Financial behavior and financial wellbeing

Tim S. Griesdorn and Luke Erickson

Chapter 19 in A Research Agenda for Consumer Financial Behavior, 2023, pp 259-272 from Edward Elgar Publishing

Abstract: The purpose of this chapter is to summarize the main concepts in consumer financial wellbeing including financial education, literacy, capability, behavior and associations between financial wellbeing and behavior. First, brief descriptions of the history and evolution of consumer behavior and wellbeing are presented. This is followed by a discussion of consumer financial wellbeing and behaviors. Some specific findings are that financial literacy and capability have helped expand our paradigms past simple knowledge transfer; consumers constantly make tradeoffs between different dimensions of wellbeing, and current theoretical frameworks which explain financial behaviors are limited. Finally, the chapter proposes a conceptual model for financial wellbeing that looks at the intersection of psychology, sociology, and physical health. Examples of future research include investigating what heuristics high-net-worth households utilize and their resulting habits, and research on when and what nudges and choice architecture are needed for consumers to boost their financial wellbeing.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/edcoll/9781803922652/ (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:21534_19

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().