Consumer financial behavior
van Raaij,W.F.
van Raaij,W.F.
Abstract
Consumer financial behavior is a domain between micro-economics, behavioral finance, and marketing. It is based on insights and behavioral theories from cognitive, economic, and social psychology (biases, heuristics, social influences), in the context of and sometimes in conflict with micro-economic theories of consumers, investors, and markets. Behavioral finance has a descriptive approach, how people make financial decisions. Not always rational, but often in a systematic irrational way. Consumer financial behavior is also a basis and starting point for the marketing management of financial products and services, as well as for consumer education and protection policy. This monograph is on the determinants/drivers and consequences of spending, saving, borrowing, insuring, and investing. Ultimately, this monograph is on the financial requirements for financial inclusion, and participation in present society with its myriad of products and services, experiences, social media, information (overload), and the pursuit of meaning, satisfaction, happiness, and wellbeing.
Description
Date
2014
Journal Title
Journal ISSN
Volume Title
Publisher
Research Projects
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Journal Issue
Keywords
SDG 1 - No Poverty, SDG 8 - Decent Work and Economic Growth
Citation
van Raaij, W F 2014, 'Consumer financial behavior', Foundations and Trends in Marketing, vol. 7, no. 4, pp. 231-351. https://doi.org/10.1561/1700000039