Personal Finance

Dear Colleagues,

Since the work of Campbell (2006), academic studies on household finance have developed at a growing pace, addressing several problems specific to the decision process of households who try to attain their consumption-saving objectives using the existing financial instruments.

Behavioral finance has shown that households are subject to many cognitive biases that make it hard to reconcile their decisions with standard models. The growing number and complexity of financial products has exposed households to increasingly complex portfolio decision problems. An expanding literature on financial literacy and financial education has shown that individual investors often fail to understand basic financial concepts, such as interest compounding and risk diversification, and investigated the effect of such low levels of knowledge on their financial behavior. Many households seek advice from professionals or other experts, who often have biased interests, so that the impact of such advice on the return of households’ portfolios is still debated.

In the real world, financial technology (FinTech) is revolutionizing the financial services industry and both real estate and financial securities valuations are at a historical height, making the choice of households who want to plan over long horizons particularly hard.

This Special Issue aims to collect original contributions in one of the above fields, hoping to contribute in a decisive way to the academic debate on household financial decisions.

Prof. Riccardo Calcagno
Guest Editor

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