Household financial assets: comparative analysis across countrie
Abstract
In recent years, research on household financial behavior has attracted increasing attention from the academic community. Household financial behavior studies how households use the financial instruments available to them to achieve their goals and increase their wealth. Particular attention is paid to the errors that households make in constructing asset portfolios and the influence of financial systems and individual characteristics on the extent of these errors. The article focuses on an international comparison of households’ financial behavior with a focus on financial and non-financial asset ownership. The study reveals key differences in the levels of financial and non-financial asset ownership between Russia, Eurozone countries and the United States. The main emphasis is placed on the dominance of bank accounts as a basic financial instrument, low involvement of Russian households in pension and insurance programs, and weak investment activity in the securities market. It also analyzes the importance of non-financial assets, such as real estate, which is purchased in addition to the main dwelling and used as a source of additional income. It highlights the influence of institutional, economic and cultural factors on financial behavior, and points to the need to improve financial literacy, availability of long-term investment products and trust in financial institutions to strengthen the economic sustainability of households.
About the Author
B. L. Safiullin
Kazan (Volga Region) Federal University,
Center for Advanced Economic Research of the Republic of Tatarstan
Russian Federation
Russian Federation
assistant, postgraduate student
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Review
For citations:
Safiullin B.L. Household financial assets: comparative analysis across countrie. Kazan economic vestnik. 2024;1(5):27-31. (In Russ.)
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