Dampak Keterlibatan Institusi Keuangan terhadap Sophistication Finansial dan Pengeluaran Konsumen
DOI:
https://doi.org/10.56910/jvm.v10i2.555Keywords:
Financial Institutions' Involvement, Financial Sophistication, Consumer Spending, Financial Literacy, Financial EducationAbstract
This study aims to examine the impact of financial institutions' involvement on financial sophistication and consumer spending through a literature review. Various relevant studies indicate that financial institutions' involvement through financial education, innovative financial products, and financial literacy can enhance consumers' understanding in making smarter financial decisions. These positive impacts include better spending management and the shift from consumptive spending to long-term investments. However, the success of this involvement is influenced by social, economic, and psychological factors that affect the adoption and effectiveness of financial programs. This study concludes that financial institutions play a crucial role in increasing financial sophistication, but external factors need to be considered for optimal results.
References
Aaronson, D., Agarwal, S., & French, E. (2012). The spending and debt response to minimum wage hikes. American Economic Review, 102, 3111–3139.
Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., & Evanoff, D. D. (2015a). Financial literacy and financial planning: Evidence from India. Journal of Housing Economics, 27(4), 4–21.
Agarwal, S., Ben-David, I., & Yao, V. (2017a). Systematic mistakes in the mortgage market and lack of financial sophistication. Journal of Financial Economics, 123(42), 42–58.
Agarwal, S., Chomsisengphet, S., & Lim, C. (2017b). What shapes consumer choice and financial products?—A review. Annual Review of Financial Economics, 9, 127–146.
Agarwal, S., Chomsisengphet, S., Liu, C., & Souleles, N. S. (2015b). Do consumers choose the right credit contracts? Review of Corporate Finance Studies, 4, 239–257.
Agarwal, S., Chomsisengphet, S., Mahoney, N., & Stroebel, J. (2015c). Regulating consumer financial products: Evidence from credit cards. Quarterly Journal of Economics, 130, 111–164.
Agarwal, S., Driscoll, J. C., & Laibson, D. (2023). The role of financial institutions in improving financial sophistication. Review of Economics and Statistics, 105(4), 895–912. https://doi.org/10.1162/rest_a_00902
Anderson, S. P., & Simester, D. I. (2022). Financial literacy, institutional engagement, and consumer spending behavior. Journal of Consumer Research, 49(5), 1012–1027.
Baker, S. R., Kueng, L., Meyer, S., & Pagel, M. (2018). Measurement error in imputed consumption. NBER Working Paper No. 25078.
Campbell, J. Y. (2016). Restoring rational choice: The challenge of consumer financial regulation. American Economic Review, 106(1), 1–30.
Chetty, R., Looney, A., & Kroft, K. (2009). Salience and taxation: Theory and evidence. American Economic Review, 99(1145), 1145–1177.
Choi, J., Park, C., & Lee, S. (2023). The effect of financial literacy programs on consumer financial behavior. Journal of Financial Counseling and Planning, 34(2), 129–146. https://doi.org/10.1891/JFCP-22-00088
D’Acunto, F., Hoang, D., Paloviita, M., & Weber, M. (2019). Human frictions in the transmission of economic policy. Working paper. https://doi.org/10.1086/719376
Kusnanto, E., Permana, N., & Yulianti, G. (2022). Pengaruh Intellectual Capital, Institusional Ownership, dan Profitabilitas terhadap Financial Awareness dengan Cash Flow Volatility sebagai Variabel Intervening. Jurnal Ilmiah Akuntansi Dan Humanika, 12(1), 307–323.
Lusardi, A., & Mitchell, O. S. (2008). Planning and financial literacy: How do women fare? American Economic Review, 98, 413–417.
Olafsson, A., & Pagel, M. (2018a). The liquid hand-to-mouth: Evidence from personal finance management software. Review of Financial Studies, 31(4398), 4398–4446.
Parker, J. A. (1999). The reaction of household consumption to predictable changes in Social Security taxes. American Economic Review, 89, 959–973.
Slemrod, J. (2023). The psychology of consumer spending: Insights from behavioral economics. Journal of Economic Perspectives, 37(2), 103–124.
Stango, V., & Zinman, J. (2016). Borrowing high versus borrowing higher: Price dispersion and shopping behavior in the U.S. credit card market. Review of Financial Studies, 29, 979–1006.
Xu, J., Cheng, Y., & Zhang, L. (2022). Financial literacy and its role in managing personal finances: Evidence from China. Journal of Personal Finance, 21(1), 52–68.
