Effects of Age on Saving Motives of Chinese Urban Consumers

Yao, Rui; Xiao, Jing Jian; Liao, Lizi

doi:10.1007/s10834-014-9395-2

Cited by 21 publications

(11 citation statements)

References 36 publications

(58 reference statements)

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“…The Life-cycle theory predicts that the decisions of households about consumption and saving are based on their lifetime income, implying that household saving rates differ across different stages of the life-cycle. In line with this theory, Yao et al (2015) show that Chinese households save for different reasons at different life-cycle stages. For example, middle-aged households are more likely to save for retirement than other age groups, and younger households are more likely to save for purchasing a home or car.…”

Section: Exploring Life-cycle Effectssupporting

confidence: 66%

Does Public Employment Affect Household Saving Rates? Evidence from Chinese Household Data

Steiner

2022

SSRN Journal

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Section: Exploring Life-cycle Effectssupporting

confidence: 66%

Does Public Employment Affect Household Saving Rates? Evidence from Chinese Household Data

Steiner

2022

SSRN Journal

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“…Student loan debt is unique from other forms of debts in that it is an investment in human capital and associated with a steeper earning path that would result in greater satisfaction overall (Robb, Chatterjee, Porto, & Cude, 2018). Homeownership is a major reason for families with children to have mortgage debt compared to their childless counterparts, which is similar to the situation where families with or without children have different saving motives (Yao, Xiao, & Liao, 2015). Previous research showed that debt delinquency patterns varied with family lifecycle stages that formed by age, marital status, presence of children, and age of children (Xiao & Yao, 2014).…”

Section: Debt and Family Structurementioning

confidence: 99%

Debt types and burdens by family structures

Xiao

Yao

2020

IJBM

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PurposeThe purpose of this study was to examine family structure differences in debt types and burdens of American families.Design/methodology/approachData was from the 2016 Survey of Consumer Finances. Eight types of family structures, five specific debts, and two debt burden indicators are examined with multivariate logistic regressions.FindingsAfter controlling for several socioeconomic variables, multivariate logistic regression results show that married with children families are more likely than five other family types to have any debt. In terms of specific debt, married with children families are more likely than six other types of families to have mortgages, four other types to have credit card loans, five other types to have to vehicle loans, three other types to have education loans, and one other type to have purchase loans. Married with children families are more likely than three other types of families (childless married couples, single males, and single females) to be late in debt payment for 60 or more days.Research limitations/implicationsThe data is limited to one-year cross-sectional data. To gain more insights on this topic, panel data could be used.Practical implicationsThe findings can be used for financial service professionals to identify loan demand and risk associated with various family structures and develop effective marketing strategies to serve these clients.Social implicationsThe findings are informative for public policymakers to develop family friendly economic policies and for consumer educators who help consumers make effective financial decisions when borrowing various types of loans.Originality/valueFirst, this study uses an innovative definition of family structure that counts several nontraditional family structures. Second, this study examines family structure differences in holdings of five specific debts together.

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“…Specific motives for saving in emerging adulthood have been largely understudied (Otto, 2009 ), especially in the period of conjuncture following the 2008 economic crisis. A few studies suggest, however, that saving for retirement becomes more prominent later in adulthood (Webley & Nyhus, 2008 ), while the precautionary motive is recognized throughout adulthood (Yao et al, 2015 ), and is also widespread among adolescents (Chudzian et al, 2015 ; Legenzova & Gaigalienė, 2017 ). Moreover, a considerable percentage of adolescents and emerging adults save money without a specific goal, as a precautionary measure or for near-term purchase of expensive goods (Otto, 2013 ; Webley & Nyhus, 2008 ).…”

Section: Literature Reviewmentioning

confidence: 99%

Saving of Freshmen and Their Parents in Slovenia: Saving Motives and Links to Parental Financial Socialization

2021

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Spending money within the budget, financial planning, and saving represent important positive financial behaviors that contribute to financial satisfaction of emerging adults, which in turn predicts their satisfaction with life. In a mixed method study of Slovenian first-year university students ( N = 515) and one of their parents, we qualitatively and quantitatively analyzed multi-informant survey data collected online on their motivation to save money and the factors that influence the students’ choice (demographics, parental saving, and parental financial socialization). More than half of the freshmen and their parents saved money, mostly for long-term financial goals, larger investments, financial security in the future, and with self-gratification motives. Saving and the motives for saving were moderately associated within the student–parent dyads: The students whose parents saved tended to save themselves, and the saving motives of parents and their emerging adult children also showed similarities. The role of parents as agents of financial socialization in the students’ healthy financial behavior was supported by significant associations between the students' recollection of parental socialization practices (direct financial teaching and financial monitoring) and their money saving. Supplementary Information The online version contains supplementary material available at 10.1007/s10834-021-09789-x.

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Effects of Age on Saving Motives of Chinese Urban Consumers

Cited by 21 publications

References 36 publications

Does Public Employment Affect Household Saving Rates? Evidence from Chinese Household Data

Does Public Employment Affect Household Saving Rates? Evidence from Chinese Household Data

Debt types and burdens by family structures

Saving of Freshmen and Their Parents in Slovenia: Saving Motives and Links to Parental Financial Socialization

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