Financial Planning in Albanian Family

Abstract

Personal Financial Planning offers individuals and families the opportunity of knowing private banking, estate planning, legal resources, and investment management, to a constant , stable and long-term wealth. Family financial planning is a practice that has been and continues to gain popularity even further and draw the attention of people worldwide. Financial concerns plaguing many people , not always arise from a lack of money but mostly by the lack of planning how to use the money. Although the number of financial planners continues to grow every day, in Albania there are still too many families who do not know the significance of the impact of a proper financial planning in their financial security for the future. Through this paper we aim to shed light on the key concepts related to financial planning, the importance of its role in the economic life of individuals and families , as well as raising the opportunities in its application. The main purpose of this paper is the investigation of financial planning skills in Albanian families and more specifically on families in the city of Elbasan. We have also organized a survey in the city of Elbasan to determine how many people knew Financial Planning and its role in the economic life.

DOI: 10.5901/ajis.2014.v3n2p241