and also for saving behavior in addressing this type of borrowing. The study also arises inquiries about the effectiveness of public financial education and empathizes the importance to improve related policies in the FinTech landscape. By elucidating these findings, this paper contributes to deeper knowledge of the dynamics between using debt cards and borrowing practices in the European Union.
Central Bank Digital Currencies are gaining substantial attention globally as central banks explore the design and implementation of digital currencies. This study examines the design considerations of Central Bank Digital Currencies (CBDCs) and their potential impact on India's financial services sector. Employing a mixed-methods approach, we analyse how the e-rupee, India's CBDC, may reshape the country's financial landscape. Through expert interviews (n=22), we identify key design elements of CBDCs and their implications for existing payment systems and banking services. Our findings suggest that while the e-rupee offers unique advantages regarding settlement efficiency and programmability, it faces adoption challenges due to the established dominance of existing digital payment systems. We also explore potential future use cases of CBDCs in India's financial sector and provide policy recommendations for effective CBDC implementation. The study contributes to the emerging literature on CBDCs from a developing economy context.
This study applied the theory of planned behavior and the technology acceptance model to investigate consumers' adequate emergency fund savings through fintech use. A structural equation model (SEM) with a confirmatory factor analysis was employed to analyze primary data from a sample of 453 responses collected in July 2021. The results showed that subjective norms and perceived behavioral control were positively associated with the intention to use fintech for emergency fund savings, respectively. Perceived behavioral control showed a positive direct relationship with adequate emergency fund savings. Intention to use fintech for emergency fund savings showed a positive relationship with using savings apps and websites. However, only savings website use was positively associated with adequate emergency fund savings. The results suggest that fintech use – a bridge – connects between intentions to use fintech to save and adequate emergency fund savings. The findings shed light on empirical evidence in the current literature regarding the importance of fintech use in the financial services market. Financial institutions, financial advisors, and policymakers should be aware of the significance of fintech use in consumers' financial behaviors.
Do financial advisors recommend cryptocurrency investment within a household portfolio? Cryptocurrencies have emerged in popularity as households seek to maximize returns. Financial advisors are expected to provide beneficial advice for a household in managing financial decisions including investments. The existing literature has examined this relatively new form of investing and found some determinants for cryptocurrency investment but has not sufficiently explored the association between this investment option and the investor’s use of a financial advisor. With data from the 2018 wave of the National Financial Capabilities Study (NFCS), this paper examines the relationship between cryptocurrency investment and the use of a financial advisor for American investors. The results suggest that investors who use a financial advisor are more likely to be invested in cryptocurrencies. Additional determinants seen in previous works are also confirmed in the current study; showing that men, younger investors, married investors, and investors with a higher tolerance for risk are more likely to have cryptocurrency investments.
This paper presents an evidence-based redesign of a financial planning capstone unit in an accredited Australian financial planning degree. Five innovations were introduced to strengthen students’ professional capability development: (1) an authentic, dynamic client case; (2) a practitioner-led workshop on client engagement; (3) layered scaffolding to support digital literacy and professional communication skills; (4) a redesigned assessment structure featuring role-based expert pitches evaluated by industry judges; and (5) structured teamwork supports to develop collaborative capability. The impact of the redesign was evaluated by triangulating student performance, student evaluations, thematic analysis of reflective accounts, and an independent expert peer review. Findings demonstrate improved communication, teamwork, and perceived job readiness, alongside stronger alignment between assessment tasks and real-world financial planning practice.
Despite increasing demand for financial planning education, the discipline remains underrepresented within AACSB-accredited business schools—even though such programs align well with business curricula. This study examines the distribution of CFP Board-registered programs across U.S. institutions, analyzing 395 programs (certificates, bachelor’s, master’s, and doctoral degrees). Our findings reveal that only 39% (n=153) are housed within AACSB-accredited business schools, with a predominant focus on in-person or blended bachelor’s degrees. In contrast, non-business schools more frequently offer online certificates and exclusively host all three doctoral programs. Geographic analysis identifies substantial disparities in program availability relative to state populations. We present a case study of successful implementation of a CFP Board-registered program at an AACSB-accredited business school. The discussion outlines key strategies for program development, accreditation alignment, and institutional challenges, providing actionable insights for business schools seeking to expand into financial planning education.
This paper outlines a new approach to teaching a financial planning/financial literacy course. It begins with personality assessments and other tools to help students build a solid foundation upon which they can create goals and develop a financial plan. In contrast, most financial planning textbooks outline the financial planning process, provide an overview of the economic system, and then focus on time value of money concepts and goal setting. All the texts start with the basic assumption that each student knows his or her goals. Educators need to be sure their students have a solid foundation of self-awareness before they can plan for their future. A self-awareness foundation would include knowledge of core values and key strength competencies, awareness of the importance of strong relationship skills, hope for the future, expressions of gratitude, and meaningful work. Without a solid foundation, goals and objectives cannot provide the same level of life satisfaction and happiness desired in life. Sample assignments are provided that would help educators introduce these topics in an undergraduate course. Implementation of these elements in an undergraduate personal finance course increased student evaluations of the course by 7%.
