Personal Financial Planning: Origins, Developments and a Plan for Future Direction

Abstract

Personal financial planning (PFP) is a fairly new and growing discipline. Its origins are in the underacknowledged contribution by Modigliani, and by Becker and Markowitz. PFP deserves academic recognition and additional academic research in the area. It would be extremely useful if a separate personal financial planning theory were articulated. The author presents building blocks for that theory. Furthermore, PFP coursework and textbooks should be elevated in academic content to place them on a par with the corporate finance and investments areas. With proper support, PFP is likely to achieve the greater prominence it deserves alongside other well-recognized academic financial areas and other professional disciplines.