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Personal financial planning is a set of activities required for defining objectives, setting action plans, and satisfying financial needs of individuals. Different authors represent the personal financial planning process through models, indicating disadvantages to apply them in the Colombian environment since they have been created in developed countries; they suppose the existence of a financial planning industry and there are no academic studies which adapt them to meet the inherent needs of the environment. In order to solve such disadvantages, this research proposes the definition of a unifying personal financial planning model which embraces different elements that are identified from studied models, applicable in the Colombian environment. [ABSTRACT FROM AUTHOR]

Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for financial advice are more likely to be female, relatively older, wealthier, and college educated but do not have a high level of self-reported knowledge about financial issues. Of the respondents who purchase financial advice, those who are comprehensively-managed are more likely to be under 65, wealthy, and have high self-reported knowledge about financial issues. This study reveals important differences between the decision to pay for financial advice and the type of financial services purchased. [ABSTRACT FROM AUTHOR]

Widows constitute a growing segment of the U.S. population; however, very little has been done to educate them on the basics of personal financial planning. The creation and implementation of financial planning education programs for widows can help them become more financially literate and free them from anxiety and fear. Interviews with eight financial planners and 12 of their widow clients, along with research into financial planning education programs form the basis for this paper. Research findings include suggestions for financial education content in the topic areas of financial planner qualities, goal setting, cash flow management, risk management, investment management, and estate planning. Implications for the role of financial planners and non-profit educational institutions in the financial education of widows are discussed. [ABSTRACT FROM AUTHOR]

The article presents ways for young scientists on how to make a financial plan. First, scientists should begin a new savings program. Second is to make plans to purchase a house. Third is to pay down their consumer debt if they have any. Fourth is to learn and use their institution's employee-benefit programs. The transition from student to professional is a long and busy time for a scientist. However, the effort they put into financial planning early in their career will save them money in the years to come.

Personal financial management education has focused on recommended practices believed to ensure long-term financial security. Yet studies have found that few people actually implement such practices. This paper reports the study of seven family financial managers' practices to better understand what families did and why. While these managers had a regular and systematic cash-flow management process, the system was not what is generally recommended. The financial manager's objectives are limited to the short-term, to pay the family's bills on time, and to avoid overdrafts. Development of a practical system requires a paradigm shift built on the manager's short-term perspective and definition of life satisfaction. [ABSTRACT FROM AUTHOR]

In order to gain an understanding of Accredited Financial Counselors' characteristics and professional activities, an online survey of Accredited Financial Counselors was conducted from December, 2002 to February, 2003. This paper describes the sociodemographic characteristics of Accredited Financial Counselors, reports the non-AFC financial counseling designations held by Accredited Financial Counselors, and provides a sketch of the contexts in which AFC designees are employed, including the type of employer, the number of counseling sessions typically conducted each week, and the average cost of counseling sessions. Suggestions for the growth and development of the financial counseling profession are offered [ABSTRACT FROM AUTHOR]