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Fatalistic Tendencies: An Explanation of Why People Don't Save

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Author Info
Stephen Wu (Hamilton College)

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Abstract

This paper uses data from the 2001 Survey of Consumer Finances (SCF) and the 2000 World Values Survey (WVS) to analyze the role of fatalism in determining household savings behavior. SCF respondents who feel that luck has played an important role in their financial affairs are more likely to realize their need to save, but are less likely to actually do so. Cross-country evidence from the WVS shows that those who believe they have little freedom and control over their lives are also less likely to save. The results hold after controlling for a number of demographic and behavioral factors, and are consistent across income and wealth levels.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Contributions to Economic Analysis & Policy.

Volume (Year): 4 (2005)
Issue (Month): 1 ()
Pages: 1458-1458
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Handle: RePEc:bep:eapcon:v:4:y:2005:i:1:p:1458-1458

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Related research
Keywords: Behavioral Saving Fatalism

Find related papers by JEL classification:
D8 - Microeconomics - - Information, Knowledge, and Uncertainty

References listed on IDEAS
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  11. Ted O'Donoghue & Matthew Rabin, 2001. "Choice And Procrastination," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 121-160, February. [Downloadable!] (restricted)
  12. Esther Duflo & Emmanuel Saez, 2003. "The Role Of Information And Social Interactions In Retirement Plan Decisions: Evidence From A Randomized Experiment," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 815-842, August. [Downloadable!] (restricted)
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  13. Bernheim, B. Douglas & Garrett, Daniel M., 2003. "The effects of financial education in the workplace: evidence from a survey of households," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1487-1519, August. [Downloadable!] (restricted)
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  15. Wu, Stephen, 2003. "Sickness and preventive medical behavior," Journal of Health Economics, Elsevier, vol. 22(4), pages 675-689, July. [Downloadable!] (restricted)
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