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Household savings behaviour in crisis times

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

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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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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Web page: http://www.dnb.nl/en/

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  1. Lusardi, Annamaria & Mitchell, Olivia S., 2010. "How ordinary consumers make complex economic decisions: Financial literacy and retirement readiness," CFS Working Paper Series 2010/11, Center for Financial Studies (CFS).
  2. Cronqvist, Henrik & Siegel, Stephan, 2010. "The Origins of Savings Behavior," SIFR Research Report Series 73, Institute for Financial Research.
  3. 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.
  4. Lusardi, Annamaria & Mitchell, Olivia S., 2006. "Baby boomer retirement security: The roles of planning, financial literacy, and Housing wealth," CFS Working Paper Series 2006/20, Center for Financial Studies (CFS).
  5. Maarten van Rooij & Annamaria Lusardi & Rob Alessi, 2007. "Financial literacy and stock market participation," DNB Working Papers 146, Netherlands Central Bank, Research Department.
  6. van der Cruijsen, Carin & de Haan, Jakob & Jansen, David-Jan & Mosch, Robert, 2013. "Knowledge and opinions about banking supervision: Evidence from a survey of Dutch households," Journal of Financial Stability, Elsevier, vol. 9(2), pages 219-229.
  7. 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.
  8. 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.
  9. 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.
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