Abstract
We examined the effect of self-control factors on saving behavior based on the behavioral life cycle hypothesis, using the 2016 and 2019 Survey of Consumer Finances datasets. A model that included self-control factors (behavioral life cycle variables) had a more significant effect on saving behavior than a model that included only normative life cycle variables. Among self-control factors, having at least one saving rule was positively associated with saving behavior, but saving goals were not significantly associated with saving behavior. Having a foreseeable major expense was negatively associated with saving behavior. The findings of this study can assist financial planners, counselors, and educators in developing and implementing strategies related to self-control factors to enhance saving behavior.
Published Version
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