Objective and subjective factors shaping saving behaviours – the case of Polish households

The paper aims at connecting of the concept of financial behaviour with that of the family life cycle. The evolution of the consumption structure, which results from the sequence of life phases, requires chronological consideration of financial activities, in a manner concerning the accumulation of wealth, as proposed by hierarchical model of financial actions contained in the theory of psychological economics. These theoretical relations were verified empirically through a survey of Polish households conducted at the end of 2012. The results of the empirical research confirm the important role of subjective determinants of the accumulation of reserves. Competent in current times, the philosophy of individualism and consumerism promotes the attitude of ‘living for the moment’ and forces the attitudes of restraint and caution away from individual awareness on the social scale. Individual perceptions of one's income and material conditions are the basic factor shaping the conditions of saving and creating financial reserves. This study also largely confirmed that the concept of the hierarchical model of financial actions contained in the theory of psychological economics is reflected in the actions of Polish households.