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Mattresses versus Banks - The Effect of Trust on Portfolio Composition

  • Tom Coupe


    (Kyiv School of Economics, Kyiv Economic Institute)

This paper adds to the growing literature that studies whether trust affects the financial decisions of people. More specifically, we investigate whether lack of trust in banks can explain why people save their savings in cash, ‘under the mattress’, rather than deposit their savings at the bank. We find a significant effect of lack of trust on the likelihood that a person saves money in cash but also that lack of trust can only provide part of the explanation for the ‘money under the mattress’ phenomenon. Other factors that matter are the financial awareness and access to bank services.

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File Function: June 2011
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Paper provided by Kyiv School of Economics in its series Discussion Papers with number 40.

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Date of creation: Jun 2011
Date of revision:
Handle: RePEc:kse:dpaper:40
Note: Journal of Development Economics
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  1. Markus Knell & Helmut Stix, 2009. "Trust in Banks? Evidence from normal times and from times of crises," Working Papers 158, Oesterreichische Nationalbank (Austrian Central Bank).
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