Essays on Household Finance and Inclusive Growth

  • Ioannis Petrakis

Student thesis: Doctoral ThesisDoctor of Philosophy (PhD)


This thesis comprises three novel essays on household finance and inclusive growth. The field of household finance examines the behavioural effects of financial decision making on specific outcomes. These behaviours shape the short and long-term financial well-being of households and individuals worldwide. This dissertation explores how decision-making behaviours at the individual and household level affect the facets of inclusive growth. Inclusive growth refers to a more equal distribution of economic growth across people, with its core facets relating to poverty, inequality, and inclusion that result in sustainable and resilient development. Moreover, the implementation of inclusive growth aims to improve well-being. This thesis examine show household finance behaviours and financial sector development affect the facets of inclusive growth and how financial development can lead to endogenous economic growth.

By contributing to recent debates on the implementation of inclusive growth, the three essays in this thesis are highly relevant to conducting relevant research and designing policy-making interventions. Each of the three essays examines and offers insightful findings on the effects on the respective facets of inclusive growth. The first essay examines the relationship between financial sector development and subjective well-being worldwide. The findings support the argument that financial sector development can lead to endogenous economic development and happiness. Moreover, they highlight the important role of financial inclusion and resilience in this relationship.

The second essay builds on this by focusing on the facets of poverty, gender equality, and education. It examines how financial knowledge affects household financial resilience in Greece, specifically focusing on the gender differences in financial literacy across the country. The findings are conclusive, as they not only present the gender differences in financial knowledge and provide an approximation of their magnitudes but also highlight the role of the socio-economic environment and gender stereotypes before demonstrating the effects on financial resilience outcomes.

The final essay explores the facets of sustainability and old age preparedness by examining the effect of the adoption of pension auto-enrolment in 2012 in the United Kingdom on retirement-financing behaviours. The findings underscore the benefits of modern pension systems on financial capability, behaviours, and sustainability in later ages.

This dissertation builds upon the economics and finance literature on socioeconomics, household finance, and public economics. It offers essential findings that contribute to the understanding of how household finance behaviours can contribute to the implementation of inclusive growth and affect its core facets through endogenous financial sector development.
Date of Award2023
Original languageEnglish
Awarding Institution
  • Glasgow Caledonian University
SupervisorUmut Korkut (Supervisor)

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