Słowa kluczowe
household finance
socio-economic characteristics
household saving
EU
JEL codes: D14, E 21, Z13
Jak cytować
Liczba wyświetleń: 292
Liczba pobrań: 228
Abstrakt
This research was inspired by broad discussions on the motives for saving. We examine the relationship between the motives for saving and the socio-economic characteristics of households in the eurozone, Croatia, Hungary and Poland, such as: the social type of the household, gender of the reference person (RP), their age, level of education, marital status, taking into account the differences in the value of these households’ financial assets. For this purpose, we used data from the Household Finance and Consumption Survey. The logit model was used to analyse with maximum likelihood estimation the different saving motives and country groups. We also used a Poisson model for a count variable. The results demonstrate that the social type of households is crucial in determining their motives for saving, particularly for child education and leaving an inheritance. Additionally, we identify differences in the number and sets of saving motives between households from countries with both high and low levels of financial assets. In countries where households are less well-off, the motive for saving to purchase residential estate is of greater importance. Moreover, households with more financial assets – mainly from the countries of Western Europe – show more concern about saving for old age and investment.
Bibliografia
Aizenman, J., Cavallo, E., Noy, I. (2015). Precautionary strategies and household saving. Open Economies Review 26(5): 911-939. DOI: https://doi.org/10.1007/s11079-015-9351-2
Ando, A., Modigliani, F. (1963). The “life-cycle” hypothesis of saving: Aggregate implications and tests. American Economic Review 53: 55-84.
Bernardelli, L.V., Plassa, W., Paschoalino, P.A.T. (2022). Who is saving and how much? New evidence from Brazil. Management Research 20(3): 212-228. DOI: https://doi.org/10.1108/MRJIAM-12-2021-1254
Browning, M., Lusardi, A. (1996). Household saving : micro theories and micro facts. Journal of Economic Literature 34(December): 1797-1855. https://www.jstor.org/stable/2729595
Buric, M.N., Raicevic, M., Kascelan, L., Kascelan, V. (2021). Socio-demographic impacts on the personal savings portfolio choice. International Journal of Business Analytics 9(1): 1-23. DOI: https://doi.org/10.4018/IJBAN.288511
Canova, L., Manganelli Rattazzi, A.M., Webley, P. (2005). The hierarchical structure of saving motives. Journal of Economic Psychology 26: 21-34. DOI: https://doi.org/10.1016/j.joep.2003.08.007
Carroll, C.D. (2004). Theoretical foundations of buffer stock saving. NBER Working Paper Series, 10867. DOI: https://doi.org/10.3386/w10867
Carroll, C.D. (2009). Precautionary saving and the marginal propensity to consume out of permanent income. Journal of Monetary Economics 56(6): 780-790. https://www.sciencedirect.com/science/article/pii/S0304393209001019?via%3Dihub DOI: https://doi.org/10.1016/j.jmoneco.2009.06.016
Carroll, C.D., Kimball, M. S. (2008). Precautionary saving and precautionary wealth. In The New Palgrave Dictionary of Economics (pp. 1-9). London: Publisher NamePalgrave Macmillan. DOI: https://doi.org/10.1057/978-1-349-95121-5_2079-1
Carroll, C.D., Samwick, A.A. (1997). The nature of precautionary wealth. Journal of Monetary Economics 40(1): 41-71. DOI: https://doi.org/10.1016/S0304-3932(97)00036-6
Carroll, C.D., Slacalek, J., Sommer, M. (2012). Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects. IMF Working Papers 12(219). DOI: https://doi.org/10.5089/9781475505696.001
Deaton, A. (1991). Saving and liquidity constraints. Econometrica 59(5): 1221-1248. DOI: https://doi.org/10.2307/2938366
Duesenberry, J.S. (1949). Income, saving and the theory of consumer behavior. Cambridge, MA: Harvard University Press.
ECB (2020a). The household finance and consumption survey: Cross-country metadata information. Wave 3. Document Available Only for Users of the HFCS Data.
