Working Papers

The Tech Aficionado: Household Finance in the Age of Digital Access (Solo-Authored) (Draft)

Abstract: This paper studies how financial technology adoption shapes household finances. Using a representative household survey, I construct a technology adoption score using item response theory and examine its influence on financial outcomes. Individuals with higher adoption scores gather financial information more independently and rely mainly on online sources for financial advice. They are also more likely to overcome portfolio inefficiencies linked to information barriers, such as home bias and over-concentration. At the same time, adopters display less prudence, reflected in shorter planning horizons and a stronger preference for consumption. These results hold when I use the phased roll-out of a major peer-to-peer payment app as an instrument for adoption. The benefits of overcoming information barriers are concentrated among the financially literate, while the negative effects on prudence fall on the illiterate. Financially illiterate households only benefit from technology when it is used for delegation and simplified investment strategies such as mutual fund and ETF investing.

Awards: Philipp Sandner Memorial Award in Digital Finance Research 2026

Presented at (Scheduled*) : FutureFinTech Federated Conference*, MIFE Early Career Workshop, FMA 2025 (Doctoral Consortium), Nova Job Market Workshop, 32nd Finance Forum, Research in Behavioral Finance Conference 2024, Stanford Financial Education Symposium 2024, University of Miami Research Symposium (Ted Talk)

Payoff Over Panorama: Mental Accounting and Asset Class Selection (Solo-Authored) (Draft)

(Reject & Resubmit , Journal of Financial and Quantitative Analysis)

I show that mental accounting bias reduces overall participation in risky markets by 12 percent and shifts investors’ preferences toward under diversified portfolios concentrated in high risk assets such as cryptocurrencies, while lowering investment in traditional assets like stocks and mutual funds.

Awards: FMARC 2024 Best PhD Paper Award

Presented at (*Scheduled): AFA (Poster), 9th SAFE Household Finance Workshop, IE University, SFA, FMARC 2024 , FMA Europe (Doctoral Consortium), Economics of Financial Technology Conference 2024, Finance and Accounting Research Symposium University of Westminster, Academy of Finance Conference, BAR’s Harvard Conference (Poster session), University of Miami Brown Bag

Investing When Fewer Expect to Parent: Fertility Expectations and Financial Risk-Taking - with Ville Rantala and Melina Vosse (Draft)

We analyze how fertility expectations shape financial risk-taking using representative data from three countries. Childless adults of childbearing age who do not expect children are 15–40% more likely to invest in stocks than those who expect children. This result holds when we instrument expectations with medical infertility. Fertility expectations also shorten households’ planning horizons, and predict both equity allocations and later-life investment behavior.

Presented at (*Scheduled) (°By Co-Author) : Research in Behavioral Finance Conference 2026*°, EFA (Ghent)*, Helsinki Finance Summit*, Nordic Household Finance Summit°, ZEW Ageing and Sustainable Finance 2026°, Boulder Summer Conference 2026° (Poster), SGF 2026, Bayes Business School (By Co-author), University of Essex (By Co-author)

Risk and Loss Aversion In Financial Decision Making - with Stefanos Delikouras (Draft)

We develop a theoretical model and conduct empirical tests to show the distinct effects of loss aversion and risk aversion on participation, portfolio allocation, and consumption decisions, demonstrating that loss aversion is not auxiliary to risk aversion but the main driver behind these financial decisions.

The impact of digital finance channels on saving and investment decisions in South Africa - with Jon Frost, Vatsala Shreeti and Arif Ismail (Draft)

Using nationally representative data from South Africa, we find that digital methods, rather than being adopted by those most in need, are mostly taken up by the well-served segment. Adoption of digital behaviors is associated with higher savings participation, better savings quality, and greater financial resilience, while adoption of digital-only banks shows no significant impact on saving behavior.

Presented at (*Scheduled): G20 conference on Cross-Border Payments, BIS Research Meeting, Finmark Trust (Seminar)