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Publications

The AFM regularly publishes articles and papers on consumer behaviour.

  • Payment behaviour in the arrears - study in collaboration with in3 
    • (May 2025; pdf, 294 kB)
  • Consumer credit and financial vulnerability
    (November 2024; pdf, 740 kB)
  • Technical annex consumer credit
    (November 2024; 1.1 MB)
  • Helping customers pay their BNPL-bill on time
    (April 2024; pdf, 670 kB)
  • Risks in the choice environment of crypto apps
    (April 2024; pdf, 1 MB)
  • Barriers to managing money online
    (January 2023; pdf, 2 MB)
  • In close-up: sustainable investors
    (November 2022; 1,1 MB)
  • Comparing Wealth Effects of Saving and Index Investment
    (March 2022; pdf, 1 MB)
  • Default as advice? A survey experiment on preselecting pension choices and the Endorsement effect 
    (June 2021; pdf, 1,7 MB)
  • Discussion paper on the role of disclosures
    (October 2021; pdf, 340 kB)
  • AFM report on Consumer Behaviour: understanding, guiding and measuring
    (March 2021; pdf, 560 kB)
  • AFM- Consumer testing pre-contractual and periodic ESG financial product information - EIOPA 
    (February 2021)
  • The Effects of Nudging on Pension Savings Decisions - paper Netspar
    (September 2020; pdf, 59 kB))
  • Consumers accept more risk and lower returns on sustainable investments 
    (September 2020; pdf, 780 kB)
  • Do more choices lead to different choices in insurance?
    (December 2019)
  • Making it easier to borrow responsibly - The effect of online choice architecture on consumer borrowing behaviour 
    (November 2019; pdf, 840 kB)
  • Disclosure: a joint report from the Australian Securities and Investments Commission (ASIC) and the AFM on legally mandated information to consumers
    (October 2019; pdf, 3,7 MB)
  • A randomized controlled trial on the effectiveness of mandatory investment information
    (February 2019)
  • Investor Risk Perception in the Netherlands - a research paper 
    (Originally published May 2018, in collaboration with Radboud University, Nijmegen; pdf, 800 kB)
  • Prefilling income and expenditures has large and unwanted effects on telephone credit applications: a field experiment
    (Originally published March 2018)
  • A new take on low interest rates and risk taking
    (Originally published March 2018)
  • A closer look at consumer borrowing
    (Originally published January 2018; pdf, 430 kB))
  • Caution! Borrowing money costs money - A study of the effectiveness of a warning in credit advertisements 
    (Originally published December 2016; pdf, 1 MB)
  • Applying behavioural insights to promote better credit decisions 
    (Originally published October 2016; pdf, 370 kB)
  • AFM and the application of behavioural insights 
    (Originally published October 2016; pdf, 385 kB)
  • The Effects of Risk Framing, Balanced Information and a Regulatory Seal of Approval on Investor Perception and Behavior
    (September 2016)
  • How does disclosure in advertisement affect investor behavior?
    (September 2016)
  • Self-directed investors: important insights
    (December 2015; pdf, 530 kB)
  • Standardized products and consumer financial decision-making
    (March 2015; pdf, 900 kB)