Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/304393 
Year of Publication: 
2024
Series/Report no.: 
IMFS Working Paper Series No. 211
Publisher: 
Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), Frankfurt a. M.
Abstract: 
Findings from four recent projects on how neighbors, peers, financial advisors, and exogenous stressors affect wealth accumulation are presented. Having neighbors with college economics or business education promotes retirement saving. Greater local wealth inequality and mobility at the start of economic life motivate college graduates to take portfolio risks and achieve greater wealth, leaving others behind. Financial advice from unbiased professionals differs from peer advice in how it relates to advisor and advisee characteristics. Background stressors, such as crises, wars, and personal problems, occupy savers' minds. In an incentivized online experiment, background cognitive load consistently dampened consumption and promoted saving.
Subjects: 
Wealth accumulation
peer effects
household finance
retirement saving
wealth inequality
financial advice
cognitive load
JEL: 
G5
G11
E21
Document Type: 
Working Paper

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