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Household Savings Motives
Author(s) -
DEVANEY SHARON A.,
AG SOPHIA T.,
WHIRL STACY E.
Publication year - 2007
Publication title -
journal of consumer affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.582
H-Index - 62
eISSN - 1745-6606
pISSN - 0022-0078
DOI - 10.1111/j.1745-6606.2006.00073.x
Subject(s) - hierarchy , continuation , time horizon , economics , public economics , demographic economics , actuarial science , business , marketing , computer science , finance , market economy , programming language
This study proposed a hierarchy of savings motives and identified factors that influence the movement to higher levels of the hierarchy. Continuation ratio analysis utilizing data from the 2001 Survey of Consumer Finances shows the likelihood of advancing to higher levels of savings motives from the current level. Age, family size, and length of the planning horizon are important predictors for advancing from lower levels to higher levels in the proposed hierarchy. Implications are offered for public policy regarding education and programs.