The Psychology of Financial Consumer Behavior : International Series on Consumer Science - Dominika Maison

The Psychology of Financial Consumer Behavior

By: Dominika Maison

Hardcover | 11 March 2019

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Chapter 1. Wealth - how much money do we have and how do we think about it?
  • What does it mean "to be rich"?
  • Objective (salary) vs. subjective financial situation (perception) - two dimensions of a financial situation.
  • The relation between an objective (salary) and subjective (perception) financial situation with satisfaction of life.
  • About the psychological backgrounds of financial satisfaction - what psychological factors influence our perception of financial satisfaction?
  • The relation between financial satisfaction and different financial behavior (saving, spending, insuring, taking and paying back debts).
Chapter 2. Spending money - pleasure or pain?
  • Why some people spend money easily and others have a problem with it?
  • The subjective value of money - what influences our perception that something is cheap or expensive?
  • Money Spending Style (MSS) - presentation of our own model of financial management styles:
  • Money Spending Style - the difference between wasting money and the pleasure of spending;
  • Money Spending Style - the difference between being tight with money and money management.
  • Money Spending Style Scale - presentation of our own scale to measure MSS.
  • The relation between our Money Spending Style and different financial behaviors: success in saving, openness to taking debt, skills for paying back debts.
Chapter 3. How to pay: with cash or with card - the mystery of cashless transactions
  • Symbolic vs. functional values of money.
  • Why everyone is not equally open to use cashless transactions.
  • "Love for money" - psychological barrier in using cashless transactions.
  • Presentation of Love for Money Scale (LfM Scale).
  • The relation between Love for Money and different financial behaviors (saving, spending, investing, using financial products, insuring).
Chapter 4. Saving and investing
  • Why people don't spent all the money they have - motivations underlying saving and investing.
  • Different strategies for saving.
  • How to have success in saving - fit between strategy and personality traits.
  • Goals of saving as motivating factors for saving.
  • Investing - higher level of saving.
  • Investing vs. openness to risky decision-making.
  • How to make people save more and invest wisely - the role of financial education.
Chapter 5. Loan - needed or wanted?
  • Different attitudes toward loan and debt.
  • Motivations and emotions underlying raising loans, paying it back conscientiously, or having problems with debt.
  • What makes people successful in debt management?
  • Segmentation of debtors - presentation of representative nationwide survey results: Forgetful (27%); Indebted to others (24%); Careless (19%); Lost in finances (18%); Intentional Avoiders (12%).
  • Debt management style in different segments of debtors.
Chapter 6. Thinking about the future - insurance and pension
  • Time perspective theory - the sense of psychological time and its' relation to financial behavior.
  • Why everybody is not thinking about the financial future - lack of imagination or lack of psychological skills?
  • Discrepancy between attitude toward insurance and having insurance.
  • Pension - assuring the future or unnecessary threat?
  • Responsibility for retirement - what I get or what I create?
Chapter 7. Taxes - why do I have to pay it?
  • Understanding taxes - relation between paying and demanding.
  • Knowledge about taxation system an
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