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A Research Agenda for Consumer Financial Behavior

9781803922645 Edward Elgar Publishing

Edited by Jing Jian Xiao, Professor of Consumer Finance, Department of Human Development and Family Science, University of Rhode Island, US and Satish Kumar, Professor of Finance, Indian Institute of Management Nagpur, India

Publication Date: 2023 ISBN: 978 1 80392 264 5 Extent: 348 pp

With contributions from an international range of active researchers, this Research Agenda provides a timely literature review on core topics related to consumer financial behavior. Chapters cover financial management behavior, desirable financial behavior and any financial behavior that helps improve financial wellbeing.

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Critical Acclaim

Contributors

Contents

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Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.

With contributions from an international range of active researchers, this Research Agenda provides a timely literature review on core topics related to consumer financial behavior. Chapters cover financial management behavior, desirable financial behavior and any financial behavior that helps improve financial wellbeing.

The Research Agenda is split into two parts, first covering determinants of financial behavior and then outcomes. Top scholars in the field explore a broad range of determinants, including financial literacy, education, socialization, access, technology, retirement policies, trading and investment, and neuroscience. The book moves on to explore financial capability, wellbeing, fragility and vulnerability, offering a comprehensive examination of the topic.

Economics and financial behavior researchers and students will benefit from the thorough and incisive literature reviews in this Research Agenda. It will also be a valuable resource for business practitioners looking for an up-to-date insight on research in the field.

Critical Acclaim

‘This book is a delightful guide and an upfront review of the economic and behavioral approach to how people manage their finances. It is a collection of the most recent findings for those who seek to acquire new knowledge on consumer financial literacy and financial technology. The book makes significant scientific contributions to the current literature.’
– Sisira Colombage, Federation University Australia, Australia

Contributors

Contributors: T.P. Arjun, Julie Birkenmaier, Swarn Chatterjee, Malvika Chhatwani, Markson Wee Chien Chin, Lucy M. Delgadillo, Mathieu Despard, Srijanani Devarakonda, Ajinkya Dhanagare, Yaw Seng Ee, Luke Erickson, Qiang (John) Fu, Carolina Sandra Giang, Kirti Goyal, Rita W. Green, Tim S. Griesdorn, Devashish Das Gupta, Sherman D. Hanna, Makiko Hashinaga, Kiat Sing Heng, Alpana Karanjule, Jinhee Kim, Kyoung Tae Kim, Melinda Lian Fah Kong, Satish Kumar, Douglas J. Lamdin, Sunwoo T. Lee, Bibiana Chiu Yiong Lim, Rodney Thiam Hock Lim, Tze Yin Lim, Weng Marc Lim, Chui Ching Ling, Symeon Mandrinos, Kexin Meng, Rebecca Dei Mensah, Lisa Lee Hua Ngui, Jill M. Norvilitis, Stanley Nwobodo, Falguni H Pandya, Blain Pearson, Daniel W. Richards, Preeti Roy, Pankaj Sahu, Suman Saurabh, Sudipta Sen, Monika Sheoran, Chia Hua Sim, Rameshkumar Subramanian, Muhammad S. Tahir, Elizabeth Ai Lin Voong, Jing Jian Xiao, Andrews Agya Yalley, Bomikazi Zeka

Contents

Contents:

Acknowledgments of the reviewers xvii
1 Introduction to A Research Agenda for Consumer
Financial Behavior 1
Jing Jian Xiao and Satish Kumar

PART I DETERMINANTS OF FINANCIAL BEHAVIOR
2 Financial literacy and financial behavior 19
Kirti Goyal and Satish Kumar
3 Consumer financial education and financial behavior 33
Makiko Hashinaga
4 Financial socialization and financial behavior 47
Jill M. Norvilitis
5 Consumer cash-flow management and budgeting
behavior 59
Rameshkumar Subramanian and Arjun T P
6 Bankruptcy: the result of failed financial relationships 73
Rita W. Green
7 Financial access and financial behavior 89
Julie Birkenmaier and Qiang (John) Fu
8 Consumer insurance behavior 103
Srijanani Devarakonda, Falguni H. Pandya,
Pankaj Sahu, and Kexin Meng
9 Financial technology and consumer financial behavior 117
Mathieu Despard
10 Mobile banking usage behavior 131
Andrews Agya Yalley and Rebecca Dei Mensah
11 Consumer retirement planning behavior 145
Sunwoo T. Lee, Kyoung Tae Kim and Sherman D. Hanna
12 Retirement policy and saving behavior 157
Bomikazi Zeka
13 Consumer estate planning behavior 171
Blain Pearson
14 Consumer investment behavior 183
Ajinkya Dhanagare, Suman Saurabh and Preeti Roy
15 Consumer behavior in cryptocurrency adoption 197
Monika Sheoran, Devashish Das Gupta and
Alpana Karanjule
16 Trading and investing behavior during COVID-19 213
Douglas J. Lamdin
17 Neuroscience and consumer financial behavior 225
Weng Marc Lim, Markson Wee Chien Chin, Yaw
Seng Ee, Carolina Sandra Giang, Kiat Sing Heng,
Melinda Lian Fah Kong, Bibiana Chiu Yiong Lim,
Rodney Thiam Hock Lim, Tze Yin Lim, Chui Ching
Ling, Symeon Mandrinos, Lisa Lee Hua Ngui,
Stanley Nwobodo, Chia Hua Sim and Elizabeth Ai Lin Voong

PART II OUTCOMES OF FINANCIAL BEHAVIOR
18 Consumer financial behavior and financial capability 245
Muhammad S. Tahir and Daniel W. Richards
19 Financial behavior and financial wellbeing 259
Tim S. Griesdorn, Lucy M. Delgadillo and Luke Erickson
20 Financial behavior and financial fragility 273
Malvika Chhatwani and Sudipta Sen
21 Health, financial behavior, and financial
vulnerability during COVID-19 287
Swarn Chatterjee and Jinhee Kim
22 Financial behavior and financial wellbeing of LGBT+ 299
Lucy M. Delgadillo

Index