Texas Tech’s Personal Financial Planning Division, housed since its inception more than 25 years ago in the College of Human Sciences, will become a standalone department in fall 2012.

Professor Vickie Hampton, head of the PFP group since 2001, will become chair of the new department. Renamed the Department of Personal Financial Planning, the new department will have 12 full-time faculty and five graduate adjunct faculty members.

“Elevation to the Department of Personal Financial Planning provides the visibility and focus needed to enhance quality growth and research productivity,” Hampton said in a statement. “We can better meet the needs of our students and do so with greater administrative efficiency than is possible in the current organizational structure.”

The PFP major emerged out of the former family finance major, and was established under associate professor Bill Gustafson.

“The growth and development of the Texas Tech PFP program over the past 10 years has been truly amazing,” said College of Human Sciences Dean Linda Hoover. “I am pleased that PFP’s designation as a department has been approved.”