Consumer financial behavior is influenced by a combination of cultural norms, social media, advertising, and other factors.

Prospect theory suggests that individuals perceive losses as more significant than gains, leading to a tendency to avoid losses.

The credit card effect refers to the tendency for consumers to spend more money when using a credit card compared to cash, due to psychological factors such as reduced perceived pain of payment.

Optimism bias refers to the tendency for individuals to overestimate the likelihood of positive events and underestimate the likelihood of negative events, which can influence financial decision-making.

The sunk cost fallacy refers to the tendency for individuals to continue investing in a losing stock or asset, hoping to recover the initial investment, despite evidence suggesting that the investment is unlikely to recover.

Mental accounting suggests that individuals categorize and allocate their money based on various factors, including source of income, intended purpose, and time period.

The variety effect, choice overload effect, and paradox of choice all refer to the tendency for consumers to spend more money when presented with a greater variety of choices.

Consumer saving behavior is influenced by a combination of time preference, risk aversion, financial literacy, and other factors.

Hyperbolic discounting, present bias, and temporal discounting all refer to the tendency to delay saving for retirement or other long-term goals due to the perceived distance of those goals.

The life-cycle hypothesis suggests that individuals save during their working years and consume during retirement, aiming to maintain a consistent standard of living throughout their lifetime.

Framing bias refers to the tendency to overestimate the benefits and underestimate the costs of a financial product or service, depending on how the information is presented.

Consumer investment behavior is influenced by a combination of risk tolerance, time horizon, investment knowledge, and other factors.

The disposition effect refers to the tendency to sell an investment too early after a loss, locking in the loss, and to hold onto an investment too long after a gain, missing out on potential profits.

The efficient market hypothesis suggests that stock prices fully reflect all available information, meaning that it is impossible to consistently outperform the market by buying and selling stocks.

Self-attribution bias refers to the tendency to attribute financial success to personal skill and financial failure to external factors, such as bad luck or market conditions.