Financial Planning Research Journal Feed

Examining Anxiety as an Additional Antecedent to Trust and Commitment in Financial Planning

Sun, 20 Sep 2026 00:00:00 GMT

Drawing on Morgan and Hunt’s (1994) theory of trust and commitment, this study extends prior research by examining financial anxiety as an antecedent to trust and relationship commitment in client-planner relationships. Survey data from 430 financial planning clients were analyzed using path modeling. Results generally supported the trust and commitment framework within financial planning (χ2(3) = 11.310, p = .01; RMSEA = .08; CFI = .993; TLI = .970; SRMR = .014). Communication abilities (β = .14, p = .001) and the absence of opportunistic behavior (β = .10, p = .001) were positively associated with trust, while shared values were significantly associated with trust (β = .37, p < .001) and commitment (β = .20, p < .001). Trust was positively associated with relationship commitment (β = .35, p < .001). Extending the original framework, relationship benefits were positively associated with both trust (β = .27, p < .001) and commitment (β = .22, p < .001), indicating that perceived value may shape client-planner relationships more broadly than previously theorized. Notably, financial anxiety exhibited direct negative associations with both trust (β = −.17, p < .001) and commitment (β = −.12, p < .001), even after accounting for established relational antecedents. These findings suggest that clients’ psychological experiences play an important role in client-planner relationships and provide additional insight into the application of trust and commitment theory within financial planning contexts.

Guest Editorial: Diversity, Equity, and Inclusion in Financial Planning

Thu, 10 Sep 2026 00:00:00 GMT

FPRJ Vol 12, Issue 3 Editorial

Mon, 31 Aug 2026 00:00:00 GMT

Financial Transparency and Financial Well-Being: The Moderating Role of Gender in Marital Communication

Fri, 07 Aug 2026 00:00:00 GMT

Using dyadic recruitment, we examine gender differences in financial management, transparent communication, and financial well-being in married couples. We find that females exhibit greater variance in their financial transparency and anxiety. In addition, female distress is more predictable using financial and relationship factors. Conversely, male anxiety is harder to predict, even by his partner. A female's anxiety and relationship satisfaction partially depend on her financial position in the family. Females acting as primary breadwinners and financial decision-makers experience both greater anxiety and reduced relationship satisfaction. These results may help elucidate the complicated interrelationships between gender, financial planning, and emotional responses.

Exploring the Relationship between Information Priming and Sustainable Investment Decisions

Mon, 27 Jul 2026 00:00:00 GMT

This study examines how positive and negative financial and sustainability-related news influence individual portfolio allocation decisions. Using a within-subject experiment with 42 university students, participants were exposed to fictitious news videos designed to simulate real-world information environments. The results show that priming effects are most pronounced for a high-risk, sustainability-focused fund, in which allocations declined following exposure to negative financial and sustainability news. The study contributes to the literature by exploring the effects of priming on sustainable investment decisions and informs financial planner practice on how to advise on investments in relation to media coverage of financial and sustainability issues.

Mind Over Money: The Hidden Influence of Mental Health on Debt Management

Tue, 21 Jul 2026 00:00:00 GMT

This study examines how mental health influences debt behaviours using probit regression, Oaxaca decomposition and data from the ANZ New Zealand Financial Wellbeing Survey 2021. Results show that mental health has no significant effect on short-term debt use but is associated with lower engagement in long-term debt. Financial accessibility emerges as a key explanatory factor, while early parental financial guidance helps offset the negative impact of poor mental health. The findings underscore the need for inclusive financial policies that enhance access to credit and integrate financial education with mental health support, particularly for vulnerable populations.

Help Please: A Gender Perspective on Differences in Financial Help-Seeking Behaviour in Light of Retirement Preparedness, Risk Tolerance, and Financial Knowledge

Sat, 04 Jul 2026 00:00:00 GMT

Women and men have different financial stressors, attitudes, and knowledge, which may influence financial help-seeking. Using data from the Survey of Consumer Finances (SCF) 2022, a logit-based multivariate decomposition to examine gender differences in financial help-seeking behaviour indicates that group differences, rather than gender itself, explain these differences. Men’s higher rates of intentional saving, higher risk tolerance, greater subjective and objective financial knowledge, and higher education help explain why they seek financial help more than women do. Equalising these factors could reduce the financial help-seeking gender gap by an estimated 99%. These findings highlight how targeted interventions in these areas could help reduce disparities in help-seeking and address the retirement preparedness gap between men and women.

Diverging Views: How Clients and Planners Value Financial Planning Attributes and Virtual vs. In-Person Meetings

Mon, 29 Jun 2026 00:00:00 GMT

Understanding service quality is essential for improving client satisfaction and fostering loyalty in the financial planning industry. This study applies the SERVQUAL model to examine how clients and planners differ in their views on key service quality dimensions, namely, responsiveness, assurance, empathy, reliability, and tangibles. Findings reveal that clients consistently rate responsiveness, assurance, empathy, and reliability as less important than planners assume. Clients also perceive virtual meetings as less productive than in-person meetings. Preferences for meeting formats (tangibles) are shaped by the value clients assign to specific qualities in service delivery. These results emphasise the need to align service delivery with client expectations to enhance financial planning outcomes.

