Household Savings Behaviour in Crisis Times

32 Pages Posted: 18 Oct 2011 Last revised: 2 Nov 2011

See all articles by Carin van der Cruijsen

Carin van der Cruijsen

De Nederlandsche Bank

Jakob de Haan

University of Groningen - Faculty of Economics and Business; De Nederlandsche Bank; CESifo (Center for Economic Studies and Ifo Institute)

David-Jan Jansen

De Nederlandsche Bank

Robert H. J. Mosch

Vrije Universiteit Amsterdam; De Nederlandsche Bank

Date Written: August 1, 2011

Abstract

We analyze whether households’ savings behaviour was affected by adverse experiences during the crisis and knowledge about banking supervision. Using a survey among Dutch households, we find that both factors have affected the allocation of savings. Individuals whose bank went bankrupt or received government support during the crisis gather more information about banks and saving instruments and are more likely to have savings at several banks. Respondents with better knowledge about banking supervision are more likely to gather information about banks and saving instruments, to spread their savings across banks, and to shift savings to other banks.

Keywords: savings; financial literacy, financial crisis, household decision-making

JEL Classification: D14, D84, E58

Suggested Citation

van der Cruijsen, Carin and de Haan, Jakob and Jansen, David-Jan and Mosch, Robert H. J., Household Savings Behaviour in Crisis Times (August 1, 2011). De Nederlandsche Bank Working Paper No. 315. Available at SSRN: https://ssrn.com/abstract=1945727 or http://dx.doi.org/10.2139/ssrn.1945727

Carin van der Cruijsen (Contact Author)

De Nederlandsche Bank ( email )

PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB
Netherlands

HOME PAGE: http://www.dnb.nl/en/onderzoek-2/onderzoekers/overzicht-persoonlijke-paginas/index.jsp

Jakob de Haan

University of Groningen - Faculty of Economics and Business ( email )

PO Box 800
Groningen, 9700 AV
Netherlands
+31 0 50 3633706 (Fax)

De Nederlandsche Bank ( email )

P.O. Box 98
Amsterdam, 1000 AB
Netherlands

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

David-Jan Jansen

De Nederlandsche Bank ( email )

P.O. Box 98
1000 AB Amsterdam
Netherlands

HOME PAGE: http://sites.google.com/site/djansenresearch

Robert H. J. Mosch

Vrije Universiteit Amsterdam ( email )

Spui 21
Amsterdam, 1018 WB
Netherlands

De Nederlandsche Bank ( email )

PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB
Netherlands

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