Individual wealth accumulation: Why does dining together as a family matter?
AbstractThis study uses data from the Panel Study of Income Dynamics to examine whether self-regulation, proxied by regularly dining together with family, is associated with better financial preparedness and greater wealth accumulation across time among households. Findings reveal that individuals who had sufficient self-regulation to regularly eat meals together with their family, increased wealth at a faster rate than others between 1994 and 2004. Moreover, those who exhibited self-regulation by frequently spending mealtime with their family showed greater preference for investment portfolio diversification. Consistent with other studies, results indicate that wealth accumulation increased with age, income, and educational attainment.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 26334.
Date of creation: 21 Mar 2010
Date of revision: 21 Aug 2010
Individual wealth; Financial behavior; Portfolio allocation; Self regulation;
Find related papers by JEL classification:
- D03 - Microeconomics - - General - - - Behavioral Economics; Underlying Principles
- Z1 - Other Special Topics - - Cultural Economics
- D14 - Microeconomics - - Household Behavior - - - Personal Finance
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