Chatterjee, Swarn and Palmer, Lance and Goetz, Joseph (2010): Individual wealth accumulation: Why does dining together as a family matter? Forthcoming in: Applied Economics Research Bulletin : pp. 1-22.
Download (111kB) | Preview
This study uses data from the Panel Study of Income Dynamics to examine whether self-regulation, proxied by regularly dining together with family, is associated with better financial preparedness and greater wealth accumulation across time among households. Findings reveal that individuals who had sufficient self-regulation to regularly eat meals together with their family, increased wealth at a faster rate than others between 1994 and 2004. Moreover, those who exhibited self-regulation by frequently spending mealtime with their family showed greater preference for investment portfolio diversification. Consistent with other studies, results indicate that wealth accumulation increased with age, income, and educational attainment.
|Item Type:||MPRA Paper|
|Original Title:||Individual wealth accumulation: Why does dining together as a family matter?|
|Keywords:||Individual wealth, Financial behavior, Portfolio allocation, Self regulation|
|Subjects:||D - Microeconomics > D0 - General > D03 - Behavioral Microeconomics: Underlying Principles
Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology
D - Microeconomics > D1 - Household Behavior and Family Economics > D14 - Household Saving; Personal Finance
|Depositing User:||Swarnankur Chatterjee|
|Date Deposited:||06. Nov 2010 11:56|
|Last Modified:||30. Dec 2015 10:31|
Amuedo-Dorantes, Catalina and Susan Pozo. 2002. Precautionary Saving by Young Immigrants and Young Natives. Southern Economic Journal, 69 (1): 48-71.
Bandura, Albert. 1991. Social Cognitive Theory of Self-Regulation. Organizational Behavior and Human Decision Processes, 50 (2): 248-287.
Barber, Brad M., and Terrance Odean. 2000. Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. The Journal of Finance, 55 (2): 773-886.
Barber, Brad M., and Terrance Odean. 2001. Boys Will be Boys: Gender, Overconfidence, and Common Stock Investment. Quarterly Journal of Economics, 116 (1): 261-292.
Barsky, Robert B., Thomas Juster, Miles S. Kimball, and Matthew D. Shapiro. 1997. Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study. Quarterly Journal of Economics, 112 (2): 537-579.
Baumeister, Roy F., Ellen Bratslavsky, Mark Muraven, and Dianne M. Tice. 1998. Ego Depletion: Is the Active Self a Limited Resource. Journal of Personality and Social Psychology, 74 (5): 1252-1265.
Baumeister, Roy F., Matthew Gailliot, C. Nathan DeWall, and Megan Oaten. 2006. Self-regulation and personality: how interventions increase regulatory success, and how depletion moderates the effects of traits on behavior. Journal Of Personality, 74 (6), 1773-1801.
Baumeister, Roy F., and Todd F. Heatherton. (1996). Self-Regulation Failure: An Overview. Psychological Inquiry, 7 (1): 1-15.
Bertaut, Carol C. 1998. Stockholding Behavior of US Households: Evidence from the 1983-1989 Survey of Consumer Finances. Review of Economics and Statistics, 80 (2): 263-275.
Blum-Kulka, Shoshana. 1997. Dinner Talk: Cultural Patterns of Sociability and Socialization in Family Discourse: Lawrence Erlbaum Assoc Inc.
Brown, Charles, Greg J. Duncan, and Frank P. Stafford. 1996. Data Watch: The Panel Study of Income Dynamics. Journal of Economic Perspectives, 10 (2): 155-168.
Buhai, Sebastian I. 2004. Quantile Regression: Overview and Selected Applications. Ad-Astra-The Young Romanian Scientists' Journal, 4.
Certified Financial Planner Board of Standards, Inc. 2008. Financial Planning Practice Standards. Retrieved July 1, 2008, from http://www.cfp.net/Learn/Standards.asp
Cinotto, Simone. 2006. Everyone Would Be around the Table: American Family Mealtimes in Historical Perspective, 1850-1960. New Directions for Child and Adolescent Development, 111: 18.
