Muske, 2004(2), Personal Financial Management Education: An Alternative Paradigm

Counseling and Planning

The Journal of the
Association for Financial
Counseling and
Planning Education

VolumeĀ  15(2),

Personal Financial
Management Education: An Alternative Paradigm

Glenn Muske and Mary Winter

    Personal financial
    management education has focused on recommended practices believe to
    ensure long-term financial security. Yet studies have found that few
    people actually implement such practices. This paper reports the study
    of seven family financial managers’ practices to better understand what
    families did and why. While these managers had a regular and systematic
    cash-flow management process, the system was not what is generally
    recommended. The financial manager’s objectives are limited to the
    short-term, to pay the family’s bills on time, and to avoid overdrafts.
    Development of a practical system requires a paradigm shift built on
    the manager’s short-term perspective and definition of life

    Keywords: Family, Cash flow management, Family finance, Family resource
    management, Money management, Personal financial behavior, Qualitative