Personal Financial Planning Theories: A Scoping Review

Before identifying personal financial planning-specific theories, it is important to deepen the discussion about why they are needed. The why is rooted in the multidisciplinary nature of personal financial planning (Bogan et al. 2020), as it draws from the knowledge of different disciplines but retains distinct boundaries (Choi & Pak 2006). The CFP Board (2020) has clearly defined personal financial planning and the scope of practise while demonstrating areas informed by other disciplines through principal knowledge topics, such as financial psychology (CFP Board 2021). Therefore, while personal financial planning draws from different disciplines, the scope of practise stays within the boundaries of personal financial planning. This multidisciplinary nature makes personal financial planning unique compared to other interdisciplinary professions that synthesize various disciplines coherently. For example, financial counselling, financial therapy and financial psychology are more heavily integrated with existing root disciplines, creating a harmonized, coordinated and coherent area of research and practise that is distinct yet operating within the bounds of counselling, therapy and psychology paradigms, giving these areas a natural depth.

Bogan et al. (2020) defined financial planning’s multidisciplinary nature with eight indicator fields of study and pragmatic client approaches: (a) behavioural finance; (b) consumer financial decision making; (c) consumer protection, policy and regulation; (d) financial therapy, literacy and wellness; (e) household finance; (f) human sciences; (g) portfolio choice; and (h) psychology and human decision making. Bogan et al.’s illustration and definition clearly show and articulate that financial planning draws from multiple disciplines to create a distinct new discipline unique to each indicator, with a clear boundary. We can view Bogan et al.’s illustration of personal financial planning in an analytical framework, as it is like a latent construct in structural equation modeling (see Figure 1). As a latent construct, personal financial planning represents a unique and formalized concept that is unobserved directly but is understood and interpreted based on its multidisciplinary indicators. Indicators are the directly observable and measurable proxies of the latent construct. Latent constructs are not fully explained by any one indicator but by their shared common variance (Little 2024). In other words, behavioural finance alone cannot explain personal financial planning, nor can household finance, therapy, consumer financial decision making or psychology fully explain personal financial planning. Instead, personal financial planning reflects the collective commonality, or shared information, amongst these disciplines and approaches, with personal financial planning as the connecting paradigm.

Figure 1.

Personal Financial Planning as a Latent Construct, adapted from Bogan et al. (2020).

Herein lies the challenge to clearly articulating the value of personal financial planning practise and advice—this effort depends upon the collective impact of the underlying disciplines and approaches, which must be theoretically defined from within the personal financial planning latent space and not from within an external single indicator discipline or approach. Thus, a theoretical foundation is required for personal financial planning to convey its boundaries, characteristics and functions and to clarify the indicator disciplines and approaches that explain and inform it. This theoretical requirement is consistent with latent construct methodology (Little 2024). Notably, inconsistent results within a structural equation model are often attributable to vague theory and definitions of the latent construct, as a lack of clarity at the construct level results in suboptimal indicator selection and measurement (Little 2024). Thus, theory developed from within personal financial planning will define its multidisciplinary indicators and client outcomes, thereby contributing significantly to advancing the profession through a rigorous and consistent foundation guiding research and practise.

Because of personal financial planning’s multidisciplinary nature, it is common for other disciplines to lend a theoretical perspective to explain personal financial planning phenomena; however, external theory from an indicator discipline or approach would reflect that area without regard to the other perspectives. Thus, when viewed through a psychological lens, personal financial planning can appear predominantly psychological, understating the impact of portfolio choice or household finance strategies on client outcomes. Similarly, the picture is incomplete if personal financial planning is viewed through a portfolio choice lens, as the psychological and therapeutic elements are likely understated or excluded.

