Teaching Children to Save and Lifetime Savings: What Is the Best Strategy?

Alessandro Bucciol and Marcella Veronesi

No 10/2013, Working Papers from University of Verona, Department of Economics

Abstract: We study the effect of alternative parental teaching strategies on the propensity to save and the amount saved during adulthood. Using a panel dataset from the Dutch DNB Household Survey we find that parental teaching to save increases the likelihood that an adult will save by 16%, and the saving amount by about 30%. The best strategy involves a combination of different methods (giving pocket money, controlling money usage, and giving advice about saving and budgeting). The effect of parental teaching is persistent with age, but decays at elder age for the propensity to save.

Keywords: saving; teaching to save; children; allowance (search for similar items in EconPapers)
JEL-codes: D12 J13 (search for similar items in EconPapers)
Pages: 37
Date: 2013-05
New Economics Papers: this item is included in nep-dem
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Journal Article: Teaching children to save: What is the best strategy for lifetime savings? (2014)
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