The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
Locus of control and savings
Abstract
This paper analyzes the relationship between individuals’ locus of control and their savings behavior, i.e. wealth accumulation, savings rates, and portfolio choices. Locus of control is a psychological concept that captures individuals’ beliefs about the controllability of life events and is a key component of self-control. We find that households with an internal reference person save more both in terms of levels and as a percentage of their permanent incomes. Although the locus-of-control gap in savings rates is largest among rich households, the gap in wealth accumulation is particularly large for poor households. Finally, households with an internal reference person and average net worth hold significantly less financial wealth, but significantly more pension wealth, than otherwise similar households with an external reference person.
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Cites
Pearlin, L. I., & Schooler, C. (1978) · Journal of Health and Social Behavior · doi:10.2307/2136319 · Cited by 7,791 · cited 1×
“In 2003, 2004, and 2007, HILDA respondents were asked the seven original items of the Psychological Coping Resources component of the Mastery Module developed by Pearlin & Schooler (1978).”
MethodPerceived Behavioral Control, Self‐Efficacy, Locus of Control, and the Theory of Planned Behavior 1
Ajzen, I. (2002) · Journal of Applied Social Psychology · doi:10.1111/j.1559-1816.2002.tb00236.x · Cited by 7,629
The development of markers for the Big-Five factor structure
Goldberg, L. R. (1992) · Psychological Assessment · doi:10.1037/1040-3590.4.1.26 · Cited by 5,530
A gradient of childhood self-control predicts health, wealth, and public safety
Moffitt, T. E., Arseneault, L., Belsky, D., Dickson, N., Hancox, R. J., Harrington, H., Houts, R., Poulton, R., Roberts, B. W., Ross, S., et al. (2011) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.1010076108 · Cited by 4,885
Financial literacy and stock market participation
van Rooij, M., Lusardi, A., & Alessie, R. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.006 · Cited by 3,554 · cited 2×
“They instead put forward a ‘behavioral life-cycle hypothesis’ in which willpower represents the psychic cost associated with exercising the self-control necessary to resist immediate gratification and achieve long-term savings goals.”
BackgroundAn economic theory of self-control.
Thaler, R. H., & Shefrin, H. M. (1981) · Journal of Political Economy · doi:10.1086/260971 · Cited by 2,203
Planning and Financial Literacy: How Do Women Fare?
Lusardi, A., & Mitchell, O. S. (2008) · American Economic Review · doi:10.1257/aer.98.2.413 · Cited by 1,512
Understanding Pensions: Cognitive Function, Numerical Ability and Retirement Saving*
Banks, J., & Oldfield, Z. (2007) · Fiscal Studies · doi:10.1111/j.1475-5890.2007.00052.x · Cited by 345 · cited 2×
“Less numerate individuals, however, do appear to have lower wealth levels (Banks & Oldfield, 2007) and be more likely to make financial mistakes (Agarwal & Mazumder, 2013).”
BackgroundOptimal Financial Knowledge and Wealth Inequality
Lusardi, A., Michaud, P.-C., & Mitchell, O. (2013) · doi:10.3386/w18669 · Cited by 89
Cited by
Gerged, A. M. (2021) · Business Strategy and the Environment · doi:10.1002/bse.2642 · Cited by 355
Metadata
- Authors
- Cobb-Clark, D. A., Kassenboehmer, S. C., & Sinning, M. G.
- Venue
- Journal of Banking & Finance
- Publisher
- Elsevier BV
- Published
- 2016-12
- Volume
- 73
- Pages
- 113-130
- ISSN
- 0378-4266 (ISSN-L)
- OpenAlex
- W3125717023
- Cited by
- 216
- References
- 9
- FWCI
- 41.46
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
