Saving And Financial Planning: Some Findings From A Focus Group
Arthur B. Kennickell
Federal Reserve Board - Department of Research & Statistics
American University - Department of Economics
Annika E. Sundén
Stockholm University - Swedish Institute for Social Research (SOFI)
This paper summarizes the results of a focus group on saving and financial planning. The group consisted of eight individuals with relatively high income and wealth. The savings behavior of such people is of interest partly due to their large contribution to total personal saving. The participants expressed concerns about how their circumstances will change as they age, and about uncertainties in income and health. While these concerns are consistent with theories emphasizing life-cycle and precautionary motives, the idea that saving involves self-control was also mentioned repeatedly.
JEL Classification: D91, E21
Date posted: March 5, 1996
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