FINANCIAL PSYCHOLOGY AND BEHAVIOURAL FINANCE IN THE CONTEXT OF THEIR INTERRELATIONSHIPS AND DIFFERENCES

Nadiia Davydenko; Olha Kliuchka; Oleksandr Kushnir

doi:10.32782/CMI/D2026-18-8

Nadiia Davydenko State Tax University https://orcid.org/0000-0001-7469-5536
Olha Kliuchka State Tax University https://orcid.org/0000-0003-3903-7487
Oleksandr Kushnir Science and Research Institute of Military Intelligence https://orcid.org/0009-0005-4378-6298

DOI: https://doi.org/10.32782/CMI/D2026-18-8

Keywords: behavioural finance, psychology of finance, financial behaviour, financial decision-making, financial system, financial strategy

Abstract

This article examines the theoretical foundations of financial psychology and behavioural finance in the context of their interrelationships and differences. It analyses academic approaches to the interpretation of behavioural finance, which have emerged in response to the limitations of classical economic theories and focus on the study of cognitive biases and deviations from rational behaviour. The structure of financial behaviour, which includes cognitive, affective, motivational and volitional components, is characterised, and the influence of internal and external factors on financial decision-making is identified. A comparison of financial psychology and behavioural finance has been carried out based on key criteria, which has revealed their conceptual differences and common features. It has been established that financial psychology has a broader interdisciplinary nature, whereas behavioural finance focuses on the analysis of specific models of economic behaviour.

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