Saving and financial planning: some findings from a focus group
This paper summarizes the results of a focus group on saving and financial planning. The group consisted of eight individuals with relatively high income and wealth. The savings behavior of such people is of interest partly due to their large contribution to total personal saving. The participants expressed concerns about how their circumstances will change as they age, and about uncertainties in income and health. While these concerns are consistent with theories emphasizing life-cycle and precautionary motives, the idea that saving involves self-control was also mentioned repeatedly.
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| Date of creation: | 1996 |
| Date of revision: | |
| Handle: | RePEc:fip:fedgfe:96-1 |
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References listed on IDEAS
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- Avery, Robert B & Kennickell, Arthur B, 1991. "Household Saving in the U.S," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 37(4), pages 409-32, December.
- Lawrance, Emily C, 1991. "Poverty and the Rate of Time Preference: Evidence from Panel Data," Journal of Political Economy, University of Chicago Press, vol. 99(1), pages 54-77, February.
- B. Douglas Bernheim, 1987. "Social Security Benefits: An Empirical Study of Expectations and Realizations," NBER Working Papers 2257, National Bureau of Economic Research, Inc.
- 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.
- Auerbach, Alan J. & Kotlikoff, Laurence J., 1991. "The adequacy of life insurance purchases," Journal of Financial Intermediation, Elsevier, vol. 1(3), pages 215-241, June.
- Constantinides, George M. & Ingersoll, Jonathan Jr., 1984. "Optimal bond trading with personal taxes," Journal of Financial Economics, Elsevier, vol. 13(3), pages 299-335, September.
- Lease, Ronald C & Lewellen, Wilbur G & Schlarbaum, Gary G, 1974. "The Individual Investor: Attributes and Attitudes," Journal of Finance, American Finance Association, vol. 29(2), pages 413-33, May.
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