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Saving in childhood and adolescence: Insights from developmental psychology

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  • Otto, Annette
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    Abstract

    This paper addresses variables related to child and adolescent saving and explains the development of skills and behaviors that facilitate saving from an economic socialization perspective. References are made to the differences between the economic world of children, adolescents, and adults as well as to existing theories of saving. Children's and adolescents’ ability and willingness to save are looked at, taking into account the social context of the family and general child and adolescent development. The paper concludes with directions for future research in this area.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0272775712001173
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics of Education Review.

    Volume (Year): 33 (2013)
    Issue (Month): C ()
    Pages: 8-18

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    Handle: RePEc:eee:ecoedu:v:33:y:2013:i:c:p:8-18

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    Web page: http://www.elsevier.com/locate/econedurev

    Related research

    Keywords: Saving; Childhood; Adolescence; Family context;

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    References

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    1. Furnham, Adrian, 1999. "The saving and spending habits of young people," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 677-697, December.
    2. Shefrin, Hersh M & Thaler, Richard H, 1988. "The Behavioral Life-Cycle Hypothesis," Economic Inquiry, Western Economic Association International, vol. 26(4), pages 609-43, October.
    3. Churchill, Gilbert A, Jr & Moschis, George P, 1979. " Television and Interpersonal Influences on Adolescent Consumer Learning," Journal of Consumer Research, University of Chicago Press, vol. 6(1), pages 23-35, June.
    4. Tzu-Chin Peng & Suzanne Bartholomae & Jonathan Fox & Garrett Cravener, 2007. "The Impact of Personal Finance Education Delivered in High School and College Courses," Journal of Family and Economic Issues, Springer, vol. 28(2), pages 265-284, June.
    5. Furnham, Adrian, 2001. "Parental attitudes to pocket money/allowances for children," Journal of Economic Psychology, Elsevier, vol. 22(3), pages 397-422, June.
    6. Flouri, Eirini, 2004. "Exploring the relationship between mothers' and fathers' parenting practices and children's materialist values," Journal of Economic Psychology, Elsevier, vol. 25(6), pages 743-752, December.
    7. Filippin, Antonio & Paccagnella, Marco, 2012. "Family background, self-confidence and economic outcomes," Economics of Education Review, Elsevier, vol. 31(5), pages 824-834.
    8. Lunt, Peter K. & Livingstone, Sonia M., 1991. "Psychological, social and economic determinants of saving: comparing recurrent and total savings," Journal of Economic Psychology, Elsevier, vol. 12(4), pages 621-641, December.
    9. Carlos Chiapa & José Luis Garrido & Silvia Prina, 2010. "The effect of social programs and exposure to professionals on the educational aspirations of the poor," Serie documentos de trabajo del Centro de Estudios Económicos 2010-11, El Colegio de México, Centro de Estudios Económicos.
    10. Webley, Paul & Nyhus, Ellen K., 2006. "Parents' influence on children's future orientation and saving," Journal of Economic Psychology, Elsevier, vol. 27(1), pages 140-164, February.
    11. Ng, Sik Hung, 1983. "Children's ideas about the bank and shop profit: Developmental stages and the influence of cognitive contrasts and conflict," Journal of Economic Psychology, Elsevier, vol. 4(3), pages 209-221.
    12. Abramovitch, Rona & Freedman, Jonathan L. & Pliner, Patricia, 1991. "Children and money: getting an allowance, credit versus cash, and knowledge of pricing," Journal of Economic Psychology, Elsevier, vol. 12(1), pages 27-45, March.
    13. Margaret Sherraden & Lissa Johnson & Baorong Guo & William Elliott, 2011. "Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program," Journal of Family and Economic Issues, Springer, vol. 32(3), pages 385-399, September.
    14. Kamhon Kana & Wei-Der Tsai, 2003. "Parenting Practices and Children's Education Outcomes," IEAS Working Paper : academic research 03-A005, Institute of Economics, Academia Sinica, Taipei, Taiwan.
    15. Otto, Annette M.C. & Schots, Paul A.M. & Westerman, Joris A.J. & Webley, Paul, 2006. "Children's use of saving strategies: An experimental approach," Journal of Economic Psychology, Elsevier, vol. 27(1), pages 57-72, February.
    16. Barnet-Verzat, Christine & Wolff, Francois-Charles, 2002. "Motives for pocket money allowance and family incentives," Journal of Economic Psychology, Elsevier, vol. 23(3), pages 339-366, June.
    17. Norvilitis, Jill M. & MacLean, Michael G., 2010. "The role of parents in college students' financial behaviors and attitudes," Journal of Economic Psychology, Elsevier, vol. 31(1), pages 55-63, February.
    18. Wood, Michael, 1998. "Socio-economic status, delay of gratification, and impulse buying," Journal of Economic Psychology, Elsevier, vol. 19(3), pages 295-320, June.
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    Cited by:
    1. Elliott, William & Sherraden, Michael, 2013. "Assets and educational achievement: Theory and evidence," Economics of Education Review, Elsevier, vol. 33(C), pages 1-7.

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