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1Financialplanninginahousehold
theoreticalstudiesontheseinstrumentsand,ofbuildingabridgebetweenadvanced
financialinstrumentsandthehousehold’sneeds.Thelattercanbedonebyappropriate
financialadvisoryactivity.
Thethirdfactorcomesfromthechangesintheretirementsystemsinmany
countriesintheworld.Aspeoplearelivinglonger,theyfacelongerretirement
period.Therefore,theimportanceoftheretirementgoalinpersonalfinancebecomes
greaterandgreater.Oldtyperetirementschemes,thesocalledpay-as-you-go
systems,turnouttobeveryineffectiveinmanycountries.Thismeansthatthekey
contributiontoretirementcapitalcomesfromhouseholdinvestments,beingeither
conductedviapensionfundsorviaindividuallymanagedhouseholdinvestments.
Thesetwotypesofinvestingareconsideredtheareaofpersonalfinance.
Thefourthfactorwhichledtothedevelopmentofpersonalfinanceissimplythe
lackoftimeandspecializationofthehouseholdmembers.Mostofthemarequalified
andemployedinareasotherthanfinance,beingverybusywiththeirjobs.Theydo
nothavetimeandexpertisetobecomehighlyinvolvedinmanagingtheirhousehold
finance.
Personalfinanceis,tosomeextent,aninterdisciplinarybranchofscience.Onthe
onehand-aswedescribedabove-itispartoffinancialscienceandusesthesame
(orsimilar)categoriesandmethods.Oneoftheverybasicbuildingblocksofpersonal
financeis-forexample-timevalueofmoney,whichsystematizesandfacilitatesall
basiccalculations,inwhichcashflowsindifferenttimemomentsareinvolved.
Anotherbuildingblockcontainsallthemethodsusedtoanalysefinancialrisk.On
theotherhand,personalfinanceappliestothetheoreticalachievementsofother
scientificdisciplines.Particularlyimportantarethefollowing:
•
Psychology:
Personalfinanceadvocatesrationalfinancialdecisions.Itshould,however,
takeintoaccountindividualpreferencesreferredtothelifetimegoals.
Similarly,itshouldtakeintoaccountthehousehold’sbehaviourintheprocess
offinancialmanagement.Theclassicalmodeloftherationaldecisionmaker
assumesthatthedecisionmakermakessuchachoicethat,foragivenlevel
ofrisk,bringsthehighestexpectedvalueofpayoff-andforagivenlevelof
expectedpayoff-havethelowestrisk.Withmultiplegoals,whicharespread
overtime,andwitharealhumanbeing,whosepreferencesmaybedifferent
thanintheclassicalmodel,thingsgetmuchmorecomplicated.
Manyadditionalproblemsarisewhenanalysingthedecisionmakingaspartof
thehouseholdlife-longfinancialplanning.Firstly,thegoalsmaybeofdifferent
natureandsomeofthemarehardlyinterpretableintermsofpayoffs.Secondly,
preferencesofthedecisionmakerinrespecttothesegoalsmaybenon-
separableinthemeaningexplainedinSubchapter3.5.Thirdly,thepreferences
maychangeovertime.Accomplishmentofsomegoalsmay,infact,changethe
preferencestowardssomeothergoals.Decisionmakersmayalsobeunsureof
theirpreferencesorunabletospecifyitprecisely.Andthisisnotthefulllistof
challengesintheareaofpreferencemodellingthataretobetakenupwhen
attemptingtodescribethehouseholddecisionmakingprocess.