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Barriers and Facilitators to Saving Behavior in Low- to Moderate-Income Households

Barriers and Facilitators to Saving Behavior in Low- to Moderate-Income Households <p>The purpose of this study was to identify barriers and facilitators of saving behavior in low- to moderate-income households within a framework of predisposing, enabling, and reinforcing factors. Data used were from a U.S. Department of Agriculture/National Institute for Food and Agriculture–sponsored multistate project. With a sample of 757 low- to moderate-income households and hierarchical logistic regression, results indicated that enabling factors and reinforcing factors reduced the significance of predisposing factors such as household income and financial knowledge on the likelihood to save. In the full model, significant predisposing factors included net worth, attitude toward saving, learned about saving from formal sources, marital status, gender, and race. Among the enabling factors, constraints on resources and lack of comfort with financial institutions were perceived as barriers to saving as well as unemployment. Of the reinforcing factors, concern for loss of benefits increased the odds of saving.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Barriers and Facilitators to Saving Behavior in Low- to Moderate-Income Households

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.27.2.231
Publisher site
See Article on Publisher Site

Abstract

<p>The purpose of this study was to identify barriers and facilitators of saving behavior in low- to moderate-income households within a framework of predisposing, enabling, and reinforcing factors. Data used were from a U.S. Department of Agriculture/National Institute for Food and Agriculture–sponsored multistate project. With a sample of 757 low- to moderate-income households and hierarchical logistic regression, results indicated that enabling factors and reinforcing factors reduced the significance of predisposing factors such as household income and financial knowledge on the likelihood to save. In the full model, significant predisposing factors included net worth, attitude toward saving, learned about saving from formal sources, marital status, gender, and race. Among the enabling factors, constraints on resources and lack of comfort with financial institutions were perceived as barriers to saving as well as unemployment. Of the reinforcing factors, concern for loss of benefits increased the odds of saving.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jan 1, 2016

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