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Consumer Financial Behavior

Author

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  • van Raaij, W. Fred

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.

Suggested Citation

  • van Raaij, W. Fred, 2014. "Consumer Financial Behavior," Foundations and Trends(R) in Marketing, now publishers, vol. 7(4), pages 231-351, November.
    • Handle: RePEc:now:fntmkt:1700000039
    DOI: 10.1561/1700000039
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    More about this item

    Keywords

    Consumer behavior; Behavioral finance; Consumer education; Protection policy; Well-being; Spending; Money management; Financial behaviour; Budgeting; Saving; Credit; Debt; Insurance; Pension plan; Investing; Taxation;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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