Individual Wealth Accumulation: Why Does Dining Together as a Family Matter?

Chatterjee, S., Palmer, L., & Goetz, J. (2012). Individual wealth accumulation: Why does dining together as a family matter? Applied Economics Research Bulletin, 8 (2), 1-22

22 Pages Posted: 21 Apr 2015

See all articles by Swarn Chatterjee

Swarn Chatterjee

University of Georgia

Lance Palmer

University of Georgia

Joseph W. Goetz

University of Georgia

Date Written: Fall 2012

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, Financial Socialization, PSID, Intertemporal Financial Decisions, Investment, Portfolio Diversification, Financial Market Participation, Behavioral Finance, Household Finance

JEL Classification: D14, D91, E21, G02, G11

Suggested Citation

Chatterjee, Swarn and Palmer, Lance and Goetz, Joseph W., Individual Wealth Accumulation: Why Does Dining Together as a Family Matter? (Fall 2012). Chatterjee, S., Palmer, L., & Goetz, J. (2012). Individual wealth accumulation: Why does dining together as a family matter? Applied Economics Research Bulletin, 8 (2), 1-22. Available at SSRN: https://ssrn.com/abstract=2596371 or http://dx.doi.org/10.2139/ssrn.2596371

Swarn Chatterjee (Contact Author)

University of Georgia ( email )

Athens, GA 30602-3622
United States

Lance Palmer

University of Georgia ( email )

United States

Joseph W. Goetz

University of Georgia ( email )

Athens, GA 30602-6254
United States

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