The theoretical landscape of related disciplines within the broader personal finance area is robust and has paved the way for interdisciplinary approaches. Asebedo (2022) summarized the various theories in personal finance based on a broad definition constructed by Schuchardt et al. (2007) to include personal financial planning, financial counselling, financial education, financial psychology and financial therapy. Asebedo’s summary revealed that financial therapy displayed the most in-depth theoretical foundation, as it is naturally informed by mental health theories and research and therefore fully integrates personal finance with mental health. Financial psychology and financial counselling present similarly moderate theoretical foundations due to their connection with theories and research from psychology and counselling. Personal financial planning indicates the least theoretical development despite being the longest-standing profession of the four, dating back to 1969 (Yeske 2016). This discrepancy in longevity and theoretical development is likely due to counselling, psychology and therapy, providing an existing body of academic research with well-established and tested theories that assisted in evolving personal finance in these areas. Personal financial planning, however, emerged as a new area of practise independent from other well-established professions with a multidisciplinary perspective that includes counselling, family studies, consumer economics, insurance and investments. Yet it was not until 1985 that the Academy for Financial Services (AFS) was formed, and the academic side of financial planning gained traction with a membership organisation and a scholarly journal (Yeske 2016). The academic research in financial planning began to take shape after a grant from the CFP Board created the first Ph.D. program at Texas Tech University in 2000 (Kitces 2014). While personal financial planning research has become robust over the past two decades, the lag in research activity compared to professional practise has likely contributed to its slowed theoretical development.

Given the relevance of personal financial planning theory to advancing personal financial planning as a profession (Bogan et al. 2020), it is necessary to articulate a comprehensive picture of the theories that have emerged from and are unique to personal financial planning. Thus, this scoping review identifies a sampling of the available information for theory specific to the professional practise of personal financial planning. This review does not include theories from other professions that are applied to explain personal financial planning phenomena. Broad summaries of the various theories drawn from all disciplines used in financial planning research and related disciplines currently exist, and this review does not duplicate these efforts (Altfest 2004; Asebedo 2022; Black Jr et al. 2002; Glenn et al. 2019; Goyal & Kumar 2023; Overton 2008). Instead, this review focuses explicitly on new theories created within personal financial planning, as a unique theoretical foundation is necessary for distinction and provides clear direction for future research and practise developments. A scoping review procedure was chosen given the exploratory nature of the topic, consideration of multiple types of sources (e.g. peer-reviewed and grey literature), and the need to clarify key concepts and definitions (Munn et al. 2022).

This review addresses two research questions. Firstly, what is the scope and status of the theory developed and applied within the professional practise of personal financial planning to specifically explain personal financial planning phenomena (RQ1)? This research question is exploratory because the nature and extent of the theory emerging from within personal financial planning are unclear. While personal financial planning theory development has gained traction in the last 10 years, observations that personal financial planning theory does not exist or that it is sorely underdeveloped have continued, calling into question the actual scope and status of personal financial planning theory to date (Altfest 2004; Asebedo 2019, 2022, 2024; Black Jr et al. 2002; Lurtz et al. 2017; MacDonald et al. 2023; Overton 2008).

Secondly, what are the characteristics of the literature representing personal financial planning-specific theory (RQ2)? It is necessary to explore personal financial planning theory across multiple types of literature (e.g. academic peer-reviewed and grey) and to understand the nature of this literature. The formation of personal financial planning practise significantly preceded its academic evolution, with peer-reviewed research and personal financial planning-specific journals only gaining recent momentum in the last 25 years. Therefore, information regarding theoretical underpinnings might reside in grey literature outside the academic peer-reviewed body of knowledge, such as white papers, proceedings, annual reports, government publications, policy papers, theses and dissertations, blogs, etc. (Mering 2018). Secondly, including grey literature reduces the risk of publication bias resulting from a lack of significant results critical to advancing or falsifying theory (Ferguson & Heene 2012) or novel theoretical works lacking existing data to test (Asebedo 2024). Including grey literature in addition to academic peer-reviewed literature is consistent with existing research examining the value of financial planning advice (MacDonald et al. 2023).

