The association between saving disposition and financial distress: A genetically informed approach

IF 2.5 2区经济学 Q2 ECONOMICS

Journal of Economic Psychology Pub Date : 2023-06-01 DOI:10.1016/j.joep.2023.102610

Alexandros Giannelis , Emily A. Willoughby , Robin Corley , Christian Hopfer , John K. Hewitt , William G. Iacono , Jacob Anderson , Aldo Rustichini , Scott I. Vrieze , Matt McGue , James J. Lee

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引用次数: 2

Abstract

Saving disposition, the tendency to save rather than consume, has been found to be associated with economic outcomes. People lacking the disposition to save are more likely to experience financial distress. This association could be driven by other economic factors, behavioral traits, or even genetic effects. Using a sample of 3,920 American twins, we develop scales to measure saving disposition and financial distress. We find genetic influences on both traits, but also a large effect of the rearing family environment on saving disposition. We estimate that 44% of the covariance between the two traits is due to genetic effects. Saving disposition remains strongly associated with lower financial distress, even after controlling for family income, cognitive ability, and personality traits. The association persists within families and monozygotic twin pairs; the twin who saves more tends to be the twin who experiences less financial distress. This result suggest that there is a direct association between saving disposition and financial distress, although the direction of causation remains unclear.

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储蓄倾向和财务困境之间的联系:一种遗传信息的方法

储蓄倾向，即倾向于储蓄而不是消费，已被发现与经济结果有关。缺乏储蓄倾向的人更有可能经历经济困境。这种关联可能是由其他经济因素、行为特征，甚至是遗传效应驱动的。利用3920对美国双胞胎的样本，我们开发了衡量储蓄倾向和财务困境的量表。我们发现遗传对这两种性状都有影响，但养育家庭环境对储蓄倾向也有很大影响。我们估计这两个性状之间的协方差的44%是由于遗传效应。即使在控制了家庭收入、认知能力和人格特征之后，储蓄倾向仍然与较低的财务困境密切相关。这种联系存在于家庭和同卵双胞胎中;储蓄更多的双胞胎往往是经历较少经济困境的双胞胎。这一结果表明，储蓄倾向和财务困境之间存在直接联系，尽管因果关系的方向尚不清楚。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Economic Psychology Multiple-

CiteScore

5.20

自引率

31.40%

发文量

审稿时长

63 days

期刊介绍： The Journal aims to present research that will improve understanding of behavioral, in particular psychological, aspects of economic phenomena and processes. The Journal seeks to be a channel for the increased interest in using behavioral science methods for the study of economic behavior, and so to contribute to better solutions of societal problems, by stimulating new approaches and new theorizing about economic affairs. Economic psychology as a discipline studies the psychological mechanisms that underlie economic behavior. It deals with preferences, judgments, choices, economic interaction, and factors influencing these, as well as the consequences of judgements and decisions for economic processes and phenomena. This includes the impact of economic institutions upon human behavior and well-being. Studies in economic psychology may relate to different levels of aggregation, from the household and the individual consumer to the macro level of whole nations. Economic behavior in connection with inflation, unemployment, taxation, economic development, as well as consumer information and economic behavior in the market place are thus among the fields of interest. The journal also encourages submissions dealing with social interaction in economic contexts, like bargaining, negotiation, or group decision-making. The Journal of Economic Psychology contains: (a) novel reports of empirical (including: experimental) research on economic behavior; (b) replications studies; (c) assessments of the state of the art in economic psychology; (d) articles providing a theoretical perspective or a frame of reference for the study of economic behavior; (e) articles explaining the implications of theoretical developments for practical applications; (f) book reviews; (g) announcements of meetings, conferences and seminars.