Household Finance

Bachelor 2025/2026

Type: Elective course (International Programme in Economics and Finance)

Delivered by: International College of Economics and Finance

When: 3 year, 1, 2 module

Open to: students of one campus

Instructors: Olga E. Kuzina

Language: English

Full Syllabus Ask Question

Abstract

The «Household Finance» Bachelor Program is developed according to the standard educational requirements of the Federal State Autonomous Educational Institution of Higher Education «National Research University «Higher School of Economics» (HSE). Students are supposed to be familiar with Introduction to Probability Theory and Statistics and Economics.

Learning Objectives

macro and micro statistics on household incomes, consumption and savings
theoretical models of household saving behaviour which are developed in economic theory, economic psychology, behavioural economics, and economic sociology
conceptual and operational definitions of financial literacy and financial capability, as well as the results of international comparisons of financial literacy of individuals and empirical research on the determinants of financial literacy as well as on financial literacy as a factor of better household financial behaviour
conceptual and operational definitions of financial inclusion/exclusion and the results of empirical research on cross-country variation in household access to financial services
empirical research on control and allocation of money within households, systems of money management in the couples and their effects on different aspects of family finances
empirical research on pension wealth and household savings, and studies on retirement adequacy
the causes and long-run macroeconomic implications of the rise in household indebtedness and financial vulnerability

Expected Learning Outcomes

to undestand household finance as an important multydisciplinary research area that studies the behavior and decision-making of households in financial markets
to develop analytical skills to understand how macro and micro statistics on household finance is collected and how to interpret it to develop evidence based arguments
to know conceptual and operational definitions of financial literacy and financial capability, as well as the results of international comparisons of financial literacy of individuals
to get acquainted with different empirical strategies to identify causal effects (for example, instrumental variables, differences-in-differences, structural estimation, and field experiments
to have an overview on financial markets and retail finance, the institutional landscape and their product lines, including FinTech and digital finance as recent innovations
to understand theoretical explanations of household financial behaviour which are developed in economic theory
to understand theoretical explanations of household financial behaviour which are developed in economic psychology
to understand theoretical explanations of household financial behaviour which are developed in behavioural economics
to understand theoretical explanations of household financial behaviour which are developed in social economics and economic sociology
to understand the notion of over indebtedness, measurement tools, causes and long-run macroeconomic implications of the rise in household indebtedness.
to know empirical research on pension wealth and household savings, and studies on retirement adequacy

Course Contents

Consumer finance as a multidisciplinary research area
How the causes of human behaviour can be revealed in experimental and observational research
Financial markets and retail finance: institutional landscape and their product lines
Key concepts of personal and household finance
Economic theories of consumption and savings
Economic Psychology of household financial behavior
Behavioral approach in household finance
Economic sociology of household finance
Financial literacy
Consumer lending and over-indebtedness
Retirement savings
Financial vulnerability of households

Assessment Elements

Class participation
Presentation
Test
Exam
In order to get a passing grade for the course, the student must sit (all parts) of the examination.

Interim Assessment

2025/2026 2nd module
0.1 * Class participation + 0.4 * Exam + 0.25 * Presentation + 0.25 * Test

Bibliography

Recommended Core Bibliography

Advances in economic psychology, , 1997
An introduction to behavioral economics, Wilkinson, N., 2012
Dhami, S. S. (2019). The Foundations of Behavioral Economic Analysis : Volume I: Behavioral Economics of Risk, Uncertainty, and Ambiguity. Oxford: OUP Oxford. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2030015
Economic psychology, , 2018
Financial capability and asset development : research, education, policy, and practice, , 2013
Graeber, D. (DE-588)136471862, (DE-576)363160973. (2014). Debt : the first 5,000 years / David Graeber. Brooklyn, NY [u.a.]: Melville House. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.428144357
International comparisons of household saving, , 1994
James M. Buchanan, Gary S. Becker, Daniel Kahneman and Vernon L. Smith, , 2011
Jérôme Coffinet, & Christophe Jadeau. (2017). Household financial exclusion in the Eurozone: the contribution of the Household Finance and Consumption survey. IFC Bulletins Chapters. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.h.bis.bisifc.46.18
Krivosheya, E., & Korolev, A. (2016). Benefits of the retail payments card market: Russian cardholders’ evidence. Journal of Business Research, (11), 5034. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.jbrese.v69y2016i11p5034.5039
Pensions, savings and capital flows : from ageing to emerging markets, Reisen, H., 2000
Raaij, W. F. V. (1999). Economic Psychology Between Psychology and Economics: An Introduction. Applied Psychology: An International Review, 48(3), 263–272. https://doi.org/10.1111/j.1464-0597.1999.tb00001.x
Ranyard, R. (2017). Economic Psychology. Hoboken: Wiley-Blackwell. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1548134
Richard H. Thaler, & Shlomo Benartzi. (2004). Save More Tomorrow (TM): Using Behavioral Economics to Increase Employee Saving. Journal of Political Economy, (S1), 164. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.ucp.jpolec.v112y2004is1ps164.s187
Saving for retirement : intention, context, and behavior, Clark, G. L., 2012
The Elgar companion to consumer research and economic psychology, , 1999
The psychology of saving : a study on economic psychology, Warneryd, K.- E., 2000
The role of macroeconomic psychology. (1999). Applied Psychology: An International Review, 48(3), 273–296. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsnar&AN=edsnar.oai.tilburguniversity.edu.publications.4ff61418.89d3.4c83.b128.7241e4e632eb
Warneryd, K.-E. (1999). The Role of Macroeconomic Psychology. Applied Psychology: An International Review, 48(3), 273–296. https://doi.org/10.1080/026999499377484
Webley, P. (2001). The Economic Psychology of Everyday Life. Hove: Psychology Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=536848
Willis, L. E. (2009). Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education. San Diego Law Review, 46(2), 415–458. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=asn&AN=43589691

Recommended Additional Bibliography

Graeber, D. (2011). Debt : The First 5,000 Years. Melville House.
Graeber, D. (2012). Debt: The First 5000 Years. Charter, 83(3), 73. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=bsu&AN=74699749
Mental budgeting and the management of household finance. (2011). Journal of Economic Psychology, 32(4), 546–555. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsnar&AN=edsnar.oai.library.wur.nl.wurpubs.419402

Authors

KUZINA OLGA EVGENEVNA

Course Syllabus