Self-efficacy and Savings Among Middle and Low Income Households

Jean Lown (), Jinhee Kim (), Michael Gutter () and Anne-Therese Hunt ()

Journal of Family and Economic Issues, 2015, vol. 36, issue 4, 502 pages

Abstract: Based on Social Cognitive Theory, this exploratory study examined the relationship between self-efficacy and saving among a sample of middle and low income households. Logistic regression was used to test the hypothesis that higher levels of self-efficacy are associated with greater likelihood of saving when controlling for age and income levels. The results show that higher self-efficacy, older age, and middle incomes are associated with a higher likelihood of savings. When controlling for age and income, respondents with low self-efficacy were only 60% as likely to save as those with high self-efficacy scores. The results confirm that saving behavior is associated with general self-efficacy. Enhancing self-efficacy for middle and low income individuals may encourage saving. Implications of this research suggest a need for additional research to further explore this relationship and how it might be used to enhance outreach aimed at improving savings behavior. Copyright Springer Science+Business Media New York 2015

Keywords: Self-efficacy; Saving; Middle and low income (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (12)

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DOI: 10.1007/s10834-014-9419-y

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