Handbook of Consumer Finance Research

What is it about?

The purpose of this book is to provide an overview of current consumer finance research from multidisciplinary perspectives. The chapters are contributed by leading researchers in consumer finance. The book has three parts. Part I reviews research on basic concepts in consumer finance such as financial capability, financial well-being, risk tolerance, retirement savings, financial education, financial socialization, financial therapy, financial counseling, financial coaching, financial planning, and financial social work. Part II reviews consumer financial issues among special populations such as high school students, college students, older consumers, low-income consumers, business-owning families, women, racially and ethnically minority consumers (Hispanic, black, and Asian Americans), workers, and military families. Part III reviews consumer finance research in various settings such as healthcare, marriage, parenting, credit protection, bankruptcy, neuroscience, online shopping, and financial sustainability.

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Why is it important?

The first edition of the book was published in 2008, during which American consumers were experiencing the great recession (2007–2009). After 6 years, the American economy is still recovering, and consumers are facing similar financial challenges, inadequate savings for long-term goals such as retirement, and lack of control of various types of debts such as mortgages, credit cards, and education loans. More research is needed to better understand consumer financial behaviors and provide professional assistance to economically vulnerable consumers. During the past decade, in the USA and other countries, the social movement of promoting consumer financial literacy is gradually transferring to promoting consumer financial capability. Financial capability implies that consumers need to possess adequate financial knowledge and perform desirable financial behaviors to maintain and improve their financial well-being. In recent years, the research literature on consumer finance has increased greatly because of these social trends. For this reason, this new edition attempts to update research findings and provide newly synthesized information for consumer finance researchers and practitioners who help consumers better manage their finances and enhance their financial well-being. This book will enrich the literature of economics, finance, business, consumer science, family studies, human development, and related fields.

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