[SFdS] Information du groupe Risques AEF : WG Risk - 27 November 2025

Dear all,

We have the pleasure thanks to the support of the ESSEC IDO department/Ceressec, the Institut des Actuaires, the FSM/Labex MME-DII (CY) and the Risques AEF - SFdS group, to invite you to the seminar by:

Date: Thursday, 27 November 2025, at 10.30pm (CET)

Dual format: ESSEC Cergy Campus, Room N406
and via Zoom, please click here

Unaware of being unaware and financial non-participation

We develop a theoretical framework to examine the determinants of financial market participation, emphasizing cognition as a key factor shaping financial awareness and decision-making. Extending Leland’s two-period savings model, we introduce a cognitive parameter (cogito), reflecting both innate and acquired consciousness. The model identifies thresholds of cognition governing awareness and distinguishes between unconscious and conscious non-participation. We empirically test the framework using granular data from the Indian households survey on financial literacy and product ownership. The empirical results shows that cognitive constraints significantly influence the patterns of financial participation.

Kind regards,
Jeremy Heng, Olga Klopp, Roberto Reno, Marie Kratz and Riada Djebbar (Singapore Actuarial Society - ERM)