Household finances, financial planning, and COVID‐19
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The Department of Human Development and Family Studies focuses on the interactions among individuals, families, and their resources and environments throughout their lifespans. It consists of three majors: Child, Adult, and Family Services (preparing students to work for agencies serving children, youth, adults, and families); Family Finance, Housing, and Policy (preparing students for work as financial counselors, insurance agents, loan-officers, lobbyists, policy experts, etc); and Early Childhood Education (preparing students to teach and work with young children and their families).
History
The Department of Human Development and Family Studies was formed in 1991 from the merger of the Department of Family Environment and the Department of Child Development.
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1991-present
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- College of Human Sciences (parent college)
- Department of Child Development (predecessor)
- Department of Family Environment (predecessor)
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Abstract
This article provides a brief summary and review of the impact of the COVID‐19 pandemic on household finances. The stressors related to the pandemic are evaluated as either transitory or permanent shocks to both the practice of financial planning and client financial concerns. Based on qualitative responses from practicing financial planners, changes in practice and client concerns as a result of the pandemic are outlined. At the global level, respondents shared that the practice of financial planning has accelerated its adoption of communication technology while clients are experiencing unprecedented levels of stress related to changes in health, the economy, and the political landscape in the United States. Insights and observations from the sample of practicing financial planners are used to inform recommendations for practice.
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This article is published as Fox, J.J., Bartholomae, S., Household finances, financial planning, and COVID‐19. Financial Planning Review . Dec 2020. e1103. doi: 10.1002/cfp2.1103. Posted with permission.