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The Ant and the Grasshopper: Understanding Personal Saving Orientation of Consumers

Author

Listed:
  • Utpal Dholakia
  • Leona Tam
  • Sunyee Yoon
  • Nancy Wong

Abstract

A low savings rate is a persistent social issue with significant present and future ramifications. As an alternative to conceptualizing saving money as goal-directed behavior, the present research examines the chronic tendencies of people to save money in a consistent and sustained manner through a personal saving orientation (PSO). Drawing upon theorizing on action control and research on forming and maintaining habits, the PSO emphasizes consistent, sustainable saving activities and incorporating them into one’s lifestyle. In a set of nine studies, the PSO scale is developed and its nomological, test-retest, discriminant, and predictive validities are established. The results also show that the PSO moderates the relationship between consumers’ financial knowledge and their accumulated savings. Additionally, low-PSO consumers are responsive to an intervention to help them save money. The PSO offers an effective method for understanding differences between consumers in their financial decision making and behaviors, and it can be used as a guide to encourage consistent and sustained saving practices.

Suggested Citation

  • Utpal Dholakia & Leona Tam & Sunyee Yoon & Nancy Wong, 2016. "The Ant and the Grasshopper: Understanding Personal Saving Orientation of Consumers," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 43(1), pages 134-155.
    • Handle: RePEc:oup:jconrs:v:43:y:2016:i:1:p:134-155.
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    File URL: http://hdl.handle.net/10.1093/jcr/ucw004
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    Citations

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    Cited by:

    1. Jaspers, Esther, 2018. "Opening up on consumer materialism," Other publications TiSEM a21cb1c8-5af1-46cc-9ea0-a, Tilburg University, School of Economics and Management.
    2. Lu Yang & Yuhuang Zheng & Rui Chen, 2021. "Who has a cushion? The interactive effect of social exclusion and gender on fixed savings," Journal of Consumer Affairs, Wiley Blackwell, vol. 55(4), pages 1398-1415, December.
    3. Chandan Parsad & Sanjeev Prashar & Vijay Sai Tata, 2017. "Understanding nature of store ambiance and individual impulse buying tendency on impulsive purchasing behaviour: an emerging market perspective," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 44(4), pages 297-311, December.
    4. Dee Warmath & Genevieve E. O'Connor & Casey Newmeyer & Nancy Wong, 2022. "Have I saved enough to social distance? The role of household financial preparedness in public health response," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(1), pages 319-338, March.
    5. Gagandeep Kaur & Manjit Singh, 2024. "Pathways to Individual Financial Well-Being: Conceptual Framework and Future Research Agenda," FIIB Business Review, , vol. 13(1), pages 27-41, January.
    6. Gerhard, Patrick & Gladstone, Joe J. & Hoffmann, Arvid O.I., 2018. "Psychological characteristics and household savings behavior: The importance of accounting for latent heterogeneity," Journal of Economic Behavior & Organization, Elsevier, vol. 148(C), pages 66-82.
    7. AHMAD Idris & ALNI Rahmawati & ARNI Surwanti & MAMDUH M. Hanafi, 2023. "Financial Literacy To Improve Sustainability: A Bibliometric Analysis," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 18(3), pages 24-43, December.
    8. Min Jung Kim, 2022. "Two sides of the same coin: The simultaneous effects of spending and saving needs on budget estimation," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 27(4), pages 360-371, December.
    9. Hajar Chetioui & Yassine El Bouchikhi & Mohamed Makhtari & Meriem Sahli & Hind Lebdaoui, 2024. "An Investigation of the Impact of Financial Literacy on Households’ Financial Well-Being: An Emerging Market Study," International Journal of Economics and Financial Issues, Econjournals, vol. 14(3), pages 97-105, May.

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