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Financial decisions in the household

Kamleitner, Bernadette and Mengay, Till and Kirchler, Erich (2017) Financial decisions in the household. In: Handbook of Behavioral Economics and Smart Decision-Making. Morris Altman, Dean & Head, Newcastle Business School, University of Newcastle, Australia, Edward Elgar Publishing, United Kingdom. pp. 1-34. ISBN 9781782549598

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Abstract

Financial decisions are a frequent occurrence within households. Depending on characteristics of the relationship between household members, the situation, and the concrete decision object, decisions can either be made jointly by multiple members of the household or individually by one member. This chapter outlines the four types of financial decisions (spending, saving and credit use, investment, money management) and identifies key parameters that are specific to and guide each of these decisions. The parameters that matter for a decision vary depending on whether a decision is being made individually or jointly. To understand the theoretical and practical implications of a decision it is, thus,necessary to understand whether or not a decision is being made jointly. We delve into this question by empirically assessing observed parental as well as intended own financial decision profiles; thus capturing possible intergenerational and gender influences. Results show a trend towards joint decisions in a household that appears at odds with increased financial autonomy of the spouses, current marketing communication strategies, and research in the field of financial decision making.

Item Type: Book Section
Additional Information: This is a draft chapter. The final version is available in: Handbook of Behavioural Economics and Smart Decision-Making Rational Decision-Making within the Bounds of Reason Edited by Morris Altman, Professor of Behavioural and Institutional Economics, Dean and Head, Newcastle Business School, University of Newcastle, Australia, published in 2017, Edward Elgar Publishing Ltd. The material cannot be used for any other purpose without further permission of the publisher, and is for private use only.
Divisions: Departments > Marketing > Marketing und KonsumentInnenforschung
Version of the Document: Submitted
Variance from Published Version: Not applicable
Depositing User: Patrick Lerch
Date Deposited: 22 Dec 2016 11:57
Last Modified: 03 Dec 2017 07:16
Related URLs:
FIDES Link: https://bach.wu.ac.at/d/research/results/79440/
URI: http://epub.wu.ac.at/id/eprint/5336

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