Through its teaching, research and service missions, Personal Financial Planning (PFP) spurs economic development; as a part of the economic development mission of the University of Missouri.
The economy relies on informed households to operate at its full potential. The financial security of households is a key to personal freedom and critical to the economic development of the nation. PFP contributes to economic development through:
- One of the few departments at MIZZOU which costs the state less than the revenue generated by the department for the campus. It is estimated that PFP generates $1.75 for each $1 received.
- Graduating financial services professionals who can help households maximize the satisfaction they receive from their financial resources. Households who make wise use of their resources force the economy to make better economic decisions.
- Keeping money in local communities by saving taxpayers over a million dollars in tax preparation fees. For the 2013 tax year, for example, MoTax’s service to 3,464 Missouri taxpayers returned over $5.3 million in refunds to the people of the state of Missouri, while saving them $1,464,200 in tax preparation fees.
- Teaching households how to manage their resources, increasing the probability of financial security and success.
- Providing data and perspectives to inform policy makers in their decisions.
In a nutshell, the country is no more than the sum of our households. The more financially secure and knowledgeable the households, the better decisions they make. Better decisions strengthen our society. We believe this, as we attempt to live it.