Personal Finance: Past, Present and Future

Networks Financial Institute Policy Brief 2009-PB-10

23 Pages Posted: 14 Dec 2009

See all articles by Tahira K. Hira

Tahira K. Hira

Iowa State University - Department of Human Development and Family Studies

Date Written: December 1, 2009

Abstract

In recent years, the need for financial education has gained the attention of a wide range of entities including banking companies, government agencies, grass-roots consumer and community interest groups, universities, schools, and other organizations. Numerous factors have led to a complex, specialized financial services marketplace that requires consumers to be actively engaged if they are to manage their finances effectively. The prevailing concern is that consumers lack a working knowledge of financial concepts and do not have the tools they need to make decisions most advantageous to their economic wellbeing. However, a complex and specialized financial services marketplace requires consumers to be informed and actively engaged if they are to manage their finances effectively. Under these circumstances, there is a renewed attention to personal finance education. This subject matter is currently gaining attention from various quarters of society, such as academia, government, corporations and nonprofit organizations; however, many are not aware of the rich history and sources of literature in the field. This paper briefly reviews the history of personal finance and then looks at the current status of the personal financial discipline and education before identifying challenges and opportunities for the future.

Keywords: financial education, challenges of financial literacy, personal finance, financial counselors, financial planners, family economic wellbeing

JEL Classification: A12

Suggested Citation

Hira, Tahira K., Personal Finance: Past, Present and Future (December 1, 2009). Networks Financial Institute Policy Brief 2009-PB-10. Available at SSRN: https://ssrn.com/abstract=1522299 or http://dx.doi.org/10.2139/ssrn.1522299

Tahira K. Hira (Contact Author)

Iowa State University - Department of Human Development and Family Studies ( email )

Ames, IA 50011-2035
United States
(515) 294-2042 (Phone)
(515) 294-0565 (Fax)

HOME PAGE: http://www.eng.iastate.edu/tkhira/

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