Financial Services Review

The impact of the online marketplace on fraud: Evidence from Craigslist from its early adoption in 1995 to its wider expansion in 2006

Efthymia Antonoudi — 2025-12-15

This research addresses the influence of Craigslist’s adoption and presence on fraud arrests within metropolitan statistical areas (MSAs). Utilizing the consumer vulnerability framework (Hill & Sharma, 2020), the study used diverse data sources, including Craigslist entry data, the Uniform Crime Reporting (UCR) dataset, and the US Census Bureau Current Population Survey (CPS) data from 1995-2006. Employing differences-in-differences (DID) models, this study's primary findings indicate a reduction in fraud arrests, ranging from 11% to 23% following the introduction of Craigslist. While these results might appear counterintuitive, our findings suggest that online marketplace design and enforcement capacity may jointly influence fraud patterns.

The Value of Financial Advice: A Narrative Review and Conceptual Frameworks

Kirsten MacDonald — 2025-12-15

Efforts to increase the low global consumer uptake and recognition of financial advice as a trusted profession have been hampered by low financial capability, distrust of financial advisors, and soaring costs. While considerable research has been published on the value of financial advice, a synthesis of scholarship is surprisingly absent, leading to a lack of credible information on the outcomes of professional financial advice. To determine the ways in which value has been contextualized and measured and the extent to which value has been substantiated, this themes-based narrative review comprehensively examines tangible outcomes, such as investment performance, and less tangible components of value relating to consumer wellbeing and the client-advisor relationship. We conclude by proposing a conceptual framework of the value of financial advice to support the development of a more consistent, rigorous and coherent body of literature across jurisdictions, with increased transparency for consumers and other stakeholders of financial advice.

Exploring factors affecting young adults' financial management behavior: A hybrid PLS-SEM and fsQCA approach

AFM Jalal Ahamed — 2025-12-15

This study investigates the factors influencing financial management behaviors (FMB) among young adults in Poland, drawing on the Theory of Planned Behavior (TPB). Specifically, it examines the roles of financial attitude, family financial socialization, peer influence, financial self-efficacy, and subjective financial knowledge. Data were collected from 340 university students using convenience sampling. A hybrid analytical approach combining partial least squares structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) was employed. PLS-SEM results indicate that financial attitude, subjective financial knowledge, and financial self-efficacy are significantly associated with FMB. Contrary to expectations, family financial socialization had no significant effect, while peer influence was significant but negative effect. FsQCA revealed two distinct pathways leading to positive FMB, highlighting the importance of financial attitude and knowledge, even in the absence of strong peer or family support. The findings underscore the complexity of financial behavior and suggest that educational interventions should focus on improving financial attitudes and self-efficacy, while also acknowledging the important roles of family and peer influences. This study contributes novel insights into financial behavior research in Eastern Europe and demonstrates the value of combining SEM and fsQCA in behavioral finance studies.

Launching a CFP Board Registered Program at an AACSB-accredited Business College: A Case Study and Analysis

William B. Elliott — 2025-12-15

Despite increasing demand for financial planning education, the discipline remains underrepresented within AACSB-accredited business schools—even though such programs align well with business curricula. This study examines the distribution of CFP Board-registered programs across U.S. institutions, analyzing 395 programs (certificates, bachelor’s, master’s, and doctoral degrees). Our findings reveal that only 39% (n=153) are housed within AACSB-accredited business schools, with a predominant focus on in-person or blended bachelor’s degrees. In contrast, non-business schools more frequently offer online certificates and exclusively host all three doctoral programs. Geographic analysis identifies substantial disparities in program availability relative to state populations. We present a case study of successful implementation of a CFP Board-registered program at an AACSB-accredited business school. The discussion outlines key strategies for program development, accreditation alignment, and institutional challenges, providing actionable insights for business schools seeking to expand into financial planning education.

Capstone as Project-Led Problem Based Learning: Theory and Application in Personal Financial Planning

Sarah Asebedo — 2025-12-15

The Personal Financial Planning Capstone course can be a complex and daunting learning experience for both students and instructors. Resources exist to guide instructors through the content of Capstone (the what); however, more consideration needs to be given to the how of Capstone course delivery. This paper explores Capstone through the lens of Project-Led Problem Based Learning (Pj-PBL), offering examples of course design, application, and assessment. Research and discussion are needed to optimize Capstone course delivery as the final class that prepares students for a rigorous profession.