EBC (2020b). HFCS user database documentation, core and derived variables, 2017 Wave, Document available only for users of the HFCS data.
Fonseca, R., Mullen, K.J., Zamarro, G., Zissimopoulos, J. (2012). What explains the gender gap in financial literacy? The role of household decision making. The Journal of Consumer Affairs 46(1): 90-106. DOI: https://doi.org/10.1111/j.1745-6606.2011.01221.x
Friedman, M. (1957). The permanent income hypothesis. In A Theory of the Consumption Function. Vol. 1 (pp. 20–37). Princeton: Princeton University Press. DOI: https://doi.org/10.1515/9780691188485-005
Haider, S., Ahmed, M., de Pablos, C., Latif, A. (2018). Household characteristics and saving motives: Application of multinomial logistic regression to examine Maslow’s hierarchy of needs theory. International Journal of Applied Behavioral Economics 7(1): 35-52. DOI: https://doi.org/10.4018/IJABE.2018010103
HFCN (2020). The Household Finance and Consumption Survey: Methodological Report for the 2017 Wave. ECB Statistics Paper Series 35(17): 1-81. https://www.ecb.europa.eu/pub/pdf/scpsps/ecb.sps35~b9b07dc66d.en.pdf?8fcb3cd59213bac0784168618a9b5fb3
Hosmer, D.W., Hosmer, T., Le Cessie, S., Lemeshow, S. (1997). A comparison of goodness-of-fit tests for the logistic regression model. Statistics in Medicine 16(9): 965–980. DOI: https://doi.org/10.1002/(SICI)1097-0258(19970515)16:9<965::AID-SIM509>3.3.CO;2-F
Hosmer, D.W., Taber, S., Lemeshow, S. (1991). The importance of assessing the fit of logistic regression models: a case study. American Journal of Public Health 81(12): 1630-1635. DOI: https://doi.org/10.2105/AJPH.81.12.1630
Hubbard, R.G., Skinner, J., Zeldes, S.P. (1994). Expanding the life-cycle model: precautionary saving and public policy. The American Economic Review 84(2): 174-179. http://www.jstor.org/stable/2117824
Hubbard, R.G., Skinner, J., Zeldes, S. P. (1995). Precautionary saving and social insurance. Journal of Political Economy 103(2): 360-399. DOI: https://doi.org/10.1086/261987
Katona, G., Harris, D.J. (1978). Behavioral economics. Challenge 21(4): 14-18. http://www.jstor.org/stable/40719661 DOI: https://doi.org/10.1080/05775132.1978.11470445
Kennickell, A., Lusardi, A. (2005). Disentangling the Importance of the Precautionary Saving Motive (No. 15; CFS Working Paper). https://www.econstor.eu/bitstream/10419/25481/1/515354015.PDF
Keynes, J.M. (1936). The General Theory of Employment, Interest and Money. New York: Harcourt, Brace.
Korzeniowska, A.M. (2018). Motives of Households for Saving in Poland. In J. Nešleha, F. Hampl, M. Svoboda (eds.) European Financial Systems 2018. Proceedings of the 15th International Scientific Conference, Masaryk University (pp. 284-291). Brno: Masaryk University.
