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Household savings through the prism of behavioral characteristics

Author

Listed:
  • Arzhenovskiy, Sergey

    (Rostov Regional Division of the Southern Main Branch of the Central Bank of the Russian Federation, Rostov-on-Don, Russian Federation;)

  • Panteeva, Sophia

    (Rostov Regional Division of the Southern Main Branch of the Central Bank of the Russian Federation, Rostov-on-Don, Russian Federation;)

Abstract
In the article, we use data of the household financial behavior longitudinal survey “All-Russian Household Survey on Consumer Finance” and confirm the hypothesis that household saving behavior significantly depends on psychological and behavioral characteristics of the household head (while controlling for variables of income, type of settlement, education and demographic type of households). We show that higher financial literacy, satisfaction with relationships within the household, more responsible money management and better adaptation abilities, all other factors held equal, increase households’ chances of having savings. We also describe a typical household with a high probability of saving (assuming that the head of the household is financially literate): this is a high-income household, its head has a higher or postgraduate education, and is highly responsible for money management. The presented econometric models and results are comprehensively assessed on the microdata for Russia for the first time.

Suggested Citation

  • Arzhenovskiy, Sergey & Panteeva, Sophia, 2024. "Household savings through the prism of behavioral characteristics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 75, pages 98-116.
    • Handle: RePEc:ris:apltrx:0505
    as

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    References listed on IDEAS

    as
    1. Clinton Gudmunson & Sharon Danes, 2011. "Family Financial Socialization: Theory and Critical Review," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 644-667, December.
    2. Gerhard, Patrick & Gladstone, Joe J. & Hoffmann, Arvid O.I., 2018. "Psychological characteristics and household savings behavior: The importance of accounting for latent heterogeneity," Journal of Economic Behavior & Organization, Elsevier, vol. 148(C), pages 66-82.
    3. Rey-Ares, Lucía & Fernández-López, Sara & Castro-González, Sandra & Rodeiro-Pazos, David, 2021. "Does self-control constitute a driver of millennials’ financial behaviors and attitudes?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 93(C).
    4. Jappelli, Tullio & Padula, Mario, 2013. "Investment in financial literacy and saving decisions," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 2779-2792.
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    More about this item

    Keywords

    savings; household; panel data; logit model; bivariate probit model; behavioral characteristics; financial behaviour;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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