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Household Finance

Gomes, Francisco, Haliassos, Michael, Ramadorai, Tarun·2021·Journal of Economic Literature
DOI 10.1257/jel.20201461
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Abstract

Household financial decisions are complex, interdependent, and heterogeneous, and central to the functioning of the financial system. We present an overview of the rapidly expanding literature on household finance (with some important exceptions) and suggest directions for future research. We begin with the theory and empirics of asset market participation and asset allocation over the life cycle. We then discuss household choices in insurance markets, trading behavior, decisions on retirement saving, and financial choices by retirees. We survey research on liabilities, including mortgage choice, refinancing, and default, and household behavior in unsecured credit markets, including credit cards and payday lending. We then connect the household to its social environment, including peer effects, cultural and hereditary factors, intra-household financial decision-making, financial literacy, cognition, and educational interventions. We also discuss literature on the provision and consumption of financial advice. (JEL D15, G41, G50, J26, Z13)

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Metadata

Authors
Gomes, F., Haliassos, M., & Ramadorai, T.
Venue
Journal of Economic Literature
Publisher
American Economic Association
Published
2021-09-01
Volume
59
Issue
3
Pages
919-1000
ISSN
0022-0515
DOI
10.1257/jel.20201461
Cited by
396
References
20
Language
en

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