Filling the gap between planning and doing: Psychological factors involved in the successful implementation of saving intention

Abstract

11Previous research on the psychology of saving has tended to compare groups of savers and non-12 savers without controlling for their intentions. As a result, the variables that are known to covary with 13 saving/non-saving are mainly those that covary with forming saving intentions (attitudes, motives, 14 etc.). However, the step from saving intention to actual saving is not straightforward and may require 15 careful planning and efforts of self-control. In this respect it is important to know the factors that 16 impact on the process of saving intention realisation. On the basis of insights from the behavioural 17 life-cycle hypothesis [Shefrin, H. M. & Thaler, R. H. (1992) In both datasets we compare two groups of respondents -those who planned to save and imple-26 mented this intention (the ''plan-and-do'' group) and those who planned to save, but failed to realise 27 this plan (the ''plan-in-vain'' group). The data support the significance of time horizon and control 28 techniques, while the 3rd factor -perceived easiness of expenditure control -receives mixed support. 29

Inclusive Islamic financial planning: a conceptual framework

“…Rabinovich and Webley's (2007) considered effective saving techniques as those that are psychologically easier and require minimal daily effort. For instance, successful savers were found to use techniques such as automatically transferring a portion of income to another bank account.…”

How financial strain affects health: Evidence from the Dutch National Bank Household Survey

“…This measure has been used elsewhere as a proxy for the rate of time discounting (Borghans and Golsteyn, 2006) and is an established predictor of savings behaviour (Nyhus, 2002). Rabinovich and Webley (2007) interpret the perceived difficulty of controlling expenditure as a reflection of the general amount of self-control resources 20 available to the respondent but also how effective these resources are in dealing with the task of controlling expenditures.…”

Motives and attitudes for saving among young Georgians

“…The third and fourth groups of questions concerned demographic data and an assessment of quality of life in the context of wealth and fi nancial status. The choice of the questions was due to results of other, western researches where the relations between savings and other factors such as self assessment (Gąsiorowska, 2014), satisfaction with life (Nyhus, Webley 2001), motivation (Daniel, 1997, Rabinovich, Webley, 2007, or demographics was observed. It is also worth noting that in the case of multi-person households, the person with the largest contribution to the budget was asked to be the respondent.…”