Definitions

Personal Financial Planning Definition

Before reviewing existing personal financial planning theories, it is essential to clarify the key concepts and definitions guiding this scoping review. Conceptualizing personal financial planning is critical to determining a strategy to identify and summarize the theoretical foundation that supports it. Personal or household finance is a broad study area that includes financial planning, financial counselling, financial education, financial therapy and financial psychology (Asebedo 2022; Schuchardt et al. 2007). This scoping review is focused only on the professional practise of personal financial planning. The CFP Board’s definition of personal financial planning is the most widely accepted operationalization within the scope of professional practise and it is employed to guide this review (CFP Board 2020): ‘Financial Planning is a collaborative process that helps maximize a Client’s potential for meeting life goals through Financial Advice that integrates relevant elements of the Client’s personal and financial circumstances’ (Financial Planning Definition, FAQ 1). Based on this definition, personal financial planning is interactive and relationship-oriented through collaboration between the financial planner and the client.

The CFP Board’s practise standards guide this collaborative process, which could include other parties within the client’s and financial planner’s social sphere, such as allied professionals (e.g. accountants, attorneys) or others (e.g. friends, family, colleagues). The term collaboration places the client’s and financial planner’s social networks into the foundation of the personal financial planning process, which then influences outcomes. Next, this definition illuminates that personal financial planning is a process that unfolds over time with broad and impactful client outcomes through life goals. Furthermore, this definition reflects the possibility of variable outcomes, as the goal is not to secure life goals but to ‘help[s] maximize the Client’s potential’ for meeting them, indicating that the outcome varies significantly based on the underlying collaborative process and inputs. Further, the CFP Board definition focuses on the word help in that it modifies the client’s potential; in other words, the professional intervenes within the context of a helping relationship to influence the process of maximizing the client’s potential. From a research perspective, the financial planner’s capability to help the client achieve life outcomes would be viewed as a moderator to the relationship between the client’s inputs and outcomes that they could achieve on their own, consistent with financial planning client interaction theory (Asebedo 2019)—the relationship between client characteristics and life outcomes will vary based on the professional’s level or quality of help. The CFP Board intentionally uses life goals as the primary outcome of personal financial planning. Financial goals serve a secondary function as a means (amongst others) to achieve the client’s life aspirations. The CFP Board also notes that financial advice is the financial planner’s intervention tool that sets the boundaries for the scope of advice, and it is through this advice that the financial planner can help a client maximize life outcomes. Last, this definition demonstrates that personal financial planning is complex and has significant depth, integrating the client’s personal and financial circumstances, which can vary from client to client. These circumstances are inputs to the process that interact with professional financial advice to maximize the potential for meeting client life outcomes.

Theory Definition

The term theory can vary in its definition. Thus, it is essential to clarify the meaning of theory for this review. Because this study employed a broad and inclusive scoping review methodology to ascertain the nature of personal financial planning theory, the definition and categorization of theory must be similarly broad and inclusive to mitigate the risk of biased results. Therefore, this scoping review employed the theory definition and typology articulated in the Sourcebook of Family Theories and Methods (Doherty et al. 2009). Doherty et al. (2009) provided an in-depth overview of the different ways in which the term theory has been conceptualized in the social sciences and proposed integration and expansion of these definitions to produce this broad and inclusive approach: ‘Theorizing is the process of systematically formulating and organizing ideas to understand a particular phenomenon. A theory is a set of interconnected ideas that emerge from this process’ (p. 20). Doherty et al. emphasized that not all sets of ideas rise to the level of a theory. Instead, theory is constructed through a systematic process that organises ideas to create clarity, coherence, and connection between concepts. This process centers on understanding a particular phenomenon. Understanding is broad and includes both relational and causal effects. Phenomenon refers to observations arising from events, activities, situations, structures, experiences, processes, systems, etc., under investigation. A theory will aim to systematically identify and understand a particular phenomenon.

