Table of Contents
- Introduction and Abbreviations
- Introduction
- Other relevant reports
- Scope of the report
- Abbreviations and terms
- Abbreviations
- Terms
- Executive Summary
- Overall summary
- The basic concepts of behavioral finance and investments
- Behavioral finance and banking
- Behavioral finance and insurance
- Advertising and branding
- Implications for the industry
- Behavioral Finance and Investments
- Investor segmentation
- Impact of biases on investor behavior
- Certainty effect and risk aversion
- Loss aversion
- Figure 1: Ameritrade print advertisement,December 2005
- Figure 2: Schwab web page view, February2006
- Over-reaction
- Figure 3: T. Rowe Price printadvertisement, January 2006
- Figure 4: Fidelity Investmentsadvertisement, December 2005
- Cognitive dissonance
- Familiarity bias
- Anchoring
- Mental accounts
- Representativeness heuristic
- Overconfidence
- Figure 5: Perceptions of investmentperformance, by gender, February 2006
- Figure 6: Perceptions of investmentperformance, by age and income,
February 2006
- Application of behavioral finance principles to retirement plans
- Setting deadlines
- Framing choices
- Limiting choices
- Figure 7: Blue Cross Blue Shield NYMedicare Part D advertisement,
December 2005
- Figure 8: Wellcare Medicare Part Dadvertisement, December 2005
- Financial planning
- How financial services companies can help investors
- Benefits of professional advice
- Figure 9: T. Rowe Price printadvertisement, December 2005
- Figure 10: T. Rowe Price printadvertisement, November 2005
- Structuring products to appeal to mental compartmentalization
- Behavioral Finance and Banking
- Savings
- Income tax refunds
- Figure 11: Tax refunds, by gender andincome, February 2006
- Figure 12: Tax refunds, by age ofrespondent, February 2006
- Figure 13: Use of tax refunds, by gender,February 2006
- Figure 14: Use of tax refunds, by age,February 2006
- Figure 15: Use of tax refunds, by income,February 2006
- Credit cards
- Savings and rewards cards
- Figure 16: MasterCard acquisitionadvertisement, November 2005
- Figure 17: Usage of credit cards andsavings accounts, by gender,
February 2006
- Figure 18: Usage of credit cards andsavings accounts, by age, February
2006
- Figure 19: Usage of credit cards andsavings accounts, by income,
February 2006
- Mortgages
- Single source financial providers
- Behavioral Finance and Insurance
- Probability estimation
- Mental accounting
- Other biases
- Default options
- Inflating insurance claims
- Annuities
- Shopping for insurance
- Auto insurance
- Figure 20: Auto insurance shoppingfrequency, by gender, February 2006
- Figure 21: Auto insurance shoppingfrequency, by age, February 2006
- Figure 22: Auto insurance shoppingfrequency, by income, February 2006
- Figure 23: Auto insurance shoppingfrequency, by gender, February 2006
- Life and auto insurance
- Figure 24: Perceptions of shopping forlife and auto insurance, by age,
February 2006
- Figure 25: Perceptions of shopping forlife and auto insurance, by
income, February 2006
- Figure 26: Chubb print advertisement,November 2005
- Advertising and Branding
- Information overload
- Figure 27: Frequency of application forcredit card(s), by gender,
February 2006
- Figure 28: Frequency of application forcredit card(s), by age, February
2006
- Figure 29: Frequency of application forcredit card(s), by income,
February 2006
- Strategies that consumers use to deal with information overload
- Familiarity
- Oversimplification
- Advertising and information overload
- Figure 30: Schwab print advertisement,December 2005
- First impressions
- Anchoring
- Social conformity and consensus
- Persuasion
- Improving direct mail response rates
- Choice presentation
- Comparison to competitors
- Images shown
- Promotional giveaways
- Impact of advertising on consumer choice
- Advertising and emotions
- Figure 31: Perceptions of financialsecurity, by income,
January-September 2005
- Bibliography
- Appendix: Trade Associations
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