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The ant and the grasshopper: understanding personal saving orientation of consumers

Journal Article


Abstract


  • A low savings rate is a persistent social issue with significant present and future

    ramifications. As an alternative to conceptualizing saving money as goal-directed

    behavior, the present research examines the chronic tendencies of people to save

    money in a consistent and sustained manner through a personal saving orientation

    (PSO). Drawing upon theorizing on action control and research on forming

    and maintaining habits, the PSO emphasizes consistent, sustainable saving activities

    and incorporating them into one’s lifestyle. In a set of nine studies, the PSO

    scale is developed and its nomological, test-retest, discriminant, and predictive

    validities are established. The results also show that the PSO moderates the relationship

    between consumers’ financial knowledge and their accumulated savings.

    Additionally, low-PSO consumers are responsive to an intervention to help them

    save money. The PSO offers an effective method for understanding differences

    between consumers in their financial decision making and behaviors, and it can

    be used as a guide to encourage consistent and sustained saving practices.

Authors


  •   Yoon, Sunyee (external author)
  •   Wong, Nancy (external author)
  •   Dholakia, U M. (external author)
  •   Tam, Leona

Publication Date


  • 2016

Citation


  • Dholakia, U., Tam, L., Yoon, S. & Wong, N. (2016). The ant and the grasshopper: understanding personal saving orientation of consumers. Journal of Consumer Research, 43 (1), 134-155.

Scopus Eid


  • 2-s2.0-84978982871

Ro Metadata Url


  • http://ro.uow.edu.au/buspapers/880

Has Global Citation Frequency


Number Of Pages


  • 21

Start Page


  • 134

End Page


  • 155

Volume


  • 43

Issue


  • 1

Abstract


  • A low savings rate is a persistent social issue with significant present and future

    ramifications. As an alternative to conceptualizing saving money as goal-directed

    behavior, the present research examines the chronic tendencies of people to save

    money in a consistent and sustained manner through a personal saving orientation

    (PSO). Drawing upon theorizing on action control and research on forming

    and maintaining habits, the PSO emphasizes consistent, sustainable saving activities

    and incorporating them into one’s lifestyle. In a set of nine studies, the PSO

    scale is developed and its nomological, test-retest, discriminant, and predictive

    validities are established. The results also show that the PSO moderates the relationship

    between consumers’ financial knowledge and their accumulated savings.

    Additionally, low-PSO consumers are responsive to an intervention to help them

    save money. The PSO offers an effective method for understanding differences

    between consumers in their financial decision making and behaviors, and it can

    be used as a guide to encourage consistent and sustained saving practices.

Authors


  •   Yoon, Sunyee (external author)
  •   Wong, Nancy (external author)
  •   Dholakia, U M. (external author)
  •   Tam, Leona

Publication Date


  • 2016

Citation


  • Dholakia, U., Tam, L., Yoon, S. & Wong, N. (2016). The ant and the grasshopper: understanding personal saving orientation of consumers. Journal of Consumer Research, 43 (1), 134-155.

Scopus Eid


  • 2-s2.0-84978982871

Ro Metadata Url


  • http://ro.uow.edu.au/buspapers/880

Has Global Citation Frequency


Number Of Pages


  • 21

Start Page


  • 134

End Page


  • 155

Volume


  • 43

Issue


  • 1