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The role of financial socialization and self-control on saving habits

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  • Boto-García, David
  • Bucciol, Alessandro
  • Manfrè, Martina

Abstract

Using novel US household survey data, we examine the role of financial socialization, meant as the exposure to financial concepts while growing up, and self-control in explaining saving behavior. We pay special attention to the potential existence of gender differences in the influence of parental teachings received early in life and self-control skills on saving habits. In addition, we analyze the relationship between financial socialization, self-control and the ownership of different financial products. Results indicate that financial socialization received early in life and self-control are positively associated with general saving habits. However, their contribution differs depending on the type of financial product being analyzed. Furthermore, the gender gap in saving propensity in the favor of males is mainly due to differences in characteristics rather than differences in coefficients.

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  • Boto-García, David & Bucciol, Alessandro & Manfrè, Martina, 2022. "The role of financial socialization and self-control on saving habits," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 100(C).
    • Handle: RePEc:eee:soceco:v:100:y:2022:i:c:s2214804322000775
    DOI: 10.1016/j.socec.2022.101903
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    More about this item

    Keywords

    Financial socialization; Self-control; Saving behavior; Gender differences;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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