Barriers to Women's Career Advancement in Financial Services: A Systematic Literature Review

Tue, 23 Jun 2026 00:00:00 GMT

This paper analyses existing studies examining barriers women face in advancing their careers within the financial services industry. Understanding these barriers is important because women remain underrepresented in senior leadership roles, constraining both gender equity and the industry's ability to fully utilise available talent. Using a systematic literature review guided by the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework, this paper examines peer-reviewed studies published between 1998 and 2024. Twenty studies met the inclusion criteria and were subjected to methodological assessment and thematic analysis. The review identifies six recurring themes that impede women's career progression in financial services: personal characteristics, the role of networks, family support, diversity, inclusiveness, and equity in organisations. Twenty studies were sufficient to support the identification of six key themes, as each theme was consistently represented across multiple studies. The majority of studies investigated the impact of organisational culture and work-life balance on women's career advancement. In contrast, only a quarter of studies explored the role of confidence and motivation, organisational diversity initiatives, or the role of parents and family on women's career progression in the financial services industry. The findings highlight persistent structural and cultural obstacles that continue to limit women's advancement in financial services. Employers and industry stakeholders should address the barriers identified in a coordinated manner. Tackling these barriers can promote gender equity, improve organisational outcomes, and deliver broader societal benefits.

Racial Disparities in Cryptocurrency: A Decomposition Analysis

Tue, 23 Jun 2026 00:00:00 GMT

This study investigates racial and ethnic disparities in cryptocurrency (crypto) ownership using data from the 2021 Survey of Household Economics and Decision-Making (SHED). While prior research has explored general determinants of crypto market participation, such as risk tolerance, financial literacy, and investment experience, this study specifically focuses on how these factors differ across racial groups. Using logistic regression and Fairlie decomposition analysis, we find that Black respondents are significantly more likely to invest in crypto compared to White respondents. Key contributors to this disparity include age, financial literacy, risk tolerance, and stock ownership. Notably, while some factors, such as younger age and higher risk tolerance, narrow the participation gap, others, including differences in total savings and stock ownership, widen it. These findings highlight the need for targeted financial education and inclusive investment policies to promote equitable participation in emerging digital financial markets. Implications for financial literacy, consumer protection, and broader economic policy are discussed.

Beyond Behavioural Bias: A Structured Taxonomy of Client Emotional Expression in Financial Planning

Mon, 13 Apr 2026 00:00:00 GMT

Behavioural finance has traditionally conceptualised investor behaviour through the lens of cognitive bias and decision error. While valuable, this perspective underexamines the structured and relational role of emotion within professional financial advice. This study moves beyond behavioural bias by developing a process-based taxonomy of client emotional expression grounded in longitudinal field evidence. Drawing on 1,236 recorded client interactions collected over a four-year period within a defined Australian financial planning practice, the research systematically classifies emotional expressions across four stages of the advice process: Discovery, Strategy Development, Implementation, and Review. Using a structured qualitative coding framework with inter-rater reliability safeguards and blinded assessment procedures, the study identifies recurring primary, secondary, and interactive emotional categories and maps their distribution across the advice lifecycle. Findings demonstrate that client emotions are not random or episodic; rather, they cluster predictably according to process stage and often follow identifiable transition pathways (e.g., anxiety to trust, confusion to relief). The analysis further reveals the presence of relational emotions - such as conditional trust, reassurance, and identity affirmation - that are co-constructed within adviser-client interaction and are not adequately captured in traditional behavioural finance models. By developing a structured taxonomy of emotional expression specific to financial planning, this research advances the vocabulary and classification of emotion in applied financial contexts. The resulting framework provides a replicable foundation for future empirical testing, informs emotional intelligence training for advisers, and offers a basis for process-sensitive engagement strategies that strengthen trust formation, decision quality, and long-term adherence to financial plans. In doing so, the study positions financial advice not merely as a technical decision-making exercise, but as a staged emotional regulation process integral to durable client outcomes.

FPRJ Vol 12, Issue 1 Editorial

Thu, 12 Mar 2026 00:00:00 GMT

Owning a Home or Two: An Analysis of the Financial and Behavioural Determinants of Single versus Multiple Property Ownership in the U.S. Pre- and Post-COVID

Wed, 18 Feb 2026 00:00:00 GMT

This study investigates behavioural and financial determinants of single versus multiple property ownership in the United States before and after COVID-19. Using nationally representative Survey of Consumer Finances data from 2019 and 2022, we examine how risk tolerance, financial literacy, and financial confidence influence these ownership outcomes. Results reveal shifts across the two periods, with education and ethnicity assuming different roles over time. Unlike prior work focused solely on homeownership, this paper compares determinants of multiple and single property ownership across contrasting economic contexts, offering insights for financial planners advising clients on complex housing and investment decisions.

