I am very proud to announce that after nearly four years of long nights and weekends, I have successfully earned a PhD in financial and retirement planning from the American College. It’s been quite a journey!
My dissertation is titled Role of Parent-Provided Financial Education on Financial Beliefs, Financial Behaviors & Financial Satisfaction. If you have any interest in the topic, you can read the full dissertation. If you just want an overview, I’ve included the abstract below.
One of the questions I got when I started the program and that I get now that I’ve finished is, “What are you going to do with the PhD?” The answer has been and remains the same . . . provide even better financial counsel to my clients. I’ve always valued personal growth and education, which helps explain all my degrees and designations. I thirst for knowledge because I want to be the very best financial advisor to my clients that I can.
In the PhD program in financial and retirement planning we studied topics such as tax planning, investment portfolio design, behavioral finance, statistical analysis, and retirement income distribution strategies. The last item, retirement income distribution, was a major part of the program. I had the pleasure of studying under Dr. Wade Pfau, one of the leading researchers on how best to provide a lifetime of income in retirement. This topic is critical to retirees as they stop receiving earned income and must rely on income from their portfolio.
It was a long process, but one I am grateful for doing. Some might say that the PhD is the pinnacle of learning, but I’m just getting started!
Role of Parent-Provided Financial Education on Financial Beliefs, Financial Behaviors & Financial Satisfaction
The strength of America’s personal finances is poor. Millions of dollars and valuable classroom time are invested in financial educational programs with the goal of increasing financial knowledge. However, research on the efficacy of formal sources of financial education delivered in high school, college, the workplace, and the military have provided mixed results. This dissertation uses data from the 2015 FINRA National Financial Capability Study to examine the association between parent-provided financial education and objective financial knowledge, perceived financial knowledge, financial self-efficacy, various financial behaviors, and financial satisfaction compared to other formal sources of financial education. The study examines the role of parent-provided financial education through the theoretical lenses of family financial socialization theory, social cognitive theory, and self-efficacy theory. A generalized ordered logit regression analysis demonstrated that parent-provided financial education exhibits a significant association across most levels for all variables of interest, while no significant association was found between parent-provided financial education and objective financial knowledge. As a result of these findings, additional research should be conducted that examines what type of parent-provided financial education is most effective for different populations in order to replace or augment formal financial education programs.
Read the full dissertation here: Role of Parent-Provided Financial Education on Financial Beliefs, Financial Behaviors & Financial Satisfaction