This review looks into the developments in consumer finance: what we now know about the various aspects of household finance, and which research directions can yield meaningful impact on consumer welfare as well as that of other stakeholders in the ecosystem. Rather than a comprehensive survey, we focus on the areas that affect consumer choice and discuss each in context of research in consumer credit, housing and mortgage debts, and retail investment products.
The sub-fields that we cover are consumer behavior and biases, financial literacy and education, financial product design and marketing, regulation and consumer fintech. We also discuss five future research directions and considerations for researchers and policy makers.
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