Individual wealth accumulation: Why does dining together as a family matter?

Swarnankur Chatterjee, Lance Palmer and Joseph Goetz

MPRA Paper from University Library of Munich, Germany

Abstract: This study uses data from the Panel Study of Income Dynamics to examine whether self-regulation, proxied by regularly dining together with family, is associated with better financial preparedness and greater wealth accumulation across time among households. Findings reveal that individuals who had sufficient self-regulation to regularly eat meals together with their family, increased wealth at a faster rate than others between 1994 and 2004. Moreover, those who exhibited self-regulation by frequently spending mealtime with their family showed greater preference for investment portfolio diversification. Consistent with other studies, results indicate that wealth accumulation increased with age, income, and educational attainment.

Keywords: Individual wealth; Financial behavior; Portfolio allocation; Self regulation (search for similar items in EconPapers)
JEL-codes: D03 D14 Z1 (search for similar items in EconPapers)
Date: 2010-03-21, Revised 2010-08-21
New Economics Papers: this item is included in nep-cbe
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:26334

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