Laitner, J., Ohlsson, H. (2001). Bequest motives: a comparison of Sweden and the United States. Journal of Public Economics 79(1): 205-236. DOI: https://doi.org/10.1016/S0047-2727(00)00101-8
Le Blanc, J., Porpiglia, A., Teppa, F., Ziegelmeyer, M., Zhu, J., Ziegelmeyer, M. (2014). Household saving behaviour and credit constraints in the euro area. In DNB Working Paper (Working Paper Series, Issue 428). DOI: https://doi.org/10.2139/ssrn.2462103
Lindqvist, A. (1981). A note on determinants of household saving behavior. Journal of Economic Psychology 1(1): 39-57. DOI: https://doi.org/10.1016/0167-4870(81)90004-0
Lusardi, A. (1998). On the importance of the precautionary saving motive. American Economic Review 88(2): 449-453. https://www.jstor.org/stable/116965
Lusardi, A. (2008). Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs (2007/28; CFS Working Paper). DOI: https://doi.org/10.3386/w13824
Maison, D. (2019). Saving and investing. In J. J. Xiao (ed.), The Psychology of Financial Consumer Behavior. International Series on Consumer Science (pp. 105-141). Springer Nature Switzeland AG. DOI: https://doi.org/10.1007/978-3-030-10570-9_4
Mejía, S.H., García-Santillán, A., Moreno-García, E. (2022). Financial literacy and its relationship with sociodemographic variables. Economics and Sociology 15(1): 40-55. DOI: https://doi.org/10.14254/2071-789X.2022/15-1/3
Mody, A., Ohnsorge, F., Sandri, D. (2012). Precautionary savings in the great recession. IMF Economic Review 60(1): 114-138. DOI: https://doi.org/10.1057/imfer.2012.5
Niculescu-Aron, I., Mihaescu, C. (2014). Modelling the impact of economic, demographic and social determinants on household saving rate in the former socialist countries (Central and Eastern Europe). Procedia Economics and Finance 10: 104-113. DOI: https://doi.org/10.1016/S2212-5671(14)00283-4
Ocampo, I.P., Yuki, K. (2006). Savings, intergenerational transfers, and the distribution of wealth. Macroeconomic Dynamics 10(3): 371-414. DOI: https://doi.org/10.1017/S1365100506050206
Schunk, D. (2009). What determines household saving behavior? An examination of saving motives and saving decisions. Jahrbücher Für Nationalökonomie Und Statistik / Journal of Economics and Statistics 229(2294): 467–491. http://www.jstor.org/stable/23813451 DOI: https://doi.org/10.1515/jbnst-2009-0407
Shefrin, H.M., Thaler, R.H. (1988). The behavioral life‐cycle hypothesis. Economic Inquiry 26(4): 609-643. DOI: https://doi.org/10.1111/j.1465-7295.1988.tb01520.x
Tang, C., Zhang, C. (2021). The impact of bequest motives on the saving rate of elderly households: a comparative study between China and Japan. Institute of Economic Research, Chuo University Discussion Paper, 346. Tokyo, Japan.
Wärneryd, K.-E. (1989). On the psychology of saving: an essay on economic behavior. Journal of Economic Psychology 10(4): 515-541. DOI: https://doi.org/10.1016/0167-4870(89)90041-X
Wei, S.-J., Zhang, X. (2011). The competitive saving motive: evidence from rising sex ratios and savings rates in China. Journal of Political Economy. DOI: https://doi.org/10.1086/660887
Wei, S.-J., Zhang, X. (2016). The competitive saving motive: concept, evidence, and implications. Frontiers of Economics in China 11(3): 355-366.
Xiao, J.J., Anderson, J.G. (1997). Hierarchical financial needs reflected by household financial asset shares. Journal of Family and Economic Issues 18(4): 333-355. DOI: https://doi.org/10.1023/A:1024991304216
Xiao, J.J., Noring, F.E. (1994). Perceived saving motives and hierarchical financial needs. Financial Counseling and Planning 5: 25-45.
Xiao, J.J., Olson, G.I. (1993). Mental accounting and saving behavior. Home Economics Research Journal 22(1): 92-109. DOI: https://doi.org/10.1177/004677749302200105
Yao, R., Wang, F., Weagley, R.O., Liao, L. (2011). Household saving motives: comparing American and Chinese consumers. Family and Consumer Sciences Research Journal 40(1): 28-44. DOI: https://doi.org/10.1111/j.1552-3934.2011.02086.x
Yao, R., Xiao, J.J., Liao, L. (2015). Effects of age on saving motives of Chinese urban consumers. Journal of Family and Economic Issues 36(2): 224-238. DOI: https://doi.org/10.1007/s10834-014-9395-2
Licencja
Prawa autorskie (c) 2023 WPiA UAM
Utwór dostępny jest na licencji Creative Commons Uznanie autorstwa 4.0 Międzynarodowe.