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The Psychology of Saving

A Study on Economic Psychology The late Karl-Erik Wärneryd, formerly Professor Emeritus of Economic Psychology, Stockholm School of Economics, Sweden
This innovative book provides an up-to-date assessment of the factors accounting for the differences between people who save and people who do not save money.
Extent: 400 pp
Hardback Price: £116.00 Web: £104.40
Publication Date: 1999
ISBN: 978 1 84064 016 8
Availability: In Stock
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  • Economics and Finance
  • Economic Psychology
  • Money and Banking
This innovative book provides an up-to-date assessment of the factors accounting for the differences between people who save and people who do not save money.

Humans are forward looking and want to make provisions for future consumption according to saving theories. Some people save and others with similar incomes and wealth do not. Why? Whilst psychology has devoted little attention to the forward looking dimension of human behaviour, it contributes theories and techniques for studying the cognitive, motivational, and social factors that affect saving. The book examines the assumption that man is forward looking and desires to provide for the future. It summarises theories and behavioural research in the area of saving and explores the psychological insights and findings of economists and interprets them in terms of modern psychology.

The Psychology of Saving will be welcomed as a major contribution to economic psychology which brings together research and analysis, developing our understanding about rationality, expectations and consumer behaviour.
‘This book is a major scholarly achievement, which deserves to be held in any academic library and should find its way onto the reading lists of a diverse range of courses. It will also be of considerable interest to public policymakers, who in the final chapter will find a rich array of suggestions of ways of affecting savings rates that focus on education and managing expectations rather than financial incentives such as interest rates and tax provisions. Wärneryd combines a comprehensive but very readable survey of the literature on saving with reports of recent work based on survey material from the VSB Panel database of the CentER for Economic Research at Tilburg University, garnishing the mix with many delightful quotations. It is a substantial volume.’
– Peter E. Earl, Journal of Economic Psyhology

‘Wärneryd, a respected Swedish academic, has written a thoughtful and interesting volume that advocates more psychological research on the motivations for saving. . . . Excellent bibliography; exceedingly complete index.’
– D.E. Bond, Choice

‘If you teach about saving, want to motivate higher rates of savings, or do research on any aspect of behavior related to saving, this book will be a guide and inspiration . . . This book could be the “only book you’ll ever need” on the psychology of saving. Seasoned researchers will reap the benefits of a thorough history along with a generous helping of European work that may not be familiar to North American readers.’
– Jean M. Lown, Utah State University, US

‘This is a stimulating and scholarly text.’
– Economic Outlook and Business Review
Contents: Introduction 1. A Closer Look at Psychology and Economics and at Economic Psychology 2. What Saving Is and Is Not 3. A Historical Perspective on the Psychology of Saving 4. The Psychology of Saving in Modern Economic Theories of Saving 5. Psychological and Other Behavioral Research on Household Saving 6. The Use of Psychological Variables in the Study of Saving: The Cognitive Concepts of Expectation, Uncertainty and Decision Making 7. The Use of Psychological Variables in the Study of Saving: Attitudes, Motives, Personality and Social Influence 8. An Integrative Framework for the Psychology of Saving 9. Implications for Studying and Influencing the Consumer References Index