IDEAS home Printed from https://ideas.repec.org/a/kap/jfamec/v37y2016i1p18-28.html
   My bibliography  Save this article

Does Self-control Predict Wealth Creation Among Young Baby Boomers?

Author

Listed:
  • Tim Griesdorn
  • Dorothy Durband

Abstract

Why similar people have different patterns of wealth accumulation is puzzling. The behavioral life-cycle hypothesis indicates self-control is an important aspect of household saving behavior. This study investigated if household wealth creation from 1994 to 2008 could be predicted by self-control among a sample of young baby boomers using National Longitudinal Survey of Youth (NLSY79) data. Variables that significantly predicted 2008 net worth included homeownership, 1994 net worth, income, bankruptcy filing, inheritance, education level, race, marital status, children, retirement planning activities, locus of control, and self-mastery. The addition of self-control predictors to a regression model improved the model’s ability to predict net worth by 1.3 % above and beyond the human capital, financial status, and demographic predictor variables. In total, the model explained 60 % of the variance in net worth. Findings indicated that individuals who invested in their human capital, were homeowners, and had higher self-control, accumulated more wealth. Copyright Springer Science+Business Media New York 2016

Suggested Citation

  • Tim Griesdorn & Dorothy Durband, 2016. "Does Self-control Predict Wealth Creation Among Young Baby Boomers?," Journal of Family and Economic Issues, Springer, vol. 37(1), pages 18-28, March.
    • Handle: RePEc:kap:jfamec:v:37:y:2016:i:1:p:18-28
    DOI: 10.1007/s10834-015-9437-4
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10834-015-9437-4
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10834-015-9437-4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kyoung Tae Kim & Jae Min Lee, 2021. "A Review of a Decade of Financial Behavior Research in the Journal of Family and Economic Issues," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 131-141, July.
    2. Min Cui & Jizhou Zhang & Xianli Xia, 2022. "The Relationship between Child Rearing Burden and Farmers’ Adoption of Climate Adaptive Technology: Taking Water-Saving Irrigation Technology as an Example," Agriculture, MDPI, vol. 12(6), pages 1-22, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jfamec:v:37:y:2016:i:1:p:18-28. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.