FPABE Knowledge Circle-Why Does Research Matter-ONeill-09-16-final
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Transcript of FPABE Knowledge Circle-Why Does Research Matter-ONeill-09-16-final
Why Does Research Matter?
Barbara O’Neill, Ph.D., CFP®, AFC, CHC Rutgers University
4 Key Research Tasks • Observe something and systematically record data
• Analyze data and develop implications from findings
• Disseminate findings (e.g., publications, presentations)
• Inform and improve practice and practice outcomes
– Apply methodologies and/or findings to “real world” settings
Research Provides Evidence • Life-saving therapies (e.g. breast cancer)
• Relationships between variables (e.g., personality traits and saving money; health and wealth)
• Best practices in financial planning – Example: Retirement asset decumulation
– Example: Social Security benefit claiming
• Financial education program content – Example: Increasing equity glide path in retirement
What Happens Without Research?
• People die because life-saving therapies are not discovered
• Policymakers are unable to make informed decisions
• Gaps in knowledge are not addressed
• Programs and services are not improved
• Mistakes are repeated, effort is duplicated, and money is wasted
What Happens at Conferences or in Publications Without a Strong Research Base?
• Personal experiences are accepted as “fact”
– N = 1
– “If it happened to me, it is happening to everyone”
• Anecdotes instead of evidence
• No “hard data” to back up claims of effectiveness
• Potential for sharing misinformation
• Knowledge and practice gaps are not addressed – Example: What works? For whom? Under what conditions?
“So What?” Questions At the end of the day…
• Are certain factors or practices related (e.g., nutrition label reading and financial planning)?
• Is one life-saving therapy better than another?
• Did financial education or planning or coaching improve people’s lives?
How do you know? You do research and put the scientific method on your side!
Using knowledge attained through
evidence-based research is the best way
to serve your clients!
KNOWLEDGE attained through SCIENTIFIC RESEARCH is like broccoli
Source: Sandra Huston, Texas Tech University
I know it’s good for me, but…
Source: Sandra Huston, Texas Tech University
I just don’t like the experience of
consuming it!
Source: Sandra Huston, Texas Tech University
Why don’t you make it taste better?
Source: Sandra Huston, Texas Tech University
How can we make Science-Based Knowledge
More Palatable?
Source: Sandra Huston, Texas Tech University
Let’s Build a Bridge!
• Collaborative researcher-practitioner research projects
• Gap analysis of practitioner research needs • Research briefs
– Short summaries of the methodology and the “so what?”
• Other ideas?
What Do Practitioners Need From Researchers?
• Assistance with research project development, program evaluation, and/or statistical analyses
• Involvement at research project inception, not as an “after-thought”
• Co-authorship on published articles
• Other “shared glory” (e.g., presentations, awards)
• Sub-contract funding on research grants
What Do Researchers Need From Practitioners? • “Real-world” perspectives about how people
think and act with respect to personal finances
• Access to potential survey respondents who are clients or students of practitioners
• Assistance with co-authorship of papers, award applications, and presentations
• “Bonus Points” on grant applications from some funders for including an outreach component
What the Journal of Financial Planning is Looking For From Researchers
• Previously unpublished thought-provoking articles that “break new ground” by exploring new topics or expanding upon previous studies
• Well-written articles that follow JFP guidelines with good grammar, spelling, and organization
• Clear and specific implications for financial advisors (the “So What?”)
Contact Information
Phone: 848-932-9126 E-Mail: [email protected] @moneytalk1 on Twitter