Doherty et al. further described seven different theory types based on their scope and abstraction levels, including (a) empirical generalizations, (b) causal models, (c) middle-range theories, (d) formal propositional theories, (e) analytical typologies, (f) conceptual frameworks, and (g) metatheories. Empirical generalizations are low in abstraction and narrow in scope. They consist of summaries of multiple studies of research findings on a particular topic within existing literature that extend our understanding and generate new ideas about the research topic. For example, systematic literature reviews generate theoretical insights for new theory creation or evaluation of existing theories from empirical generalizations from the literature (Siddaway et al. 2019). Causal models are broader in scope and have less abstraction than empirical generalizations. They focus on a single empirical study that produces evidence for causal and complex empirical generalizations and are often modeled with path analysis or structural equation modeling. Middle-range theories are more abstract than causal models and span the focus to a content area, with testing in several studies of varying types. Middle-range theories are typically used to map causal, direct and indirect effects tested across various studies. Formal propositional theories continue to focus on a particular phenomenon but increase the abstraction level further with a central theoretical proposition that generates several related propositional statements ranging from general to concrete. Analytical typologies have more abstraction and scope than formal propositional theories, representing several content areas that produce generalizations of the social world. Conceptual frameworks are highly abstract and have a broader scope than analytical typologies. Conceptual frameworks comprise a wide set of general assumptions and ideas spanning various fundamental aspects of the social world. They lack precision given their general nature, yet provide meaningful guidance for areas of study, as they point to content areas where new theoretical development and data are needed to understand specific phenomena within the conceptual framework or map. Doherty et al. explained that conceptual frameworks are a ‘road map that must be filled in by theories and data about specific parts of the terrain’ p. 21). Last, metatheories are just as abstract as conceptual frameworks but significantly broaden the scope of content to cover an entire scientific field rather than a unique phenomenon within that field. Doherty et al. noted that the extent of abstraction and scope should not be interpreted as good or bad but simply descriptive, each serving a unique purpose.

Personal Financial Planning Conceptual Framework

When considering personal financial planning theory within this definitional context, we can begin to evaluate existing theories underpinning the professional practise of personal financial planning and categorize them based on their abstraction level and scope. The CFP Board’s personal financial planning definition provides a foundation for this effort, describing financial planning as interactive, collaborative and process-driven, with clearly defined yet variable client outcomes—potential to meet life goals—that involves an array of inputs from the client side (personal and financial circumstances) and the financial planner side of the equation (financial advice). Further, the financial planning process, as defined by the CFP Board (2022) details the process that unfolds when a client engages in personal financial planning with a professional, consisting of seven key stages: (a) understanding the client’s personal and financial circumstances, (b) identifying and selecting goals, (c) analysing the client’s current course of action and potential alternative course(s) of action, (d) developing the financial planning recommendation(s), (e) presenting the financial planning recommendation(s), (f) implementing the financial planning recommendation(s), and (g) monitoring progress and updating. These stages might follow a linear step-based process but could theoretically operate bidirectionally with various direct and indirect effects given the complexity of integrating client and financial planner inputs. Further, each of the seven conceptual process stages has an in-depth operationalization of the content area. For example, understanding the client’s personal and financial circumstances entails a complex data collection process and analysis of qualitative and quantitative information across 70 different principal knowledge topics (CFP Board 2021).

Viewing the CFP Board’s definition of personal financial planning, principal knowledge topics and the step-based process through this lens, we can see a theory of personal financial planning emerge that meets the definition of a conceptual framework (Doherty et al. 2009), as illustrated in Figure 2. These components are systematically formulated and organized under the guidance of the definition of personal financial planning to create a unique set of interconnected ideas intended to communicate an understanding of the professional practise of personal financial planning (the particular phenomenon). As noted above, a conceptual framework provides a map for new theoretical development and data to generate a deeper understanding of content areas and phenomena represented within that conceptual framework. A conceptual framework is specific enough in scope to define the area but highly abstract to serve as a guide for more in-depth exploration. This personal financial planning conceptual framework aids in mapping research results and theoretical insights to identify strengths and opportunities. Figure 2 provides a visual depiction of the conceptual framework provided by these components of the CFP Board’s conceptualization of personal financial planning practise, with an external layer representing the regulation, policy and research environment shaping education and practise. Education is included in the principal knowledge topic layer, as education programs are essential for operationalizing these topics through primary and continuing education, training and mentoring of new financial planners. This visualization shows how a step-based process could be viewed as a multilayered conceptual map of personal financial planning.

