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Locus of control and saving: the role of saving motives

Bucciol, Alessandro and Trucchi, Serena ORCID: 2021. Locus of control and saving: the role of saving motives. Journal of Economic Psychology 86 , 102413. 10.1016/j.joep.2021.102413

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Using data from a longitudinal survey representative of the Dutch population, we analyze the relationship between saving and locus of control, and we study the underlying mechanisms. Locus of control measures the extent to which individuals perceive their life outcomes to be determined by their own actions, as opposed to external factors. Those who believe to be in control of future outcomes turn out to save more, both at the extensive (decision to save) and intensive margins (amount saved). We investigate the mechanisms behind this relationship. We implement a mediation analysis to examine the role of saving motives, distinguishing between specific and non-specific purposes. The effect of external locus of control is direct, while the effect of internal locus of control is indirect, largely driven by (non-specific) saving motives.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Publisher: Elsevier
ISSN: 0167-4870
Date of First Compliant Deposit: 21 July 2021
Date of Acceptance: 24 June 2021
Last Modified: 07 Nov 2023 04:23

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