The household CFO: Using job analysis to define tasks related to personal financial management

Abstract

Household financial management has several criteria of performance that makes it possible to evaluate the relative effectiveness of an individual in the particular job. To date, there has been little analysis of the myriad tasks and behaviors that are included in the role of a household financial manager, or what we term household chief financial officer (HCFO). Using techniques from industrial psychology and personnel selection, namely job analysis, the current article provides definitions of categories of critical tasks and behaviors of the HCFO job using two studies. The results of the studies identified the frequency of engagement of financial tasks across the two samples, and the importance of tasks associated with financial success.