Exploring the Role of Financial Socialization on Financial Planning Students’ Financial and Career Confidence: A Thematic Analysis

Kimberly Watkins (), Megan McCoy (), Kenneth White (), Miranda Reiter () and Yingyi Liu ()
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Kimberly Watkins: University of Georgia
Megan McCoy: Kansas State University
Kenneth White: University of Arizona
Miranda Reiter: Texas Tech University
Yingyi Liu: University of Georgia

Journal of Family and Economic Issues, 2024, vol. 45, issue 1, No 9, 106-116

Abstract: 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.

Keywords: College students; Financial planning; Financial stress; Qualitative research; Socialization (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10834-023-09892-1

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