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    The importance of personal financial planning at the growth of the Turkish finance sector: contribution to economy, financial institutions, consumers and universities
    (SRA Akademik, 2017) Ekren, Nazım; Özyüksel, Suna; Fitzgerald, Patrick
    Developed and developing countries give great importance to personal financial planning in order to increase the personal savings and investment rates of their citizenry which is needed to grow their economies. Moreover, due to increasing average life expectancy, individuals are living longer in retirement, which in turn increases the pressure on social security systems resulting in governments placing more importance on the development and strengthening of the personal financial planning profession. Personal financial planning is a process of developing and implementing strategies to help individuals manage their financial affairs in order to meet life goals, and is relevant to all individuals because it rises above boundaries such as cultural, social, and wealth. However, it is important that those professionals offering personal financial planning services demonstrate knowledge and experience in all areas of personal finance and adhere to a standard of excellence to ensure they are preparing and managing the consumers' financial plans in the most efficient and productive way. Standards of excellence offer a consistency of service quality, and adherence to such standards is the foundation for client trust in their Advisors. For this reason, it is important for those professionals offering personal financial planning services to complete a comprehensive education program that allows them to demonstrate competency and professionalism in the many areas required to provide accurate and high quality personal financial planning services, and is required to obtain the globally recognized Certified Financial Planner (CFP®) designation.