Figure 2.

Conceptual framework for the personal financial planning definition, process, and principal knowledge topics, adapted from (CFP Board, 2022).

Figure 3 provides examples of how this conceptual framework illuminates research and theoretical development opportunities within personal financial planning (highlighted in the callout boxes). When viewed through the conceptual framework definition and lens (Doherty et al. 2009), this personal financial planning conceptual framework provides a robust set of interconnected ideas with depth and breadth for illuminating research opportunities and insights for practise, policy and regulation, thus rising to the theoretical level.

Figure 3.

Conceptual framework for the personal financial planning definition, process, and principal knowledge topics with possible theoretical development and research areas, adapted from (CFP Board, 2022).

Theories had to focus on a particular phenomenon according to the personal financial planning conceptual framework illustrated in Figures 2 and 3 (CFP Board 2020, 2021, 2022), meet the definition of a theory (Doherty et al. 2009) and create a new or expanded research channel. Theories were not limited to any geographical region or publication source. Theories not published in English were included if an English translation was available. The date of publication or dissemination is not limited to ensure coverage of all documents preceding the establishment of financial planning in 1969 until today.

A structured database and a grey literature search provided the review data. The structured search included these multidisciplinary databases: (a) Scopus, (b) Web of Science, (c) PsycInfo and (d) Business Source Complete, with a cut-off date of 31 January 2025. Grey literature represents multiple document types and formats (e.g. white papers, proceedings, books, theses and dissertations, etc.) from various entities such as government, academics and non-profits, where publishing is not the primary aim but might occur as a sub-focus or a by-product of organizational activities (GreyNet International n.d.; Mering 2018). Personal financial planning’s grey literature is extensive, with many non-peer-reviewed white papers and publications produced by for-profit and non-profit organizations, governmental entities and individual experts through blogs. Further, personal financial planning research from doctoral programs has gained significant traction in the last 25 years, producing potentially unpublished research at the time of this review. Google Scholar and an open Internet search are standard supplementary search tools for scoping and systematic reviews (Gusenbauer & Haddaway 2020) and are consistent with existing systematic reviews in personal financial planning research (MacDonald et al. 2023). The AACODS checklist (Tyndall 2010) guided the selection of grey literature with these criteria: (a) authority, (b) accuracy, (c) coverage, (d) objectivity, (e) date and (f) significance. References were reviewed to locate relevant papers otherwise undetectable using the above methods.

All searches were set to allow for variations of terms and inclusion of related terms (e.g. “theory” and “theories”). The only search limitation was for articles not written in English and without English translation. Consistent with the PRISMA-ScR checklist (Tricco et al. 2018), the entire electronic search strategy for one database is provided. The search strategy for Web of Science is provided in Table 1. The search strategy for Scopus, PsycInfo and Business Source Complete is consistent with the search strategy for Web of Science. The advanced search feature was used for Google Scholar and was consistent with the Web of Science search strategy. Google searches continued until there were five consecutive pages with no relevant results, consistent with MacDonald et al. (2023).

The title and abstract were first reviewed to determine the document’s applicability to personal financial planning theory. Documents were deemed applicable if the title or abstract included a search term or variant of a search term for theory and personal financial planning or a term closely related to finances, such as retirement. Further, the title and abstract were screened to determine whether the record encompassed personal financial planning according to the CFP Board’s definition, process and principal knowledge topics (see Figures 2 and 3). Documents about corporate financial planning were excluded. To distinguish from corporate financial planning, the term personal is employed for clarity. If the document passed the title and abstract review, it was downloaded for a detailed review. An Excel database checklist was employed to organize and track whether documents met the eligibility criteria.

