Navigating Financial Landscapes: A Brief Introduction of Financial Planning Needs and Professional Guidance for the Korean American Community

Authors

Wookjae Heo, Purdue University

DOI

10.5703/1288284318384

Abstract

This paper addresses the need for financial planning and literacy among Korean Americans, who are often reluctant to seek professional financial help. Highlighting the complexity of modern financial systems and the financial challenges faced by Korean Americans, the paper underscores the importance of enhancing financial literacy to navigate these complexities effectively. It explores the barriers to accessing financial professionals, rooted in cultural and environmental factors, and discusses the diverse roles and ethical codes of financial planning professionals such as Certified Financial Planners and Accredited Financial Counselors. By understanding the fiduciary duties and ethical considerations within the financial planning profession, the paper advocates for informed professional selection to ensure financial well-being. A comprehensive understanding aims to contribute to the ongoing discourse on improving financial literacy and planning within the Korean American community, emphasizing the need for tailored financial guidance and the potential impact of professional financial planning services on individual and collective financial well-being.

Recommended Citation

Heo, Wookjae (2024) "Navigating Financial Landscapes: A Brief Introduction of Financial Planning Needs and Professional Guidance for the Korean American Community," KAUPA Letters: Vol. 11 : Iss. 4, Article 6.
DOI: 10.5703/1288284318384
Available at: https://docs.lib.purdue.edu/kaupa/vol11/iss4/6