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Personality and Saving Behavior Among Older Adults

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  • Sarah D. Asebedo
  • Melissa J. Wilmarth
  • Martin C. Seay
  • Kristy Archuleta
  • Gary L. Brase
  • Maurice MacDonald

Abstract

This study investigates how psychological characteristics influence saving behavior within a sample of 1,380 U.S. preretirees aged 50–70 from the Health and Retirement Study (HRS). Using the 3M Model of Motivation and Personality as a theoretical basis, structural equation model results revealed that financial self‐efficacy (FSE) directly explains saving behavior and is central to understanding the link between other psychological characteristics and the saving behavior of older adults. Through higher FSE, increased positive affect and reduced negative affect indirectly supported saving behavior. Moreover, the results revealed personality traits indirectly explained saving behavior. Conscientiousness and extroversion indirectly supported saving behavior; whereas openness to experience and neuroticism indirectly undermined saving behavior. This study connects broad personality traits with saving behavior, which provides information about how older adults' psychological composition is related to their saving practices.

Suggested Citation

  • Sarah D. Asebedo & Melissa J. Wilmarth & Martin C. Seay & Kristy Archuleta & Gary L. Brase & Maurice MacDonald, 2019. "Personality and Saving Behavior Among Older Adults," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(2), pages 488-519, June.
    • Handle: RePEc:bla:jconsa:v:53:y:2019:i:2:p:488-519
    DOI: 10.1111/joca.12199
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    Cited by:

    1. Fan, Lu & Chatterjee, Swarn & Kim, Jinhee, 2022. "Young adults’ personality traits and subjective well-being: The role of perceived money management capability," Journal of Behavioral and Experimental Finance, Elsevier, vol. 35(C).
    2. Rao, Aniruddha S. & Lakkol, Savitha G., 2022. "A review on personality models and investment decisions," Journal of Behavioral and Experimental Finance, Elsevier, vol. 35(C).
    3. Julie Birkenmaier & Qiang John Fu, 2021. "Is bank staff interaction associated with customer saving behavior in banks?," Journal of Consumer Affairs, Wiley Blackwell, vol. 55(1), pages 332-350, March.
    4. Youngwon Nam & Cäzilia Loibl, 2021. "Financial Capability and Financial Planning at the Verge of Retirement Age," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 133-150, March.
    5. Tomar, Sweta & Kent Baker, H. & Kumar, Satish & Hoffmann, Arvid O.I., 2021. "Psychological determinants of retirement financial planning behavior," Journal of Business Research, Elsevier, vol. 133(C), pages 432-449.
    6. Gianluigi Guido & Cesare Amatulli & Andrea Sestino, 2020. "Elderly consumers and financial choices: A systematic review," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 25(3), pages 76-85, December.
    7. Lu Fan & Swarn Chatterjee & Jinhee Kim, 2022. "An Integrated Framework of Young Adults’ Subjective Well-Being: The Roles of Personality Traits, Financial Responsibility, Perceived Financial Capability, and Race," Journal of Family and Economic Issues, Springer, vol. 43(1), pages 66-85, March.
    8. Yunju Nam & Margaret S. Sherraden & Eun Jeong Lee & Jin Huang, 2022. "Building financial capability among low‐income older Asian immigrants: The roles of financial access and locus of control," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(4), pages 1683-1704, December.
    9. Elise Frølich Furrebøe & Ellen Katrine Nyhus, 2022. "Financial self‐efficacy, financial literacy, and gender: A review," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(2), pages 743-765, June.
    10. Sarah D. Asebedo & Taufiq Hasan Quadria & Blake T. Gray & Yi Liu, 2022. "The Psychology of COVID-19 Economic Impact Payment Use," Journal of Family and Economic Issues, Springer, vol. 43(2), pages 239-260, June.
    11. Arvid O. I. Hoffmann & Leonora Risse, 2020. "Do good things come in pairs? How personality traits help explain individuals' simultaneous pursuit of a healthy lifestyle and financially responsible behavior," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(3), pages 1082-1120, September.

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