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Review of Financial Planning Research in the US: 19952005 주소현, Ph.D. Associate Professor, Texas Tech University 삼성 금융 연구소 Presentation Overview Introduction Review of Journals Insights from the Journal Review Examples Conclusion Introduction History of Financial Planning Field of Financial Planning In Practice In Academia In Research Purpose To review the research development of the field to examine the past, current, and future of financial planning research. To examine the financial planning research in the U.S., this paper overviewed past 11 years of selected academic publications in personal financial planning field. Terminology Financial Planning A process of meeting life goals through proper management of personal finances 101 topic area Personal Family Household Journal Review Financial Services Review Academy of Financial Services Quarterly since 1991 Financial Counseling and Planning Association for Financial Counseling and Planning Education Bi-Annually since 1990 Journal Review Journal of Consumer Affairs American Council on Consumer Interests Bi-Annually (current) since 1966 Journal of Personal Finance Association for Financial Consultant Quarterly since 2002 Financial Services Review (1995-2005) articles by topic Topic Number of Articles Investment General Investment (including Asset Allocation) 51 Bond 6 CD (Money Market) 4 Mutual Funds 14 Stock 31 Retirement 35 Financial Planning Education 14 Cash Management (banking, Saving, Cash flow, Emergency Fund) 8 Financial Services Review (1995-2005) articles by topic Mortgage and Real Estate 8 Financial Planning Industry/Profession 8 Financial Planning 7 Credit and Debt 6 Risk Tolerance 5 Insurance 3 Financial Literacy 3 College Planning 2 Sociology or psychology of financial planning 2 Tax 1 Employee Benefit 1 Small Business 1 Bankruptcy 1 Total 211 Financial Counseling and Planning (1995-2005) articles by topic Topic Number of Articles Retirement 28 Investment 18 Credit and Debt 18 Financial behavior 17 Financial Planning Education 14 Cash Management (banking, Saving, Cash flow, Emergency Fund) 13 Financial Wellbeing 12 Risk Tolerance 10 Consumer Decision Making 8 Mortgage and Real Estate 5 Financial Counseling and Planning (1995-2005) articles by topic Financial Counseling 5 Insurance 4 Human Capital 4 Financial Planning 3 Small Business 3 Survey 3 College Planning 2 Financial Planning Industry/Profession 2 Financial Literacy 2 Employee Benefit 1 Total 172 Journal of Consumer Affairs (1999-2005) article by topic Topic Number of Articles Credit Card 7 Personal Finance Education 5 Investment and Wealth 4 Savings and Budgeting 3 Retirement 3 Health Care 3 Home Buying 1 Debt Management 1 Total 35 (109) Journal of Personal Finance (2002-2005) articles by topic Topic Number of Articles Risk Tolerance 9 Investment 7 Financial Planning Education 7 Retirement 6 Insurance 2 Financial Wellbeing 2 Financial Planning Theory 1 Financial Counseling 1 Total 35 Insights from the Review Manuscripts in investment area are dominant. Retirement issue has shown its significance. As a specific topic, risk tolerance has captured researchers’ attention. Theoretical advancement is necessary Methodological challenges remain. Outnumbered Investment Articles A Diverse and Extensive Area Data Availability Number of Researchers Significance of Retirement Issue Baby Boomer Issue Social Security Individual Responsibility Defined Benefit to Defined Contribution Other Retirement Related Issue Health Care Long-Term Care Risk Tolerance Fiduciary Responsibility Measurement Issue Regulations and Laws Proxy Survey Simple Tools Significance of Risk Tolerance Factors Affecting Risk Tolerance Theory in Financial Planning Research Field Background Economics Family and Consumer Economics Sociology Psychology Behavioral Finance Methodology of Financial Planning Research Quantitative vs. Qualitative Modeling Monte Carlo Parametric vs. Nonparametric Several Examples Risk Tolerance Measurement Relationship with Other Psychological Attributes Self-Esteem Sensation-Seeking Vividness Personality Several Examples Investment: New Approach Multiple Horizon Asset Allocation Strategy Risk Tolerance Multiple Time Horizon Based on Life Expectance Differences from Standard Mean-Variance Analysis 100% 90% 70% 60% 50% 40% 30% 20% 10% Years into retirement Stock Bond MM 24 22 20 18 16 14 12 10 8 6 4 2 r 0% Ye a Percentage of portfolio 80% Several Examples New Methodology Emergency Fund Adequacy with Classification Tree Financial Services Delivery with Classification Tree Several Examples Theoretical Background Behavioral Finances Nuroeconomics Future Research: Hot Topics New Product/ New Regulation Event Retirement Long-Term Care Risk Tolerance Different Strategy Other than Investment Thank you! 주소현, Ph.D. 삼성 금융연구소 (02) 3706-7500 [email protected]