Tax and finance laws also differ from country to country, and market conditions vary geographically and over time. Personal circumstances differ considerably, with respect to patterns of income, wealth, and consumption needs. It also stressed the importance of developing a standard in the field of financial education. The United States President's Advisory Council on Financial Capability was set up in 2008 in order to encourage financial literacy among the American people. However, there was no standardized curriculum for personal finance education until after the 2008 financial crisis. The educational programs are frequently known as " financial literacy". Īs the concerns about consumers' financial capability have increased in recent years, a variety of education programs have emerged, catering to a broad audience or to a specific group of people such as youth and women. Meanwhile, AFS cooperates with Certified Financial Planner (CFP Board). AFCPE has since offered several certifications for professionals in this field such as Accredited Financial Counselor (AFC) and Certified Housing Counselors (CHC).
Attendances of the two societies mainly come from faculty and graduates from business and home economics colleges. The establishment of the Association for Financial Counseling and Planning Education (AFCPE) in 1984 at Iowa State University and the Academy of Financial Services (AFS) in 1985 marked an important milestone in personal finance history.
DAVE RAMSEY PERSONAL FINANCE SOFTWARE PROFESSIONAL
Professional bodies such as American Association of Family and Consumer Sciences and the American Council on Consumer Interests started to play an important role in the development of this field from the 1950s to 1970s. Research into personal finance is based on several theories such as social exchange theory and andragogy (adult learning theory). These institutions have published several works in journals such as The Journal of Financial Counseling and Planning and the Journal of Personal Finance. However, several American universities such as Brigham Young University, Iowa State University, and San Francisco State University have started to offer financial educational programs in both undergraduate and graduate programs in the last 30 years. Before 1990, mainstream economists and business faculty paid little attention to personal finance. Therefore, personal finance education is needed to help an individual or a family make rational financial decisions throughout their life. In 2009, Dan Ariely suggested the 2008 financial crisis showed that human beings do not always make rational financial decisions, and the market is not necessarily self-regulating and corrective of any imbalances in the economy. Simon, a Nobel laureate, suggested that a decision-maker did not always make the best financial decision because of limited educational resources and personal inclinations. Margaret Reid, a professor of Home Economics at the same university, is recognized as one of the pioneers in the study of consumer behavior and Household behavior. Her dissertation at University of Chicago laid the foundation of consumer economics and family economics. The earliest known research in personal finance was done in 1920 by Hazel Kyrk. Before a specialty in personal finance was developed, various disciplines which are closely related to it, such as family economics, and consumer economics were taught in various colleges as part of home economics for over 100 years.
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