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Wealth accumulation: The role of others

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  • Chaliasos, Michael

Abstract

Findings from four recent projects on how neighbors, peers, financial advisors, and exogenous stressors affect wealth accumulation are presented. Having neighbors with college economics or business education promotes retirement saving. Greater local wealth inequality and mobility at the start of economic life motivate college graduates to take portfolio risks and achieve greater wealth, leaving others behind. Financial advice from unbiased professionals differs from peer advice in how it relates to advisor and advisee characteristics. Background stressors, such as crises, wars, and personal problems, occupy savers' minds. In an incentivized online experiment, background cognitive load consistently dampened consumption and promoted saving.

Suggested Citation

  • Chaliasos, Michael, 2024. "Wealth accumulation: The role of others," IMFS Working Paper Series 211, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    • Handle: RePEc:zbw:imfswp:304393
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    More about this item

    Keywords

    Wealth accumulation; peer effects; household finance; retirement saving; wealth inequality; financial advice; cognitive load;
    All these keywords.

    JEL classification:

    • G5 - Financial Economics - - Household Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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