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Title: Does Self-control Predict Wealth Creation Among Young Baby Boomers?
Resulting in 1 citation.
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Griesdorn, Tim S. Durband, Dorothy B. |
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Does Self-control Predict Wealth Creation Among Young Baby Boomers? Journal of Family and Economic Issues 37,1 (March 2016): 18-28. Also: http://link.springer.com/article/10.1007/s10834-015-9437-4/fulltext.html Cohort(s): NLSY79 Publisher: Springer Keyword(s): Bankruptcy; Educational Attainment; Home Ownership; Income; Locus of Control (see Rotter Scale); Net Worth; Pearlin Mastery Scale; Savings; Self-Control/Self-Regulation; Wealth Permission to reprint the abstract has not been received from the publisher. Why similar people have different patterns of wealth accumulation is puzzling. The behavioral life-cycle hypothesis indicates self-control is an important aspect of household saving behavior. This study investigated if household wealth creation from 1994 to 2008 could be predicted by self-control among a sample of young baby boomers using National Longitudinal Survey of Youth (NLSY79) data. Variables that significantly predicted 2008 net worth included homeownership, 1994 net worth, income, bankruptcy filing, inheritance, education level, race, marital status, children, retirement planning activities, locus of control, and self-mastery. The addition of self-control predictors to a regression model improved the model's ability to predict net worth by 1.3% above and beyond the human capital, financial status, and demographic predictor variables. In total, the model explained 60% of the variance in net worth. Findings indicated that individuals who invested in their human capital, were homeowners, and had higher self-control, accumulated more wealth. |
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Bibliography Citation
Griesdorn, Tim S. and Dorothy B. Durband. "Does Self-control Predict Wealth Creation Among Young Baby Boomers?" Journal of Family and Economic Issues 37,1 (March 2016): 18-28.
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