Work-Life Balance and Burnout in Financial Planning Profession
Posted: 22 Jul 2022
Date Written: June 10, 2022
Abstract
This study examines the work environment outcomes in the financial planning profession, job-related burnout, and work-life balance satisfaction, using a convenience sample of survey respondents employed in the financial planning profession. The study compares subgroups based on gender, job role, firm size, and their CFP® certification controlling for relevant factors such as type of industry, weekly working hours, work-life conflict, the flexibility provided by the employer, and demographics. Results indicated that the women in smaller firms are more satisfied with work-life balance. In general, smaller firm sizes are associated with lower personal accomplishment, higher satisfaction from work-life balance, and lower impersonal response toward clients measured by Depersonalization scores of Maslach Burnout Inventory (MBI). MBI Depersonalization scores are higher for CEOs and owners of the firms. In addition, the CFP® certification is associated with greater satisfaction from work-life balance. The results build on previous research to provide insight into aspects that can improve participation in the profession. Future research should find ways to attract diverse participants to improve success and satisfaction outcomes for all professionals and firm sizes.
Full Text Available Here:
https://doi.org/10.1002/cfp2.1145
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