The results show that 38% of the theories are empirical generalizations from systematic literature reviews. Empirical generalizations are essential for giving rise to policy and practise implications and launching and expanding new theoretical channels. Empirical generalizations, particularly in systematic literature reviews, will continue to be essential for further research and theory development. Personal financial planning research has reached a level of maturity and depth where systematic reviews are applicable and influential for summarizing the status and what is needed from future research to fill gaps and inform policy and practise. While researchers can increase and widen the content analysed through systematic literature reviews, researchers should consider converting these findings into formal theory, depending on the robustness of the review data results. For example, Yeo et al. (2024) developed the theory of financial planning behaviour based on a systematic literature review of financial planning behavior guided by the theory of planned behavior. MacDonald et al. (2023) conducted a systematic literature review of the value of financial planning advice, resulting in a multifaceted conceptualization, including the (a) relationship, (b) adviser, (c) environment, (d) advice type, (e) cost, (f) client, (g) quality and (h) outcomes.

Two causal models emerged from the scoping review search. Hershey et al. (2007) extended their prior theoretical work to integrate demographic, psychological and behavioural factors to predict retirement planning behaviors. Westermann et al. (2024) expanded the five-step financial help-seeking model (Grable & Joo 1999) to incorporate the dimensions of trust and financial adviser anxiety. More casual models likely exist. However, it is beyond the boundaries of this review to specifically seek out all causal models. This scoping review suggests that causal models might be more difficult to find or exist in a very low quantity. Causal models will ideally generate empirical results supporting causality through experimental design or longitudinal data. The two included in this study did not produce evidence for causality; however, they were derived from and extended other prior theoretical works cited in this scoping review and provide examples of how causal models take shape within specific studies that expand and test theory. A systematic literature review for personal financial planning causal models would benefit policy, practise, and theoretical development, given the relevance of interventions and predictions for financial behaviour and goal achievement.

Twenty-one percent of the theories align with the definition of a middle-range theory. These theories provide interconnected ideas for a content area that can be tested in various studies. The current topics represented by these theories include financial instruments within a needs hierarchy (Xiao & Anderson 1997), client relationship orientation (Yeske 2010), life insurance demand (Heo 2020), financial planner-client interactions and the valuation of client outcomes (Asebedo 2024), and skilled decision making within the context of client relationships and financial health outcomes (Lurtz et al., n.d.).

Three theories emerged that align with the definition of a formal propositional theory, covering family financial planning systems and financial well-being outcomes, financial planner-client relationships and interactions and bias mitigation within the financial planner-client relationship. The theory of the financial planning journey (Jugnandan 2023) offers an excellent example of a robust method and systematic process for theory creation by employing constructivist grounded theory with a specific aim to develop a new theory grounded within data. Based on this process, Jugnandan (2023) developed a theory that articulates the role financial planners serve in mitigating clients’ biases within the financial planning process, thereby strengthening the foundation for client outcomes and value. These formal propositional theories provide in-depth theoretical underpinnings to the longest-standing core components of personal financial planning: the helping and collaborative planner-client relationship (Asebedo 2019; Jugnandan 2023) within the context of systems theory (Edwards 1988). The profession and the future of financial advice are likely to benefit significantly from an increase in qualitative methods that create grounded theory through inductive methods (Chun Tie et al. 2019) and that refine existing theories through deductive approaches that examine evidence supporting, contradicting, refining and expanding theories (Fife & Gossner 2024).

This review identified five (21%) conceptual frameworks. Conceptual frameworks are broad in scope and highly abstract, providing a valuable guide for future theoretical development and empirical testing. The first conceptual framework synthesizes the CFP Board’s financial planning process, definition and principal topic areas, creating a framework to review and ground financial planning research and theoretical development. It is important to note that the step-based personal financial planning process emerged in 1983 (Brandon JR & Welch 2009); however, an academic paper presenting it as a theoretical framework has yet to be published, although the step-based process is widely used and applied in practise under the CFP® marks and has been tested within financial planning research (Irving 2012). The model of retirement planning by Hershey (2004) offers an example of a conceptual model that facilitated other, more specific theoretical works within the topic of financial planning for retirement (Hershey et al. 2007). Additional topics that emerged as conceptual frameworks included financial help-seeking behaviour (Grable & Joo, 1999) and an artificial intelligence (AI) ethics framework for financial advice (Brüggen et al. 2025).

