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Individual wealth accumulation: Why does dining together as a family matter?

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  • Chatterjee, Swarn
  • Palmer, Lance
  • Goetz, Joseph

Abstract

This study uses data from the Panel Study of Income Dynamics to examine whether self-regulation, proxied by regularly dining together with family, is associated with better financial preparedness and greater wealth accumulation across time among households. Findings reveal that individuals who had sufficient self-regulation to regularly eat meals together with their family, increased wealth at a faster rate than others between 1994 and 2004. Moreover, those who exhibited self-regulation by frequently spending mealtime with their family showed greater preference for investment portfolio diversification. Consistent with other studies, results indicate that wealth accumulation increased with age, income, and educational attainment.

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  • Chatterjee, Swarn & Palmer, Lance & Goetz, Joseph, 2012. "Individual wealth accumulation: Why does dining together as a family matter?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 8(2), pages 1-22.
    • Handle: RePEc:zbw:espost:129438
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    Cited by:

    1. Ning Tang & Andrew Baker & Paula C. Peter, 2015. "Investigating the Disconnect between Financial Knowledge and Behavior: The Role of Parental Influence and Psychological Characteristics in Responsible Financial Behaviors among Young Adults," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(2), pages 376-406, July.
    2. Hanson, Thomas A. & Olson, Peter M., 2018. "Financial literacy and family communication patterns," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 64-71.
    3. Jodi C. Letkiewicz & Jonathan J. Fox, 2014. "Conscientiousness, Financial Literacy, and Asset Accumulation of Young Adults," Journal of Consumer Affairs, Wiley Blackwell, vol. 48(2), pages 274-300, June.

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    More about this item

    Keywords

    Individual wealth; Behavioral Economics; Portfolio Allocation; Self Regulation;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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