Campus Units

Human Development and Family Studies

Document Type

Article

Publication Version

Accepted Manuscript

Publication Date

12-26-2020

Journal or Book Title

Financial Planning Review

Volume

e1103

DOI

10.1002/cfp2.1103

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.

Comments

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.

Copyright Owner

Certified Financial Planner Board of Standards Inc.

Language

en

File Format

application/pdf

Published Version

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