The sampling of theories in this review indicates that analytical typologies or metatheories have yet to be developed or identified. A thorough systematic literature review would be beneficial to confirm theoretical progress in these areas. An analytical typology is a theory that organizes data into systems of types through various methods, such as quantitative or qualitative approaches (Collier et al. 2012). Analytical typologies can emerge from various data sources, including systematic literature reviews (Contandriopoulos et al. 2018). Within the personal financial planning context, an analytical typology might be beneficial in categorizing the various types and levels of service across multiple professionals, similar to Contandriopoulos et al. (2018). Based on an analysis of multiple metatheory definitions, Wallis (2010) posited that metatheory encompasses two key components: (a) analysis of theory and (b) integrating multiple theories through combination (integrative) or deconstruction for analysis and possible recombination (deconstructive). Overall, Wallis suggests that metatheory is a study of theory that leads to an overarching metatheory. Thus, personal financial planning metatheories will depend on an underlying set of personal financial planning theories available for analysis. Thus, continued theory development will be necessary to metatheorize in personal financial planning. Expanding the scope beyond personal financial planning specifically, a metatheory that covers the entire personal finance field would make an influential step forward in synthesizing personal financial planning, financial counselling, financial education, financial therapy and financial psychology (Asebedo 2022; Schuchardt et al. 2007). Further, formulating paradigms of practise as metatheories, such as comprehensive financial planning or client-relationship-centered planning, would more clearly articulate and differentiate various approaches to personal financial planning practise; however, as noted, metatheorizing in these areas will depend on the development of underlying theories for analysis and study.

Evidence suggests that the majority (19; 79%) of theory publications exist in peer-reviewed journal articles. Of the 19 peer-reviewed journal articles, 8 (42%) were published in financial planning and consumer-focused journals (i.e. 4 financial planning, 4 consumer), 7 (37%) in finance and marketing business journals, and 4 (21%) in social sciences/humanities and psychology journals. These various journals reflect the multidisciplinary areas informing personal financial planning, as illustrated in Figure 1. Five theories (21%) were extracted from the grey literature in these formats: (a) one website, (b) 2 books, (c) one thesis, and (d) one unpublished repository. The AACODS checklist (Tyndall 2010) guided the selection of grey literature. Each theory selected from the grey literature met the definition of theory and personal financial planning as outlined in this review while meeting these AACODS checklist criteria. The selection criteria based on the AACODS checklist are robust and suggest that the grey literature in personal financial planning provides a meaningful contribution in shaping the profession. To enhance this impact, authors can pursue peer-reviewed academic publications for their theoretical contributions to strengthen the stature of the theoretical works underpinning personal financial planning. However, publication bias exists, and adequate data to test theory in personal financial planning can be difficult to obtain (Ferguson & Heene 2012). Therefore, the grey literature will likely continue to capture a significant portion of the theoretical work in personal financial planning unless journals and reviewers become more open to publishing theory development papers that might not have access to viable data sources or large samples.

Table 3 presents each theory’s citations, year, and average citations per year, providing insight into the maturity and practise application characteristics of personal financial planning-specific theories. Google Scholar generated these citation figures as of 20 June 2025. It is beyond the scope of this review to ascertain the extent to which each theory is empirically validated; however, this information can serve as a proxy for each theory’s maturity and practical application. It is important to note that the step-based personal financial planning process emerged in 1983 (Brandon JR & Welch 2009); however, an academic paper presenting it as a theoretical framework has yet to be published, although it is widely used and applied in practise under the CFP® marks and has been tested within personal financial planning research (Irving 2012).

