Social exclusion

• a state of physical/emotional isolation involving feelings of loneliness due to being left out, ignored or ostracised by others
• leads to anti-social behaviour

influences:

• preference for distinctive products: psychological emptiness/ unsatisfactory interpersonal relationships intensify the desire for material possessions and conspicuous consumption
• risk-taking behaviour: present-day bias, less conservative investment behaviour
• inclination towards brand/ product switching (self-efficacy, sense of control)

• financial literacy is lower in developing countries; lowest w.r.t. risk diversification