Take-Aways From AFCPE Symposium Recordings-Part 2

In this post, I continue to summarize some of my key take-aways from the video recordings of concurrent sessions held at the 2025 Association for Financial Counseling and Planning Education (AFCPE) Symposium. Below are some additional take-aways:

Financial Literacy and App Use- Digital financial literacy is the ability to use websites, apps, and other electronic tools to enhance financial well-being. A study found that frequent financial app users are six times more likely to have an employer retirement savings account and occasional users were 2.5 times more likely. App users were also more likely than others to set retirement goals.

 

Perceptions of Debt- Culture shapes the way that people view debt. It is not just about the numbers but whether or not someone’s debt is viewed as a “family responsibility.” There is a growing number of Americans who “look good on paper” but that is not how they feel.

 

Hedonic Treadmill- This is the human tendency to pursue one pleasure after another. We keep moving the goal post of what makes us happy unless we are aware of it. Lifestyle creep is like a silent inflation. One recommended strategy was putting something in an online shopping cart and waiting before making a purchase (or not). Happiness flows from experiences- not purchases.

 

Cryptocurrency- About 14% of U.S. adults own some type of cryptocurrency and the United States federal government is the largest known government holder of Bitcoin in the world. Crypto use is most common among men under age 50 and crypto ATMs, which look like regular automatic teller machines, are increasingly available. Cryptocurrency is decentralized and not subject to regulation.

 

Book Clubs as a Financial Education Tool- Personal finance concepts can be taught through a book club that combines structured reading and conversation, either online or in face-to-face meetings. Learners receive a reading schedule with assigned chapters each week. Books used in one book club were Die With Zero, The Latte Factor, Happy Money, and The 30-Day Money Cleanse.

 

Suitcases and Savings- It is helpful to make three rankings for travel planning purposes: must do, nice to do, and not important to do. Next, create a sinking fund to save for travel expenses unless you already have money saved. Finally, brainstorm ways to decrease travel expenses. An online search or AI can help. Older adults should not delay travel during their healthy and mobile “go-go” years.

 

Retirement Planning- Retirement is akin to divorce. People break up with their employer and working life in general. Living without a mapped out schedule can be scary. Coalescence (i.e., older adult adolescence) was proposed as a new term for retirement. It is a period when people redefine their identities beyond careers. Components include social interaction, relevance, and excitement.

 

Familial Identity Theft- Estimates indicate that up to one-third of all identity theft is familial (i.e., someone steals a family member’s personal information to commit fraud). There are three consequences for victims: financial, emotional (e.g., betrayal), and physical (e.g., insomnia). Research found that familial ID theft can co-occur with other forms of abuse (polyvictimization). 

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.