Teaching children to save: What is the best strategy for lifetime savings? |
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| Institution: | 1. University of Verona, Dept. of Economics, Via dell’Artigliere 19, 37129 Verona, Italy;2. Netspar, P.O. Box 90153, 5000 LE Tilburg, The Netherlands;3. University of Verona, Dept. of Economics, Vicolo Campofiore 2, 37129 Verona, Italy;1. School of Economics, Finance and Marketing, RMIT University, 445 Swanston Street, Melbourne, Victoria 3000, Australia;2. China Europe International Business School, 699 Hongfeng Road, Pudong, Shanghai 201206, People’s Republic of China;3. Nottingham University Business School, University of Nottingham, Jubilee Campus, Wollaton Road, Nottingham NG8 1BB, UK;1. University of Duisburg-Essen, Mercator School of Management, Lotharstrasse 65, 47057 Duisburg, Germany;2. Friedrich-Alexander-University Erlangen-Nürnberg, Professur für Gesundheitsökonomie, Findelgasse 7/9, 90402 Nürnberg, Germany;1. Department of Psychology, Carleton University, Ottawa, Ontario, Canada;2. Department of Cognitive Science, Carleton University, Ottawa, Ontario, Canada;3. School of Psychology, University of Ottawa, Ottawa, Ontario, Canada;1. University of Leipzig, Department of Psychology, Seeburgstr. 14-20, 04103 Leipzig, Germany;2. University of Leipzig, Department of Sociology, Beethovenstr. 15, 04107 Leipzig, Germany;1. Zeppelin University, Friedrichshafen, Germany;2. Department of Marketing, Heinrich Heine University Düsseldorf, Germany;3. University of Applied Sciences, Ludwigshafen, Germany;4. Copenhagen Business School, Denmark |
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| Abstract: | We study the effect of alternative parental teaching strategies on the propensity to save and the amount saved during adulthood. Using a panel dataset from the Dutch DNB Household Survey we find that parental teaching to save increases the likelihood that an adult will save by 16%, and the saving amount by about 30%. The best strategy involves a combination of different methods (giving pocket money, controlling money usage, and giving advice about saving and budgeting). The effect of parental financial socialization is persistent with age, but decays at elder age for the propensity to save. |
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| Keywords: | Saving Teaching to save Children Pocket money Financial socialization |
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