Review of Family Financial Decision Making: Suggestions for Future Research and Implications for Financial Education

Kim, Jinhee; Gutter, Michael S.; Spangler, Taylor

doi:10.1891/1052-3073.28.2.253

Cited by 73 publications

(53 citation statements)

References 66 publications

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“…When the wife is employed and contributes an income comparable to the husband's, new role structures emerge within the family that usually involve wife having more power and influence in the family's major economic decision-making (Juyal and Singh, 2009). Women's involvement in household financial decisions increases with their share of household income and their formal financial education, and decreases with their spouses' share of income and formal financial education (Bernasek and Bajtelsmit, 2002), (Kim, Gutter and Spangler, 2017), (Winkler, 1998), (Yusof, 2015). Women's involvement also decreases with the wealth of the household (Bernasek and Bajtelsmit, 2002).…”

Section: Incomementioning

confidence: 99%

The Role of Working Women in Investment Decision Making in the Family In India

Sharma¹,

Kota²

2019

AABFJ

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The contribution of Indian women in family, businesses and society is today being recognized. The role of women in the family decisions is also increasing with the change in demographics as more women are now participating in economic activities. With the change in education, employment and contribution in the earnings of the family, her say in the family decisions are increasing. When it comes to the investment decisions, women tend to be risk averse, have conservative attitude, lower levels of financial knowledge, lack of confidence and dependent on guidance from others as suggested by different researches worldwide. The role of husband becomes particularly important for women while choosing investment products or taking investment decisions. This article attempts to highlight the role of women in investment decision making in the family and further examines the role of a male spouse on the investment decisions. The objectives of the study were to examine the behavior of working women while taking investment decisions; and to identify the extent to which the investment decisions of the working women are influenced by the spouse/husband. The article further highlights that, when it comes to investment decisions, both husband and wife share responsibility for making investment decisions. There are investment products like Bank deposits, 5 year tax saving FDs, precious metals, public provident fund, national pension system, post office saving schemes, mutual funds, life insurance, and commodities, where the influence of women is stronger than their male spouse. The influence of a male spouse is stronger in products like real estate, company deposits, debentures or bonds, pension schemes, equity shares and derivatives.

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Section: Incomementioning

confidence: 99%

The Role of Working Women in Investment Decision Making in the Family In India

Sharma¹,

Kota²

2019

AABFJ

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“…As illustrated in Figure 1, we refer to this as a “joint choosers” joint consumption type, which maps onto another example of decision making in Gorlin and Dhar’s (2012)’s framework in which two consumers make a decision for joint consumption (e.g., two consumers jointly deciding on a restaurant to eat at together). Early research in this line typically considered married couples making joint decisions such as choosing a home to purchase or other major financial decisions, examining the differential roles of husbands and wives (Davis 1976; Davis 1970; Filiatrault and Ritchie 1980; see also more recently, Kim, Gutter, and Spangler 2017) or how couples balance conflicting preferences over time (Corfman and Lehmann 1987). More recent research typically has two decision makers brought into the laboratory as a preexisting dyad or matched by researchers to form a dyad and compares the choices made by different compositions of dyads or by dyads versus single consumers (Dzhogleva and Lamberton 2014; Nikolova and Lamberton 2016).…”

Section: Theoretical Frameworkmentioning

confidence: 99%

“…Therefore, in the first example involving brunch, Consumer A is the “requestor” and Consumer B is the “responder.” In the second example involving movies, Consumer B, who asks about Consumer A’s movie consumption preferences, is the “requestor” and Consumer A is the “responder.” Note that our framework defines the “requestor” and “responder” roles in terms of who solicits versus expresses joint consumption preferences, not who initiates the joint consumption get-together in the first place. Note also that a given consumer may be a requestor in some situations and a responder in other situations; these roles are not fixed ones in which one consumer has much more domain expertise than the other (such as in the case of household financial management; Kim, Gutter, and Spangler 2017; Ward and Lynch 2019).…”

Section: Theoretical Frameworkmentioning

confidence: 99%

“…• The requestor and responder roles are not typically fixed roles involving differential domain expertise, such as in the household financial management domain (e.g., Kim, Gutter, and Spangler 2017;Ward and Lynch 2019). • Instead, in many common joint consumption domains (e.g., restaurants, movies), each consumer is an "expert" on their own preferences and, depending on the situation, various antecedents may cause one consumer to take on a requestor role and another to take on a responder role.…”

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confidence: 99%

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Where Do You Want to Go for Dinner? A Preference Expression Asymmetry in Joint Consumption

Liu¹,

Min²

2020

Journal of Marketing Research

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This research introduces a framework wherein consumers take on “requestor” or “responder” roles in making joint consumption decisions. The authors document a robust preference expression asymmetry wherein “requestors” soliciting others’ consumption preferences (e.g., “Where do you want to go for dinner?”) desire preference expressions (e.g., “Let’s go to this restaurant”), whereas “responders” instead do not express preferences (e.g., “Anywhere is fine with me”). This asymmetry generalizes under a broad set of situations and occurs because the requestor and responder roles differ in their foci. Compared to responders, requestors are more focused on mitigating the difficulty of arriving at a decision, whereas compared to requestors, responders are more focused on conveying likability by appearing easygoing. Responders thus behave suboptimally, incurring a “preference cost” (when masking preferences) and a “social friction cost” (requestors favor responders who express preferences). Requestors can elicit preference expression by conveying their own dislike of decision making, which increases responders’ focus on mitigating decision difficulty. The authors conclude by discussing the framework’s contributions to looking “under the hood” of joint consumption decisions.

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“…According to previous studies, personal finance decision is strongly determined by several aspects, for instance financial literacy, perceived risk, lifestyle, and social factors (Putri & Lestari, 2019;Kim & et.al., 2017;Mohiuddin, 2018;Lestari, 2019;Hong & Yi, 2012). This paper attempt to examine (Putri & Lestari, 2019); Kim & et.al. (2017).…”

Section: Introductionmentioning

confidence: 99%

Millennial and Islamic Financial Products

Lestari¹

2020

LiFalah

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Islamic financial products have quite different characteristic compare to conventional financial products, especially related to fundamental principle. Islamic finance should implement sharia law which consider Islamic rule in Quran and Hadist. The rise of Indonesian millennial awareness in Islamic products impact on how firms conduct their business, especially related to financial products because they are relatively complex. This paper attempts to provide an understanding related to millennial consideration in Islamic financial products which examine several aspects, such as Islamic financial literacy, Islamic lifestyle, perceive risk, and social influence. Smart PLS is used to analyze 600 data in order to provide statistical result. Purposive sampling is a technique that this paper used to classified research data. The finding indicates that all variables have strong relationship to determine Islamic financial products decision making. Most variables impact millennial behavior in using financial products, except perceive risk and social influence. The result of this study also provides practical implication for Islamic finance institution, government, academic, and business owner.

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Review of Family Financial Decision Making: Suggestions for Future Research and Implications for Financial Education

Cited by 73 publications

References 66 publications

The Role of Working Women in Investment Decision Making in the Family In India

The Role of Working Women in Investment Decision Making in the Family In India

Where Do You Want to Go for Dinner? A Preference Expression Asymmetry in Joint Consumption

Millennial and Islamic Financial Products

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