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Household savings behaviour in crisis times

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  • Carin van der Cruijsen
  • Jakob de Haan
  • David-Jan Jansen
  • Robert Mosch

Abstract

We analyze whether households' savings behaviour was affected by adverse experiences during the crisis and knowledge about banking supervision. Using a survey among Dutch households, we find that both factors have affected the allocation of savings. Individuals whose bank went bankrupt or received government support during the crisis gather more information about banks and saving instruments and are more likely to have savings at several banks. Respondents with better knowledge about banking supervision are more likely to gather information about banks and saving instruments, to spread their savings across banks, and to shift savings to other banks.

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Bibliographic Info

Paper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number 315.

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Date of creation: Aug 2011
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Handle: RePEc:dnb:dnbwpp:315

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Keywords: savings; financial literacy; financial crisis; household decision-making;

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References

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  1. Maarten van Rooij & Annamaria Lusardi & Rob Alessie, 2009. "Financial Literacy and Retirement Planning in the Netherlands," DNB Working Papers 231, Netherlands Central Bank, Research Department.
  2. M.C.J. van Rooij & Annamaria Lusardi & R. Alessie, 2007. "Financial Literacy and Stock Market Participation," Working Papers 07-23, Utrecht School of Economics.
  3. Annamaria Lusardi & Olivia S. Mitchell, 2006. "Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth," CeRP Working Papers 54, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  4. Annamaria Lusardi & Olivia S. Mitchell, 2009. "How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness," NBER Working Papers 15350, National Bureau of Economic Research, Inc.
  5. Sumit Agarwal & John C. Driscoll & Xavier Gabaix & David Laibson, 2008. "Learning in the Credit Card Market," NBER Working Papers 13822, National Bureau of Economic Research, Inc.
  6. Sumit Agarwal & Souphala Chomsisengphet & Chunlin Liu & Nicholas S. Souleles, 2006. "Do consumers choose the right credit contracts?," Working Paper Series WP-06-11, Federal Reserve Bank of Chicago.
  7. Carin van der Cruijsen & Jakob de Haan & David-Jan Jansen & Robert Mosch, 2010. "Knowledge and Opinions about Banking Supervision: Evidence from a Survey of Dutch Households," DNB Working Papers 275, Netherlands Central Bank, Research Department.
  8. Dick, Astrid A., 2008. "Demand estimation and consumer welfare in the banking industry," Journal of Banking & Finance, Elsevier, vol. 32(8), pages 1661-1676, August.
  9. Cronqvist, Henrik & Siegel, Stephan, 2010. "The Origins of Savings Behavior," SIFR Research Report Series 73, Institute for Financial Research.
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Citations

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Cited by:
  1. Richard Disney & John Gathergood, . "Financial Literacy and Consumer Credit Portfolios," Discussion Papers 12/06, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  2. Martin Brown & Stefan Trautmann & Razvan Vlahu, 2012. "Contagious Bank Runs: Experimental Evidence," DNB Working Papers 363, Netherlands Central Bank, Research Department.
  3. Federica Teppa & Corrie Vis, 2012. "The CentERpanel and the DNB Household Survey: Methodological Aspects," DNB Occasional Studies 1004, Netherlands Central Bank, Research Department.

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