A key takeaway from Table 3 is that the vast majority (80%) of personal financial planning-specific theories were recently developed, within the last 20 years. The previous 10 years were the most productive for theory development, as 63% of the theories were published from 2015 to 2025. Regarding theory type, the top 3 papers with the highest average annual citations are systematic literature reviews that synthesize the literature to produce a theoretical output. The high number of citations associated with these reviews points to the practical relevance of systematic literature reviews, as they process a large research knowledge base to produce a systematic set of evidence-based ideas to guide practise, generate new research channels or expand existing ones, and create theory. On average, the top 10 most cited theoretical topics are financial literacy, financial planning behaviour, retirement planning and help-seeking. These are all central concepts in personal financial planning because they address access to financial advice, how people seek it and engage in financial behaviours. These are fundamental to a vibrant helping profession focused on helping people plan and enact change within their financial lives. Retirement planning was also a widely cited topic, likely because it is a significant financial and life transition not typically outsourced to other professionals. Last, the topics published in the previous 10 years demonstrate a notable expansion, with an emphasis on the role of the professional financial planner and the value provided through the personal financial planning process, including (a) AI ethics for financial advice; (b) the value of financial planning; (c) the planner-client relationship, interactions and outcomes; (d) the financial planning journey; and (e) life insurance demand.

These statistics indicate that personal financial planning-specific theory is in an emerging stage with a foundation rooted in core topics (retirement, help-seeking, financial behaviour, financial literacy), with recent development momentum from within the academic community centered on relationships and value. Future theory development must expand and deepen to capture personal financial planning phenomena fully. Testing existing financial planning-specific theories is essential to reaching greater maturity and applicability in practise. Strong research and practise synergy can propel theory development forward with a combination of inductive and deductive approaches, where researchers can test theory within the practise context while generating theoretical ideas from observed practise phenomena.

A significant limitation in identifying personal financial planning theories and for future development is the use of consistent terminology. The term financial planning is widely used in corporate finance to refer to the financial management process of a business (Brealey et al. 2025). Searching for terms such as financial planning theory and financial planning models returns an extensive library of corporate finance theory and research. The term personal in conjunction with financial planning creates an essential distinction from corporate finance in that the personal financial planning paradigm is centered on a human context instead of a corporate entity context. These contexts produce distinctly different phenomena and theories. Therefore, it would behoove personal financial planning researchers to include the term personal in conjunction with financial planning in their work. Further, researchers can include the term theory to indicate their intent to develop theory in addition to the specific type of theory presented (e.g. causal model, conceptual framework, metatheory, etc.). In sum, using the combined terms personal financial planning theory will aid in identifying future theoretical works and in distinguishing personal financial planning from the disciplines and practise areas that inform it.

The theory definition and typology employed in this review are rooted in the social sciences, based on a literature review and conceptualization by Doherty et al. (2009) in the Sourcebook of Family Theories and Methods. While broad, inclusive, and appropriate for an initial scoping review to cast a wide net to identify personal financial planning theory while mitigating bias, this definition and typology should be studied and refined further to create a theory typology specific to personal financial planning.

Last, it is beyond the scope of this review to provide a qualitative analysis of each theory. A fundamental purpose of a scoping review is to synthesize evidence of a body of knowledge to ascertain the extent of the literature, identify gaps, clarify concepts and understand methodology. Further, scoping reviews provide a foundation for subsequent systematic literature reviews and are viewed as a foundational phase of this process (Hadie 2024). As such, this scoping review sheds light on where systematic literature reviews would benefit personal financial planning theory development. A full systematic review for each theory type, combined with a qualitative analysis of each theory within that type, would provide an in-depth understanding of the personal financial planning phenomena and would identify potential gaps. Given the extensive nature of the grey literature in personal financial planning, a systematic review of the grey literature for theoretical concepts could yield a formalized theory. A metatheory or analytical typology could evolve from this process.