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n Journal of Contemporary Management - Perceptions of financial planning : a comparison between two age groups
The financial planning industry is in the process of transforming as new regulatory changes have been put into place in the industry. However, this process is implemented gradually and even the successful transformation of financial planning does not guarantee a reciprocal improvement of the public's perceptions of the industry and financial planners.
Therefore the purpose of this study was to gain a better understanding of the perceptions of young adults compared to adults, regarding financial planning, and how these perceptions can be changed in order to ultimately increase the use of financial planning services.
The results revealed that an increase in trust and the improved image of financial planners among young adults will reflect positive change in the perceptions of financial planning. Similarly an increase in the awareness of financial planning, positive financial planning experiences by family members and positive perceptions of financial planning will increase the use of financial planning services by young adults. Young adults compared to adults are more trusting of financial planners and more reliant on their family's perceptions when forming their own perceptions of financial planning. Therefore different strategies are required when engaging with young adults as current and potential clients within the industry.
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