THE INFLUENCE OF SOCIAL FACTORS ON DECISION-MAKING FINANCIAL SOLUTIONS AT THE ENTERPRISE
Keywords:
Behavioral Economics, Financial Behavior, Households, Financial Literacy, Materialism, Irrational Decision-Making, Socio-Cultural Factors, Bounded Rationality.Abstract
Since the time of Adam Smith, classical economic theory has assumed that individuals act rationally in their economic decisions, maximizing benefits while minimizing risks. However, real-world economic agents are people with unique psychological and socio-cultural characteristics. Behavioral economics and finance study the deviations from rational decision-making, examining emotional, cognitive, and cultural influences. This article explores the key factors affecting financial behavior in households, including emotional impulses, materialism, bounded rationality, and the influence of societal norms. Based on empirical data from the Russian Academy of Sciences and theoretical insights from classical and modern behavioral scholars, the study concludes that financial literacy, personal values, and social frameworks significantly shape financial decisions, often leading to irrational outcomes.
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