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The Forgotten Half of Finance: Working-class Saving in Late Nineteenth-century New Jersey

In: Research in Economic History

Author

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  • Howard Bodenhorn

Abstract

Saving is essential to the health of economies and households, yet relatively little scholarship investigates saving behaviors among the urban working class in the nineteenth century. This chapter uses five surveys of industrial workers in 1880s New Jersey, an analysis of which reveals sophisticated saving behaviors consistent with life-cycle and precautionary theories. The mean saving rate was between 8% and 12% of annual income. Younger households saved less than older households. Householders with longer expected careers, on average, saved less. Life insurance and fraternal societies were the most popular saving vehicles, but workers also used savings banks and building and loan associations, alone and in combination.

Suggested Citation

  • Howard Bodenhorn, 2018. "The Forgotten Half of Finance: Working-class Saving in Late Nineteenth-century New Jersey," Research in Economic History, in: Research in Economic History, volume 34, pages 35-65, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rehizz:s0363-326820180000034002
    DOI: 10.1108/S0363-326820180000034002
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    More about this item

    Keywords

    Household saving; life-cycle saving; savings banks; life insurance; fraternal societies; precautionary saving; N21; D14; E21;
    All these keywords.

    JEL classification:

    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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