Household financial planning and savings behavior |
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| Affiliation: | 1. Queens College, City University of New York, New York, USA;2. Clemson University, Clemson, USA;1. Melbourne Institute of Applied Economic and Social Research, University of Melbourne, Parkville, Australia;2. Department of Finance, Gabelli School of Business, Fordham University, New York, NY, USA;1. Institute for Capacity Develpment, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA;2. European Central Bank, Sonnemannstrasse 22, Frankfurt am Main 60314, Germany;1. The University of Sydney, Sydney, Australia;2. Institute for the Study of Labor (IZA), Bonn, Germany;3. ARC Centre of Excellence for Children and Families over the Life Course, Brisbane, Australia;4. Monash University, Melbourne, Australia;5. Australian National University, Canberra, Australia;6. RWI, Essen, Germany;1. Melbourne Institute: Applied Economic & Social Research, University of Melbourne, ARC Centre of Excellence for Children and Families over the Life Course, Australia;2. ROA, Maastricht University, and Netspar, The Netherlands;3. Institute of Labor Economics (IZA), Germany |
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| Abstract: | Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial planning across a panel of 1253 Dutch households. In line with the available literature, we find that an individual's propensity to save decreases with age and is higher among the financial literate. Moreover, we find that saving behavior varies across generations, and is significantly dominant among baby boomers. This generation effect, however, weakens once we account for more individual specifics. Our results offer evidence for parental influence, and for the effects of the psychological and behavioral metrics of numeracy, self-efficacy, locus of control and future orientation. A good understanding of these personality variables helps to explain why some take financial responsibility while others do not. |
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