Sheffield Household Finance Research Group

Photo of man and woman working on a calculator at home

The Sheffield Household Finance Research Group empirically explores a range of aspects relating to household financial behaviours and outcomes.  The area of household finance has received an increased amount of attention over the past two decades and remains high on both policy and research agendas. 

Our research areas

We are committed to producing real world empirical evidence relating to policy relevant research questions. Members of the Household Finance Research Group have expertise in the following areas: 

  • Financial portfolio allocations
  • Household debt accumulation and saving decisions
  • Intersections between the macro-economy and household finances
  • Poverty and inequality
  • Subjective financial position


Upcoming events:

Inaugural Annual Lecture: Professor Michael Haliassos

Postponed, new date to be confirmed. 

Professor Haliassos holds the Chair of Macroeconomics and Finance at Goethe University Frankfurt. He is Research Fellow of the Centre for Economic Policy Research and Founding Director of the CEPR Network on Household Finance and International Research Fellow of NETSPAR (The Netherlands).

He is also advisor to the European Central Bank on the Eurozone Survey of Household Finances and Consumption since its inception in 2006; and member of the Consultative Working Group of ESMA’s Investor Protection and Intermediaries Standing Committee (IPISC).

Previous events

Development Dilemmas: The Indian Experience and Beyond 

Professor Ajit Mishra, Director, Institute of Economic Growth, Delhi, India.

Wednesday 11 March 2020

This talk will focus on some key aspects of the process of economic development and how one addresses questions related to the Informal sector, Governance and Corruption, and Public Investment. While the recent Indian experience will be the context, cross-country evidence will be used to shed light on these issues. 

Topics in Household Finance

Members of the Sheffield Household Finance Research Group

Wednesday 4 March 2020

Members of the Sheffield Household Finance Research Group will introduce a range of topics in the area of household finance based on their research expertise.  The talk will outline key literature and highlight openly available data sources to explore these topics. 

Some key questions on the Chinese economy

Xiaobing Wang, Department of Economics, University of Manchester

Wednesday 26 February 2020

This talk focused on some key questions on the Chinese economy, such as banking and finance, poverty and inequality, growth dynamics etc. The talk will also explored the open data sets that are often used in addressing those questions.  


Special Session on Household Finance, at the Annual Scientific Meeting of the Italian Economic Association, Palermo, Italy, October 2019. Jointly organised with Professor Alessandro Bucciol (University of Verona)

Special Session on Household Finance, at the Annual Scientific Meeting of the Italian Economic Association, Bologna, Italy, October 2018. Jointly organised with Professor Alessandro Bucciol (University of Verona)

Household Finance Workshop Series - University of Sheffield

These biennial workshops bring together world leading researchers in the area of household finances.  The next workshop is due to be held in 2021. 

Programme: Household Finance Workshop 2019

Programme: Household Finance Workshop 2017


Relevant publications since 2014

Brown, S., Gray, D., & Montagnoli, A. (2019). Credit Supply Shocks and Household Leverage: Evidence from the US Banking DeregulationJournal of Financial Stability, 43, 97-115.

Cao, Y., Gregory-Smith, I., & Montagnoli, A. (2018). Transmission of liquidity shocks: Evidence on cross-border bank ownership linkagesJournal of International Financial Markets, Institutions and Money53, 158-178.

Dickerson, A., & Popli, G. (2018). The many dimensions of child poverty: Evidence from the UK Millennium Cohort Study. Fiscal Studies39(2), 265-298.

Montagnoli, A., & Moro, M. (2018). The cost of banking crises: new evidence from life satisfaction dataKyklos71(2), 279-309.

Bernini, M., & Montagnoli, A. (2017). Competition and financial constraints: a two-sided storyJournal of International Money and Finance70, 88-109.

Brown, S., & Taylor, K. (2016). Early influences on saving behaviour: Analysis of British panel dataJournal of Banking & Finance62, 1-14.

Brown, S., Ghosh, P., & Taylor, K. (2016). Household Finances and Social Interaction: Bayesian Analysis of Household Panel DataReview of Income and Wealth62(3), 467-488.

