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What Shapes Consumer Choice and Financial Products? - A Review

Central to the ﬁeld of consumer ﬁnance is that consumers make ﬁnancial decisions that do not always coincide with the ideal ﬁnancial decisions ideally depicted in optimal economic models [Campbell, 2006]. In this review, we discuss developments in the ﬁeld of household ﬁnance, focusing on how consumers make suboptimal ﬁnancial decisions across diﬀerent types of settings and factors that aﬀect these suboptimal decisions. Rather than conducting a comprehensive survey, we focus more speciﬁcally on consumer choice in context of research in credit card borrowing, housing and mortgage debts, investments and savings decisions, as well as spending and consumption. We also discuss ﬁnancial product design and marketing; regulatory landscape of lenders of consumer ﬁnancial products; and consumer ﬁntech. We also discuss ﬁve future research directions and considerations for researchers and policy makers.