|عنوان فارسی مقاله:||پیش بینی پس انداز و حسابداری ذهنی در نوجوانان: مورد دانشگاه|
|عنوان انگلیسی مقاله:||Predicting savings and mental accounting among adolescents: The case of college|
|رشته های مرتبط:||علوم اجتماعی، حسابداری، علوم اقتصادی، اقتصاد مالی، حسابداری مالی و جامعه شناسی|
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|نشریه||الزویر – Elsevier|
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In this study we examine predictors of adolescents’ savings account ownership and use of mental accounting with a nationally representative, longitudinal sample of 744 adolescents ages 12 to 15 using Panel Study of Income Dynamics and Child Development Supplement data. We find sizable savings gaps along class lines. Further, findings suggest adolescents are more likely to have savings and use mental accounting when their parents have higher levels of education and have savings for them. Given that parents’ education level and parents’ savings for their child are directly related to adolescents’ own savings, we suggest that traditional banking markets may not be able to equalize the advantage provided by having savings as an adolescent.
We consider two types of savings in this study. The first type of savings is adolescents’ savings account, which refers to any savings held in a deposit account at a local bank that pays interest and can be used for any purpose. Money in this type of savings account is one of the more liquid investments outside of cash that one can make. The second type of savings investigated in this study is adolescents’ mental accounting for college, which refers to adolescents’ self-report of any money in their savings account that is designated for college. The concept of mental accounting comes from behavioral economics and was originally proposed by Thaler (1985). Thaler (1985) suggests that people think about and categorize money in different ways to prioritize and monitor their spending. Evidence for mental accounting among adults is extensive (e.g., Thaler, 2004; Xiao, 1995; Xiao & Noring, 1994; Xiao & Olson, 1993). However, only one known study examines mental accounting among adolescents (Webley & Plaisier, 1998). Webley and Plaisier (1998) find little evidence that adolescents prior to ages 11 or 12 use mental accounting; however, they do find evidence of mental accounting among 11 and 12 year olds. Like adults, adolescents ages 11 to 12 may treat money differently depending on the mental account from which the money is coming. The proxy for mental accounting used in this study is defined as whether or not adolescents report saving any of their money for college in savings accounts at a local bank. In this way, adolescents’ report regarding the prioritization of money in their savings account for college examines what may be the consequences of mental accounting.
2. Theory and research on adolescent savings
Economic socialization theory is the predominate paradigm for explaining adolescents’ savings, which emphasizes the role the family plays in whether or not adolescents develop a habit of saving. This perspective builds on the commonly held belief that the family is considered one of the key institutions in which adolescent development takes place (e.g., Bronfenbrenner, 1979). Adolescents develop an understanding of the economic and financial world through observation and modeling of their parents’ behaviors (e.g., Moschis, 1987). Adolescents develop skills and strategies related to saving (for example, to restrict their own spending) through parental guidance and selfreflection (Webley, 2005). From this perspective adolescents’ savings is almost always connected to a larger social unit or family. Given this, saving for adolescents is centrally tied up with the nature of relationships in the family, and is often a matter of negotiating with parents (Sonuga-Barke & Webley, 1993; Webley, Levine, & Lewis, 1991). Even when opening their own bank or savings account, adolescents are often supported by parents or other family members, and parents will frequently provide the money that is designated for saving (Sonuga-Barke & Webley, 1993). A contextual developmental approach to economic socialization theory also takes into account adolescents’ social backgrounds (such as family income, parents’ education, and employment) as well as adolescents’ characteristics. From this perspective, social background has an indirect influence on the development of adolescents’ human capital through the context of the family (Ashby, Schoon, & Webley, 2011). With regards to adolescents’ characteristics, economic socialization theory emphasizes future orientation and self-knowledge (Webley, 2005). In the next section, we review research in order to provide some insight into variables that are related to or attempt to predict adolescents’ saving, including those that are representative of social background and adolescents’ characteristics.
2.1. Review of research on predictors of adolescents’ savings
Existing research that attempts to predict adolescents’ savings focuses on adolescent characteristics (Belk, Rice, & Harvey, 1985; Doss, Marlowe, & Godwin, 1995; Friedline, 2012; Friedline & Elliott, 2011; Friedline, Elliott, & Nam, 2011; Furnham, 1999; Kim, LaTaillade, & Kim, 2011; Leiser & Ganin, 1996; Mandell, 2005; Mason, Nam, Clancy, Kim, & Loke, 2010; Pritchard, Myers, & Cassidy, 1989; Warnarr & Van Praag, 1997) and parent and household characteristics (Friedline, 2012; Friedline & Elliott, 2011; Friedline et al., 2011; Mason et al., 2010).
2.1.1. Adolescents’ characteristics
Leiser and Ganin (1996) use a cross-sectional sample of 171 Israeli adolescents ages 14 to 18. Using bivariate tests, they find that adolescents save more often when they attend academic compared to vocational schools and participate in discussions about finances compared to those who do not (Leiser & Ganin, 1996). Moreover, they find that males save significantly more than females. Furnham (1999) uses two-way ANOVAs and logistic regressions to analyze survey responses of a cross-sectional sample of 250 British adolescents ages 11 to 16. Controlling for adolescents’ demographic characteristics like age and gender, Furnham (1999) finds that saving is related to the amount of money adolescents report receiving, spending, and saving during the previous week. In a cross-sectional study of 1,619 employed high school seniors, Pritchard et al. (1989) use Pearson’s correlations and Somer’s d and find that adolescents’ race, gender, and high school grades are significantly related to savings. Furthermore, psychological variables, like internal locus of control, future orientation, and being considered a hard worker are significantly related to savings (Pritchard et al., 1989). However, researchers tend to use bivariate analyses and cross-sectional samples without controlling for parent or household characteristics, overlooking potentially relevant explanations of adolescents’ savings.