Household finance within the contemporary scientific paradigm: an overview of approaches and definitions

The article outlines a detailed analysis of approaches to defining the category of “household finance” in the Russian and international academic literature, highlighting both similarities and differences in research focus. The Russian academic tradition largely maintains a formalized character, relying on close interconnections with budgetary statistics, macroeconomic indicators, and regulatory frameworks governing economic entities. In contrast, the international studies tend to shift the emphasis toward microeconomic and behavioral analysis, focusing on interdisciplinarity and in-depth exploration of factors influencing household financial decision-making in a dynamic external environment. Based on the conducted analysis, the authors propose a definition of “household finance” that integrates the strengths of both Russian and international research traditions: the formalization and reliance on macroeconomic statistics characteristic of the former, and the emphasis on external influences and behavioral aspects typical of the latter. This synthesis not only refines the boundaries of the research field but also lays the groundwork for developing more adaptive models of household interaction with financial institutions, the state, and markets in the context of the digital transformation of the economy.

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