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Personal Financial Planning Theories: A Scoping Review

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  • Asebedo Sarah D.

    (School Director and Associate Professor, 1301 Akron Street, Box 41210, School of Personal Financial Planning, College of Health and Human Sciences, Texas Tech University, Lubbock, TX, 79409-1210, United States of America)

Abstract

This review identified the scope and status of theory developed within the professional practice of personal financial planning to specifically explain personal financial planning phenomena and to review the characteristics of the literature representing personal financial planning-specific theory. A theoretical foundation is required for personal financial planning to convey its boundaries, characteristics, and functions and to clarify the indicator disciplines and approaches that explain and inform it. This review ascertains the status of this theoretical foundation. This scoping review identified 24 theories unique to the professional practice of personal financial planning, ranging across empirical generalizations, causal models, middle-range theories, formal propositional theories, and conceptual frameworks. The results suggest that personal financial planning theories are more developed with broader coverage than initially thought, although they are far from complete.

Suggested Citation

  • Asebedo Sarah D., 2025. "Personal Financial Planning Theories: A Scoping Review," Financial Planning Research Journal, Sciendo, vol. 11(2), pages 1-28.
    • Handle: RePEc:vrs:finprj:v:11:y:2025:i:1:p:28:n:1001
    DOI: 10.2478/fprj-2025-0006
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    References listed on IDEAS

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    1. Kirsten L. MacDonald & Ellana Loy & Mark Brimble & Karen Wildman, 2023. "The value of personal professional financial advice to clients: A systematic quantitative literature review," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4399-4429, December.
    2. Kingsley Hung Khai Yeo & Weng Marc Lim & Kwang-Jing Yii, 2024. "Financial planning behaviour: a systematic literature review and new theory development," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 979-1001, September.
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