Personal Finance: An Interdisciplinary Profession

A study recommends that financial counseling and planning research, education, and practice be framed as an interdisciplinary profession called personal finance. Authors summarize the history of the profession and key theories providing the conceptual foundation. In order for the emerging profession of personal finance to achieve significant visibility and gain maturity, professionals must reach consensus on defining collective scholarship. At the November 2006 Association for Financial Counseling and Planning Education (AFCPE) annual conference in San Antonio, organization members took time to examine past and present endeavors and to discuss framing the future. As part of that discussion, a group of scholars within the organization began to raise some critical questions. What definition is given for the work of financial counseling and planning? Is this work described as a discipline, a profession, or a focus area? What is its name? What scientific theories provide the foundation for the work? Can financial counseling and planning researchers, educators, and practitioners reach consensus on common language to describe the work? What specific action steps would leverage collective scholarship and experience to advance theory and practice?