Brown, S., & Gray, D. (2016). Household finances and well-being in Australia: An empirical analysis of comparison effectsJournal of Economic Psychology53, 17-36.

Dickerson, A., & Popli, G. K. (2016). Persistent poverty and children's cognitive development: evidence from the UK Millennium Cohort StudyJournal of the Royal Statistical Society: Series A (Statistics in Society)179(2), 535-558.

Brown, S., Gray, D., & Roberts, J. (2015). The relative income hypothesis: A comparison of methodsEconomics Letters130, 47-50.

Ratcliffe, A., & Taylor, K. (2015). Who cares about stock market booms and busts? Evidence from data on mental healthOxford Economic Papers67(3), 826-845.

Brown, S., Durand, R. B., Harris, M. N., & Weterings, T. (2014). Modelling financial satisfaction across life stages: A latent class approachJournal of Economic Psychology45, 117-127.

Brown, S. (2015). Household repayment behaviour and neighbourhood effectsUrban Studies52(6), 1169-1188.

Gregoriou, A., Kontonikas, A., & Montagnoli, A. (2014). Aggregate and regional house price to earnings ratio dynamics in the UKUrban Studies51(13), 2916-2927.

Blanchflower, D. G., Bell, D. N., Montagnoli, A., & Moro, M. (2014). The happiness trade‐off between unemployment and inflationJournal of Money, Credit and Banking46(S2), 117-141.

Brown, S., Ghosh, P., & Taylor, K. (2014). The existence and persistence of household financial hardship: A Bayesian multivariate dynamic logit frameworkJournal of Banking & Finance46, 285-298.

Brown, S., & Taylor, K. (2014). Household finances and the ‘Big Five’ personality traitsJournal of Economic Psychology45, 197-212.

Brown, S., Ghosh, P., Su, L., & Taylor, K. (2015). Modelling household finances: A Bayesian approach to a multivariate two-part modelJournal of Empirical Finance33, 190-207.

Recent working papers

Brown, S., Kontonikas, A.,  Montagnoli, A. (2020) Household Portfolios and Monetary PolicyThe Sheffield Economic Research Paper Series (SERPS), (No 2020002).

Brown, S., & Taylor, K. (2019). Charitable behaviour and political ideology: Evidence for the UKThe Sheffield Economic Research Paper Series (SERPS), (No 2019002).

Brown, S., Kontonikas, A., Montagnoli, A., Moro, M., & Onnis, L. (2019). Life satisfaction and austerity: Expectations and the macroeconomyThe Sheffield Economic Research Paper Series (SERPS), ( No 2019011).

Brown, S., Ghosh, P., Gray, D., Pareek, B., & Roberts, J. (2017). Saving Behaviour and Biomarkers: A High-Dimensional Bayesian Analysis of British Panel DataThe Sheffield Economic Research Paper Series (SERPS), (No. 2017005).

Montagnoli, A., Moro, M., Panos, G. A., & Wright, R. E. (2017). Financial Literacy and Attitudes to Redistribution. Institute of Labor Economics (IZA), (No. 10633).

Gray, D., Montagnoli, A., & Moro, M. (2017). Does education improve financial outcomes? Quasi-experimental evidence from BritainThe Sheffield Economic Research Paper Series (SERPS), (No 2017010).

Brown, S., Ghosh, P., Pareek, B., & Taylor, K. (2017). Financial Hardship and Saving Behaviour: Bayesian Analysis of British Panel DataInstitute of Labor Economics (IZA), (No. 10910).

Brown, S., Gray, D., Harris, M. N., & Spencer, C. (2016). Portfolio Allocation, Income Uncertainty and Households' Flight from RiskInstitute of Labor Economics (IZA), (No. 10408).


PhD students 

  • Celia Wallace
  • Adam Rowe
  • Maria Padilla Montoya
  • Shanshan You
  • Jialong Li
  • Zizhou Luo

PhD student details

Members of the Household Finance Research group are currently interesting in supervising individuals in the any of the above areas of research. If you require any further information, please contact

Advisory board

REF 2021 illustration

Research Excellence Framework 2021 results

The results demonstrate our research and impact excellence across a broad range of disciplines and confirm that our research is having a significant positive impact on lives across the globe.