An Analysis of Gender, Marital Status, and Financial Confidence in Shaping Financial Risk Tolerance: Insights from the 2022 Survey of Consumer Finances

Sat, 07 Feb 2026 00:00:00 GMT

This study investigates how gender, marital status, and financial confidence relate to financial risk tolerance. The analysis revealed single men exhibited greater financial risk tolerance than married men, while both single and married women were less risk-tolerant than married men. Financial confidence was positively associated with financial risk tolerance; however, overconfident married women and single women with appropriately high financial confidence had lower risk tolerances than married men. These findings explain how gender and marital status work in conjunction with psychological factors like financial confidence when evaluating clients’ risk preferences. Implications for financial practitioners include adopting gender-informed frameworks to better tailor risk assessment and communication.

The Use of Alternative Financial Services (AFS): A Social Cognitive Approach

Wed, 28 Jan 2026 00:00:00 GMT

Grounded in Social Cognitive Theory (SCT), this study examines how the interplay among cognitive, behavioral, and environmental factors influences an individual’s decision to use AFS. Analyzing the cognitive construct, the current study concludes that while subjective financial literacy has a positive association with AFS use, objective financial literacy has a negative association with AFS use. When examining the environmental construct, financial hardship is positively associated with AFS use, whereas the behavioral construct, responsible credit card behavior, has a negative association with AFS use. Lastly, this study provides evidence that financial hardship moderates the relationship between financial literacy and AFS use.

Peer-Inspired Investing and Financial Anxiety: Does Generation Classification Matter?

Wed, 28 Jan 2026 00:00:00 GMT

This study explores how peer-inspired motivation to invest relates to financial anxiety through a generational lens. Analysing the 2021 National Financial Capability Study (NFCS) with ordered logit models reveals a significant, positive association between peer influence and financial anxiety. Gen X, Millennials, and Gen Z each report higher financial anxiety compared to Baby Boomers. Interaction effects show that Millennials and Gen X who invest due to peer influence report significantly higher levels of financial anxiety compared to Baby Boomers. These findings have important implications for individuals and financial planners working to improve their clients’ financial well-being.

An Exploration of the Role of Risk Tolerance in the Financial Empowerment of Black Women

Fri, 23 Jan 2026 00:00:00 GMT

This study examines the intersection of race, gender, and financial risk tolerance in relation to wealth accumulation, with a particular focus on Black women in the United States. Addressing a notable gap in the literature, this research examines the association between racial identity and gender role attitudes, and whether risk tolerance is linked to wealth-building trajectories. It is hypothesized that reduced risk tolerance — frequently cited as a barrier to wealth accumulation — may disproportionately impede Black women’s financial advancement, thereby contributing to the persistent racial wealth gap. Using data from the National Longitudinal Survey of Youth 1979 (NLSY79), we found that gender role attitudes are not strongly associated with risk tolerance or wealth accumulation. We did find — consistent with human capital theory — that wealth and education are positively associated with higher levels of risk tolerance. However, structural disparities in wealth and educational attainment among Black women diminish the wealth-enhancing effects typically associated with risk tolerance. The analysis highlights a reinforcing cycle across wealth, education, and risk attitudes that serve to deepen racialized economic inequality. Policy implications from this study center on the need to address structural deficits in wealth and education, as well as to promote financial risk literacy. Enhancing the understanding of risk-return trade-offs may offer a viable pathway toward narrowing the wealth gap experienced by Black women and improving their long-term financial security.

FPRJ Vol 11, Issue 2 Editorial

Wed, 31 Dec 2025 00:00:00 GMT

The Suitability of the Six-Step Financial Planning Process: Perspectives from South African CFP® Professionals

Mon, 17 Nov 2025 00:00:00 GMT

This paper aims to understand how the six-step financial planning process and the related training and education can be contextualised for South Africa. A qualitative strategy using semi-structured interviews with 16 CFP® professionals was adopted. Justification for the inclusion of cultural aspects and diverse needs of Black consumers in the academic curriculum of the Financial Planning Institute (FPI) and Financial Sector Conduct Authority (FSCA) recognised qualifications, as well as the learning outcomes and facilitation of business and product-specific training offered by Financial Services Providers (FSP) was provided. The findings also have implications for the development of the academic curriculum and assessments for CFP® professionals.

The Role of Positive Framing in the Future of Financial Planning

Fri, 19 Sep 2025 00:00:00 GMT

As financial planning increasingly incorporates psychological and therapeutic techniques, a focus on framing has become particularly relevant. Previous research suggests that regular use of positive framing offers several advantages in influencing and improving individuals’ personal behaviour. This study examines how the framing of peer financial comparisons influences financial wellness. Using a quantitative survey (N = 899), respondents were prompted to consider whether they were financially better or worse off than their peers. The results indicate respondents who were presented with positive framing (i.e. better off than peers), responded more favourably to subsequent financial questions. When financial planners use positive framing, they can help clients avoid short-sightedness and build resilience. While positive framing can be highly effective, it is important not to overlook potential risks or negative outcomes.