The Financial Psychology of 4 Life-Changing Events

Anthes, William L.; Lee, Shelley A.
May 2002
Journal of Financial Planning;May2002, Vol. 15 Issue 5, p76
Academic Journal
This article summarizes a discussion hosted by the National Endowment for Financial Education in October 2001 about financial psychology and life-changing events. It was the first time that practitioners from the fields of financial planning and psychology joined together to identify and understand the common psychological implications of various life-changing situations and explore how psychological, emotional and behavioral reactions may affect a client's ability to make a successful transition. Twenty professionals from the psychology/counseling, financial planning and allied professional fields participated in the think tank, forming multidisciplinary teams to examine four common-life changing events such as involuntary job loss, suddenly single, financial windfall and remarriage. The multidisciplinary approach allowed the participants to address various issues, such as (1) the relationship between psychology and financial planning, and how incorporating both can meet the needs of individuals seeking advice and planning (2) ways to share knowledge about both the financial and psychological needs of clients in transition (3) the roles that different advisors can play in individual's well being and (4) guidelines for making referrals to profession with specific expertise.


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