We describe and provide several illustrations of experiential learning activities used in an introductory financial planning class as part of a CFP Board Registered Program. Examples include Awareness and Interview Exercises where students are afforded the opportunity to learn and receive course credit for examining and analyzing financial planning situations directly related to the students. We have found the use of these exercises better prepares students for class, enriches class discussions, and stimulates meaningful conversations between students and family members on the importance of financial planning.
This study investigates the factors influencing financial management behaviors (FMB) among young adults in Poland, drawing on the Theory of Planned Behavior (TPB). Specifically, it examines the roles of financial attitude, family financial socialization, peer influence, financial self-efficacy, and subjective financial knowledge. Data were collected from 340 university students using convenience sampling. A hybrid analytical approach combining partial least squares structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) was employed. PLS-SEM results indicate that financial attitude, subjective financial knowledge, and financial self-efficacy are significantly associated with FMB. Contrary to expectations, family financial socialization had no significant effect, while peer influence was significant but negative effect. FsQCA revealed two distinct pathways leading to positive FMB, highlighting the importance of financial attitude and knowledge, even in the absence of strong peer or family support. The findings underscore the complexity of financial behavior and suggest that educational interventions should focus on improving financial attitudes and self-efficacy, while also acknowledging the important roles of family and peer influences. This study contributes novel insights into financial behavior research in Eastern Europe and demonstrates the value of combining SEM and fsQCA in behavioral finance studies.
Efforts to increase the low global consumer uptake and recognition of financial advice as a trusted profession have been hampered by low financial capability, distrust of financial advisors, and soaring costs. While considerable research has been published on the value of financial advice, a synthesis of scholarship is surprisingly absent, leading to a lack of credible information on the outcomes of professional financial advice. To determine the ways in which value has been contextualized and measured and the extent to which value has been substantiated, this themes-based narrative review comprehensively examines tangible outcomes, such as investment performance, and less tangible components of value relating to consumer wellbeing and the client-advisor relationship. We conclude by proposing a conceptual framework of the value of financial advice to support the development of a more consistent, rigorous and coherent body of literature across jurisdictions, with increased transparency for consumers and other stakeholders of financial advice.
Time Value of Money (TVM) concepts are foundational to learning in personal financial planning and finance courses. This study applied Connectivism Learning Theory (CLT) to create educational interventions meant to increase student understanding of TVM using Excel and a financial calculator as learning tools. Results show students exposed to the learning intervention using a financial calculator performed better than those exposed to Excel alone or a combination of Excel and a financial calculator. These findings point to the structural entrenchment of the financial calculator in the teaching of TVM, and the challenges an instructor might face when introducing other methods to supplant it.
The Personal Financial Planning Capstone course can be a complex and daunting learning experience for both students and instructors. Resources exist to guide instructors through the content of Capstone (the what); however, more consideration needs to be given to the how of Capstone course delivery. This paper explores Capstone through the lens of Project-Led Problem Based Learning (Pj-PBL), offering examples of course design, application, and assessment. Research and discussion are needed to optimize Capstone course delivery as the final class that prepares students for a rigorous profession.
Financial education is most effective when it is both personalized and applicable to learners’ lives. Instruction that reflects individual backgrounds, interests, and learning styles fosters engagement, ownership, and improved outcomes. When financial concepts are taught in real-world contexts, learners are more likely to recognize their relevance and apply them meaningfully. This paper integrates five established learning theories: Bloom’s Taxonomy, behaviorism, constructivism, experiential learning, and social learning theory. These frameworks support differentiated instruction in financial education and inform the design of inclusive, learner-centered pedagogy. The study’s primary contribution is its application of these theories to specific financial topics, including investment planning, retirement strategies, financial counseling, and estate planning. Assignments and instructional tools provided in the appendix illustrate how theory-informed strategies can be implemented in practice. These classroom-tested activities promote financial literacy, support behavioral change, and enhance instructional effectiveness across diverse learner populations. By bridging theoretical models with applied learning experiences, the paper offers educators a practical framework for improving financial education.
This research addresses the influence of Craigslist’s adoption and presence on fraud arrests within metropolitan statistical areas (MSAs). Utilizing the consumer vulnerability framework (Hill & Sharma, 2020), the study used diverse data sources, including Craigslist entry data, the Uniform Crime Reporting (UCR) dataset, and the US Census Bureau Current Population Survey (CPS) data from 1995-2006. Employing differences-in-differences (DID) models, this study's primary findings indicate a reduction in fraud arrests, ranging from 11% to 23% following the introduction of Craigslist. While these results might appear counterintuitive, our findings suggest that online marketplace design and enforcement capacity may jointly influence fraud patterns.
