Saving and Financial Planning: Some Findings from a Focus Group

Financial Counseling and Planning, Vol. 8, No. 1, 1997

Posted: 5 Mar 1996

See all articles by Arthur B. Kennickell

Arthur B. Kennickell

Federal Reserve Board - Department of Research & Statistics

Martha Starr

American University - Department of Economics

Annika E. Sundén

Stockholm University - Swedish Institute for Social Research (SOFI)

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Abstract

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: E21, D12

Suggested Citation

Kennickell, Arthur B. and Starr, Martha and Sundén, Annika E., Saving and Financial Planning: Some Findings from a Focus Group. Financial Counseling and Planning, Vol. 8, No. 1, 1997. Available at SSRN: https://ssrn.com/abstract=7254

Arthur B. Kennickell (Contact Author)

Federal Reserve Board - Department of Research & Statistics ( email )

20th & C. St., N.W.
Washington, DC 20551
United States
202-452-2247 (Phone)
202-452-5295 (Fax)

Martha Starr

American University - Department of Economics ( email )

4400 Massachusetts Avenue, N.W.
Washington, DC 20016-8029
United States
202-885-3747 (Phone)

Annika E. Sundén

Stockholm University - Swedish Institute for Social Research (SOFI) ( email )

Kyrkgatan 43B
SE-106 91 Stockholm
Sweden

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