Financial Sophistication and Consumer Spending

IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE
ADAM TEJS JØRRING
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引用次数: 0

Abstract

Using detailed account-level data, this paper explores how financial sophistication affects consumers' spending responses to changes in income. I document that, controlling for liquidity, financially unsophisticated consumers display significant spending responses to predictable decreases in their disposable income. Furthermore, they have lower savings rates, fewer liquid savings, and higher debt-to-income ratios, leaving them more exposed to income shocks. Robustness tests, supported by anecdotal survey evidence, indicate that these results are driven by some consumers' lack of financial sophistication and their consequent failure to understand their financial contracts, rather than by random idiosyncratic shocks, rational liquidity management, or optimal inattention.

金融复杂性与消费者支出
本文利用详细的账户层面数据,探讨了金融复杂程度如何影响消费者对收入变化的支出反应。根据我的记录,在控制流动性的情况下,财务不成熟的消费者会对可支配收入的可预测下降表现出明显的支出反应。此外,他们的储蓄率较低,流动性储蓄较少,债务收入比较高,因此更容易受到收入冲击的影响。在轶事调查证据的支持下,稳健性测试表明,这些结果是由于一些消费者缺乏金融知识,因而未能理解他们的金融合约,而不是由于随机的特异性冲击、理性的流动性管理或最佳的注意力不集中造成的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Journal of Finance
Journal of Finance Multiple-
CiteScore
12.90
自引率
2.50%
发文量
88
期刊介绍: The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.
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