Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/89879 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 7837
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
This paper analyzes the relationship between individuals' locus of control and their savings behavior, i.e. wealth accumulation, savings rates, and portfolio choices. Locus of control is a psychological concept that captures individuals' beliefs about the controllability of life events and is a key component of self-control. We find that households with an internal reference person save more both in terms of levels and as a percentage of their permanent incomes. Although the locus-of-control gap in savings rates is largest among rich households, the gap in wealth accumulation is particularly large for poor households. Finally, households with an internal reference person and average net worth hold significantly less financial wealth, but significantly more pension wealth, than otherwise similar households with an external reference person.
Schlagwörter: 
non-cognitive skills
locus of control
wealth accumulation
asset portfolios
savings
JEL: 
G02
G11
I31
R21
Dokumentart: 
Working Paper

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