Quotation Kamleitner, Bernadette, Mengay, Till, Kirchler, Erich. 2017. Financial decisions in the household. In: Handbook of Behavioral Economics and Smart Decision-Making. Rational Decision-Making within the Bounds of Reason, Hrsg. Morris Altman, 349-365. Cheltenham: Edward Elgar.


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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.

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Publication's profile

Status of publication Published
Affiliation External
Type of publication Chapter in edited volume
Language English
Title Financial decisions in the household
Title of whole publication Handbook of Behavioral Economics and Smart Decision-Making. Rational Decision-Making within the Bounds of Reason
Editor Morris Altman
Page from 349
Page to 365
Location Cheltenham
Publisher Edward Elgar
Year 2017
Reviewed? Y

Associations

People
Kamleitner, Bernadette (Details)
Mengay, Till (Former researcher)
External
Kirchler, Erich (Universität Wien, Austria)
Organization
Marketing and Consumer Research IN (Details)
Competence Center for Sustainability Transformation and Responsibility WE (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5320 Marketing (Details)
5321 Market research (Details)
5338 Science of advertising (Details)
5511 Social psychology (Details)
5532 Applied psychology (Details)
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