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Consumption of Financial Services: Developing a Conceptual Framework

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  • Alisa Minina

Abstract

Consumption of financial services is central to understanding economic lives of contemporary consumers. An abundance of empirical contributions on the ways in which people manage their economic capital and interact with their financial service providers have been spread across different fields. This paper contributes to the rich body of literature dealing with different aspects of consumer behaviour in the financial context by systematizing the accumulated knowledge and proposing a conceptual framework that encompasses relevant aspects of consumption of financial services. In this framework the financial consumption process is presented as a multifaceted construct that incorporates selection and purchase of financial products and services, relationships between consumers and their financial service providers as well as the broader sociocultural aspects of financial consumption beyond the immediate situation of purchase. Finally, the paper develops a research agenda for future studies, providing suggestions for future research.

Suggested Citation

  • Alisa Minina, 2016. "Consumption of Financial Services: Developing a Conceptual Framework," Working Papers 2016-006, Department of Research, Ipag Business School.
    • Handle: RePEc:ipg:wpaper:2016-006
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    References listed on IDEAS

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