The Essence and Peculiarities of Forming Household Behavior in the Financial Services Market

The financial services market is essentially a macrofinancial system that is complex, open and dynamic. Households play a key role in the development of such a market, as they actively use the services of bank and nonbank financial institutions. It is the behavior of these economic entities, which is formed under the influence of a number of factors, that generally determines the development of this market. The article is aimed at deepening the theoretical provisions on the nature of the financial behavior of households in order to justify the transformation of such a behavior model. The article considers the nature of the financial behavior of households, its essence, factors influencing its formation, and some types of the behavior, which together make up the model of the outlined behavior. Content analysis of approaches to studying the essence of the category "financial behavior of households" makes it possible to specify the content of this definition and to consider such behavior as “a set of actions” determined by households to manage their own financial resources and to accumulate, preserve, attract, and use them. The authors also study the process of shaping the behavior of households in the financial services market and identifies a set of basic factors affecting it. In particular, it has been found out that individual, personalized determinants play an important role among such factors. It is the presence of these factors that significantly complicates studying the financial behavior of the identified economic entities and makes it impossible to precisely define and describe its models. Having analyzed the nature of the financial confidence of households, the authors have identified the structure of such behavior and identified its basic elements. These include: credit behavior, saving behavior, deposit behavior, investment behavior, tax behavior, insurance behavior, and payment behavior.