Household Finance

Household Finance

Elgar Research Reviews in Economics

Michael Haliassos

Since its emergence in the 1980s, the subject of household finance has rapidly grown into a critical area of economic focus. Research, policy and practitioner interest has increased as household portfolios have become more complicated in response to financial innovation and new challenges in retirement financing. Whilst the earliest research was initially focussed on the limited tendency to hold stocks and diversify risk, recent work has developed into a broader exploration of the challenges posed by limited financial literacy, cognition, behavioural biases and cultural predispositions, and the ways to overcome them through financial education, advice, institutional reform and regulation. In this research review Professor Haliassos explores the most essential papers on the subject comprehensively.

Review Article

Michael Haliassos

Subjects: economics and finance, financial economics and regulation

Since its emergence in the 1980s, the subject of household finance has rapidly grown into a critical area of economic focus. Research, policy and practitioner interest has increased as household portfolios have become more complicated in response to financial innovation and new challenges in retirement financing. Whilst the earliest research was initially focussed on the limited tendency to hold stocks and diversify risk, recent work has developed into a broader exploration of the challenges posed by limited financial literacy, cognition, behavioural biases and cultural predispositions, and the ways to overcome them through financial education, advice, institutional reform and regulation. In this research review Professor Haliassos explores the most essential papers on the subject comprehensively.

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