Financial Psychology

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The aim of this course is to introduce the most current theoretical and practical knowledge on the consequences of cognitive, emotional, cultural, and social factors on people's financial decisions and behavior. During this course we will draw from the most influential research performed in the area of economic psychology and behavioral economics to better understand our daily choices related to money.

This course will introduce the most current knowledge in financial psychology. We will discuss a variety of issues related to money and financial behaviors, such as individual differences in approaching money, psychological and emotional mechanisms of money perception (e.g., illusion of money), symbolic meaning of money, attitudes towards money, irrational financial behaviors (e.g., time discounting, mental accounting), influence of money on motivation and happiness, the ethics of money behavior, risk taking, or investing. All this will be achieved in an experience-based classroom environment. We will learn through real-life examples, case studies, videos, and hand-on classroom experiences. The focus is put on acquisition of both theoretical knowledge, as well as skills to be used in everyday life.

All required study materials will be available on the KAMPUS e-learning platform

Knowledge:

 Students understands the complexity of money and its role in human life

 Students understand the theoretical approaches to financial behavior of laymen and experts

 Students know and understand the main concepts and theories related to financial psychology

Abilities:

 Students can accurately assess and analyze people’s problems related to money management and propose effective strategies for coping with them.

 Students can apply the theoretical knowledge to describe and analyze the non-economic reasons of financial behaviors

 Students can adequately interpret, explain, and critically analyze social phenomena associated with symbolic meaning of money

Social skills:

 Students can analyze people’s financial behaviors and motives

Students understand the social consequences of using money for inter- and intrapersonal regulation

1. Active participation in classes (attendance, individual and group tasks, tasks on the KAMPUS platform) - 50%

2. Final test (open and closed questions) - 50% (the test will take place once the course is completed)