Attitudes Toward Debt and Debt Behavior
Annamaria Lusardi (),
Jenny Säve-Söderbergh and
No 24935, NBER Working Papers from National Bureau of Economic Research, Inc
We introduce a novel survey measure of attitude toward debt. Matching our survey results with panel data on Swedish household balance sheets from registry data, we show that our debt attitude measure helps explain individual variation in indebtedness as well as debt build-up and consumption behavior in the period 2004–2007. As an explanatory variable, debt attitude compares well to a number of other determinants of debt, including education, risk-taking, and financial literacy. We also provide evidence that debt attitude is passed down along family lines and has a cultural element.
JEL-codes: D14 D15 D91 (search for similar items in EconPapers)
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