Understanding Consumer Financial Behavior Money Management in an Age
Government policies, marketing campaigns of banks, insurance companies, and other financial institutions, and consumers' protective actions all depend on assumptions about consumer financial behavior. Unfortunately, many consumers have no or little knowle
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U n d e r s ta n d i n g C o n s u m e r Fi n a n c i a l Be h avi o r Mo n ey M a n ag e m e n t i n a n Ag e o f Fi n a n c i a l I l l i t e r ac y
W. F re d v a n R a a i j
UNDERSTANDING CONSUMER FINANCIAL BEHAVIOR
Copyright © W. Fred van Raaij 2016 Softcover reprint of the hardcover 1st edition 2016 978-1-137-54424-7 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission. In accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 2016 by PALGRAVE MACMILLAN The author has asserted their right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire, RG21 6XS. Palgrave Macmillan in the US is a division of Nature America, Inc., One New York Plaza, Suite 4500, New York, NY 10004-1562. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. ISBN: 978-1-349-71343-1 E-PDF ISBN: 978-1-137-54425-4 DOI: 10.1057/9781137544254 Distribution in the UK, Europe and the rest of the world is by Palgrave Macmillan®, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Library of Congress Cataloging-in-Publication Data Raaij, W. Fred van. Understanding consumer financial behavior : money management in an age of financial illiteracy / W. Fred van Raaij. pages cm Includes bibliographical references and index. 1. Consumer behavior—Psychological aspects. 2. Finance, Personal— Psychological aspects. I. Title. HF5415.32.R33 2015 332.024—dc23
2015033661
A catalogue record for the book is available from the British Library.
Contents
List of Figures
vii
List of Tables
ix
Foreword
xi
Acknowledgments
xv
1 Introduction
1
Part I 2 Money Management
13
3 Saving Behavior
33
4 Credit Behavior and Debt Problems
45
5 Insurance and Prevention Behavior
63
6 Pension Plans and Retirement Provisions
77
7 Investment Behavior
89
8 Tax Behavior: Compliance and Evasion
103
9 Victims of Financial Fraud
113
10 Responsible Financial Behavior
127
Part II 11 Individual Differences and Segmentation
145
12 Confidence and Trust
159
13 Loss Aversion and Reference Points
173
14 Risk Preference
185
15 Time Preference
195
vi
Contents
16 Decision-Making, Decision Architecture, and Defaults
211
17 Self-Regulation
227
Notes
245
Bibliography
247
Index
275
Fi
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