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Cultural Determinants of Household Saving Behavior
Author(s) -
FUCHSSCHÜNDELN NICOLA,
MASELLA PAOLO,
PAULEPALUDKIEWICZ HANNAH
Publication year - 2020
Publication title -
journal of money, credit and banking
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.763
H-Index - 108
eISSN - 1538-4616
pISSN - 0022-2879
DOI - 10.1111/jmcb.12659
Subject(s) - immigration , affect (linguistics) , demographic economics , first generation , economics , psychology , sociology , geography , demography , population , communication , archaeology
Relying on the epidemiological approach, we show that culture is a significant driver of household saving behavior. Second‐generation immigrants from countries that put strong emphasis on thrift or wealth accumulation tend to save more in Germany. We confirm these results in data from the United Kingdom. By linking parents to their children, we show that these two cultural components affect the saving behavior of both first‐generation immigrants and their children.