Why Do People Save?

Abstract

The present study investigated the relationship between financial satisfaction, income, and saving behavior. Results show, as predicted, that higher income as well as higher satisfaction with one’s financial satisfaction leads to more saving behavior. In addition, we found that the financial satisfaction-saving relationship is moderated through income. The connection between financial satisfaction and saving behavior is stronger for people with low income compared to people with high income. Furthermore, we were able to provide evidence that the Financial Satisfaction × Income interaction effect on saving behavior is mediated through the attitude toward saving. Theoretical and practical implications are discussed.

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