Business Ethic

“The Complex Nature of Savings: Psychological and Economic Factors” Multistate Research Project

Michael Gutter, Institute for Food and Agricultural Sciences, Department of Family Youth and Community Sciences, University of Florida; Teresa Mauldin, Yoko Mimura, and Diann Moorman, Department of Housing and Consumer Economics, University of Georgia; David Okech, School of Social Work, University of Georgia Key Words savings, savings behavior, complexities of savings behavior Abstract During the last year, Agricultural Experiment Station (AES) multistate research project NC 1172 “The Complex Nature of Savings: Psychological and Economic Factors” committee members and colleagues began testing a model of savings behavior and a questionnaire developed and piloted by an AES multistate research project “NC1013: The Economic and Psychological Determinants of Household Savings Behavior.” This symposium includes three presentations and shares the results of three separate data collection efforts by two members of the committee and their colleagues. The first presentation is based on data collected from college students and discusses how the model was revised by the NC 1172 research team. The other two presentations are based on the findings from data collections using the revised model and the NC 1013 questionnaire, which includes questions about financial knowledge, socialization factors, psychological factors, environment, resources, and demographics. One paper is based on data collection across three generations, and another one is based on data collected from low-income households. Presenters discussed implications for future research, financial products and services for consumers, and educational initiatives, both at the college level and through outreach programs. Conceptual Model The overall model seen in Figure 1 for the study draws on several different perspectives including economic, psychological, and sociological. For example, the basic concepts of the Life Cycle...