Personal financial planning attitudes: a preliminary study of graduate students

摘要

Purpose - The purpose of this paper is to report on a survey about the personal financial planningrnattitudes of MBA students in the USA.rnDesign/methodology/approach - The study surveyed 206 MBA students about their attitudes tornpersonal financial planning. Participants were asked about their level of knowledge, whether theyrnhad prepared components of a financial plan, where they might seek assistance in such a process andrnthe criteria for selecting a financial planner. In addition, participants were asked to indicate their levelrnof confidence in a financial plan's capacity to help them meet their long-term needs and the likelihoodrnthat they would implement such a plan.rnFindings - The findings indicate that, while most respondents feel both that financial planning isrnimportant and that they are interested in developing a financial plan, very few feel that they have thernnecessary skills and knowledge to prepare their own plan. In addition, the participants indicated a strongrnpreference for professional personal financial planning advice. The study also indicates that less than 13rnpercent have prepared a comprehensive personal financial plan. When asked to identify the onernprofessional from whom they would seek advice, certified financial planners were the preferred resource.rnResearch limitations/implications - While the results are not generalizable to the wider population,rnthe views of this group are important because one might expect that educated individuals would be bothrnmore interested in personal financial planning and more capable of preparing their own plans comparedrnwith average Americans.rnPractical implications - The study presents some implications for practice and financial literacyrneducation from a US perspective.rnOriginality/value - A perceived need of respondents is to feel that their financial planner will put theirrnneeds first. While some professionals believe this to be the hallmark of "independence," the respondents.rnPlaced less importance on planner independence. In order to foster client confidence, planners must act inrnways that convey clearly the primacy of their clients' needs.