Delivered at:: School of Sociology

Course type:: Elective course

When:: 4 year, 1, 2 module

Instructors

Kuzina, Olga E.

Tikhomirova, Anna

Iudin, Ivan

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Abstract

The «Sociology of consumer 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 Probability Theory and Statistics and Economics.

Learning Objectives

The main goal of this unit is to develop a critical, reflexive, and interdisciplinary approach to key problems in contemporary research on financial behaviour of households.
To know theoretical models of household saving behaviour which are developed in economic theory, economic psychology and economic sociology
To develop analytical skills to understand and interpret macro and micro statistics on household incomes and finance, and produce evidence based arguments
To have an overview of the results of empirical research on consumer finance studies
To develop research-related skills - to evaluate different research designs and methods, to formulate researchable questions, to construct questionnaire/interview guide, to write analytical reports using the data from national surveys or official statistics

Expected Learning Outcomes

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 know the causes and long-run macroeconomic implications of the rise in household indebtedness.
to know theoretical approaches and empirical research on the control and allocation of money within households, systems of money management in the families
to know theoretical models of households savings behaviour which are developed in behavioural economics
to know theoretical models of households savings behaviour which are developed in economic psychology
to know theoretical models of households savings behaviour which are developed in economic theory
to understand and interpret macro and micro statistics on household incomes and savings
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 get acquainted with different empirical strategies to identify causal effects (for example, instrumental variables, differences-in-differences, structural estimation, and field experiments)
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 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
to understand household finance as an important multidisciplinary research area that studies the behavior and decision-making of households in financial markets

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

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

Interim Assessment

2025/2026 2nd module
0.15 * Class participation + 0.4 * Exam + 0.25 * Presentation + 0.2 * Test

Bibliography

Recommended Core Bibliography

Denizer, C., Wolf, H. C., & Ying, Y. (2000). Household Savings in Transition Economies. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.45A1AEDC
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
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
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

Authors

KUZINA OLGA EVGENEVNA

Bachelor’s Programme 'Sociology and Social Informatics'

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Household Finance: Theory and Research