Elevating Professional Skills Through Authentic, Scaffolded Learning in a Financial Planning Capstone

Elisabeth Sinnewe — 2025-12-15

This paper presents an evidence-based redesign of a financial planning capstone unit in an accredited Australian financial planning degree. Five innovations were introduced to strengthen students’ professional capability development: (1) an authentic, dynamic client case; (2) a practitioner-led workshop on client engagement; (3) layered scaffolding to support digital literacy and professional communication skills; (4) a redesigned assessment structure featuring role-based expert pitches evaluated by industry judges; and (5) structured teamwork supports to develop collaborative capability. The impact of the redesign was evaluated by triangulating student performance, student evaluations, thematic analysis of reflective accounts, and an independent expert peer review. Findings demonstrate improved communication, teamwork, and perceived job readiness, alongside stronger alignment between assessment tasks and real-world financial planning practice.

Utilizing Experiential Learning Techniques in a Financial Planning Program: Allowing Students to Learn from Themselves

Steve Fraser — 2025-12-15

We describe and provide several illustrations of experiential learning activities used in an introductory financial planning class as part of a CFP Board Registered Program. Examples include Awareness and Interview Exercises where students are afforded the opportunity to learn and receive course credit for examining and analyzing financial planning situations directly related to the students. We have found the use of these exercises better prepares students for class, enriches class discussions, and stimulates meaningful conversations between students and family members on the importance of financial planning.

A Study of Time Value of Money Educational Interventions

Jason Anderson — 2025-12-15

Time Value of Money (TVM) concepts are foundational to learning in personal financial planning and finance courses. This study applied Connectivism Learning Theory (CLT) to create educational interventions meant to increase student understanding of TVM using Excel and a financial calculator as learning tools. Results show students exposed to the learning intervention using a financial calculator performed better than those exposed to Excel alone or a combination of Excel and a financial calculator. These findings point to the structural entrenchment of the financial calculator in the teaching of TVM, and the challenges an instructor might face when introducing other methods to supplant it.

A New Approach to Teaching Personal Financial Education

Tim Griesdorn — 2025-12-15

This paper outlines a new approach to teaching a financial planning/financial literacy course. It begins with personality assessments and other tools to help students build a solid foundation upon which they can create goals and develop a financial plan. In contrast, most financial planning textbooks outline the financial planning process, provide an overview of the economic system, and then focus on time value of money concepts and goal setting. All the texts start with the basic assumption that each student knows his or her goals. Educators need to be sure their students have a solid foundation of self-awareness before they can plan for their future. A self-awareness foundation would include knowledge of core values and key strength competencies, awareness of the importance of strong relationship skills, hope for the future, expressions of gratitude, and meaningful work. Without a solid foundation, goals and objectives cannot provide the same level of life satisfaction and happiness desired in life. Sample assignments are provided that would help educators introduce these topics in an undergraduate course. Implementation of these elements in an undergraduate personal finance course increased student evaluations of the course by 7%.

Effective Financial Education Strategies: Empowering Students with Personal Application

Richard Stebbins — 2025-12-15

Financial education is most effective when it is both personalized and applicable to learners’ lives. Instruction that reflects individual backgrounds, interests, and learning styles fosters engagement, ownership, and improved outcomes. When financial concepts are taught in real-world contexts, learners are more likely to recognize their relevance and apply them meaningfully. This paper integrates five established learning theories: Bloom’s Taxonomy, behaviorism, constructivism, experiential learning, and social learning theory. These frameworks support differentiated instruction in financial education and inform the design of inclusive, learner-centered pedagogy. The study’s primary contribution is its application of these theories to specific financial topics, including investment planning, retirement strategies, financial counseling, and estate planning. Assignments and instructional tools provided in the appendix illustrate how theory-informed strategies can be implemented in practice. These classroom-tested activities promote financial literacy, support behavioral change, and enhance instructional effectiveness across diverse learner populations. By bridging theoretical models with applied learning experiences, the paper offers educators a practical framework for improving financial education.

Addressing Diversity, Equity, and Inclusion in Financial Planning Education

Miranda Reiter — 2025-12-15

This article presents the experiences of three professors who each developed and taught a university-level diversity, equity, and inclusion (DEI) course within a financial planning or related academic program. These courses, tailored to different educational levels, addressed DEI concepts in the context of financial planning and personal finance and aimed to cultivate awareness and equip future professionals with the tools to navigate DEI challenges in practice and research. The study offers valuable insights and recommendations for educators interested in integrating DEI into their curricula. The paper details the instructors’ motivations behind developing the courses, student learning objectives, course design and content, and the authors' unique teaching philosophies.

Guest Editorial: Teaching Financial Planning Today - Emerging Practices

Inga Timmerman — 2025-12-15

Teaching Tomorrow’s Financial Planners: Insights from research into online marketplaces and fraud; behavior of young adults in a post-communist era; and the value of financial advice.

Elisabeth Sinnewe — 2025-12-15

Financial Services Review Masthead (2025) Volume 3, Issue 4 Special Issue: The Pedagogy of Financial Planning

Elisabeth Sinnewe — 2025-12-15