Conley, Timothy G., and David W. Galenson. 1998. Nativity and Wealth in Mid-Nineteenth-Century Cities. Journal of Economic History, 58 (2): 468-93.
Daly, Mary C., Greg. J. Duncan, Peggy McDonough, and David R. Williams. 2002. Optimal indicators of socioeconomic status for health research. American Journal of Public Health, 92 (7): 1151-7.
Dave, Dhaval, and Henry Saffer. 2007. Risk Tolerance and Alcohol Demand Among Adults and Older Adults. NBER Working Paper.
DeGarine, I. 1972. The Socio-Cultural Aspects of Nutrition. Ecology of Food and Nutrition, 1: 143-163.
DeVauIt, Marjorie L. 1992. Feeding the Family: The Social Organization of Caring as Gendered Work. Symbolic Interaction, 15 (4): 529–532.
Dryer, Cecily D., and Albert S. Dryer. 1973. Family Dinnertime as a Unique Behavior. Family Process, 12: 291-301.
Dynan, Karen E., Jonathan. Skinner, and Stephen P. Zeldes. 2004. Do the Rich Save More? Journal of Political Economy, 112 (2): 397-444.
Evans, David T., Francis T. Cullen, Velmer S. Burton Jr., R. Gregory Dunaway, and Michael L. Benson. 1997. The Social Consequences of Self-Control: Testing the General Theory of Crime. Criminology, 35 (3): 475-504.
Fiese, Barbara H., Kimberly P. Foley, and Mary Spagnola. 2006. Routine and Ritual Elements in Family Mealtimes: Contexts for Child Well-Being and Family Identity. New Directions for Child and Adolescent Development, 111: 23.
Gibbs, Nancy. 2006. The Magic of the Family Meal. Time Magazine: 1200760-1.
Haurin, Donald R., Patrick H. Hendershott, and Susan M. Wachter. 1996. Borrowing Constraints and the Tenure Choice of Young Households. NBER Working Paper.
Howlett, Eizabeth, Jeremy Kees, and Elyria Kemp. 2008. The Role of Self-Regulation, Future Orientation, and Financial Knowledge in Long-Term Financial Decisions. Journal of Consumer Affairs, 42 (2): 223-242.
Hurst, Erik, Ming-Ching Luoh, and Frank Stafford. 1998. Wealth Dynamics of American Families, 1984-1994. Brookings Papers on Economic Activity, 1 (1): 267-329.
Karniol, Rachel and Dale T. Miller. 1983. Why Not Wait? A Cognitive Model of Self-Imposed Delay Termination. Journal of Personality and Social Psychology, 45 (4): 935-942.
Karoly, Paul. 1993. Mechanisms of Self-Regulation: A Systems View. Annual Review of Psychology, 44: 23-52.
Keister, Lisa A. 2000. Race and Wealth Inequality: The Impact of Racial Differences in Asset Ownership on the Distribution of Household Wealth. Social Science Research, 29 (4): 477-502.
Keister, Lisa A. 2003. Sharing The Wealth: The Effect of Siblings on Adults’ Wealth Ownership. Demography, 40 (3): 521-542.
Land, Kenneth C., and Stephen T. Russell. 1996. Wealth Accumulation Across the Adult Life Course: Stability and Change in Sociodemographic Covariate Structures of Net Worth Data in the Survey of Income and Program participation, 1984-1991. Social Science Research, 25 (4): 423-462.
Larson, Reed W., Angela R. Wiley, and Kathryn R. Branscomb. 2006. Family Mealtime as a context of development and socialization: Jossey-Bass, San Francisco.
Larson, Reed and Maryse H. Richards. 1994. Divergent Realities: The Emotional Lives of Mothers, Fathers, and Adolescents: Basic Books.
Ley, Kathryn and Dawn B. Young. 1998. Self-Regulation Behaviors in Underprepared (Developmental) and Regular Admissions College Students. Contemporary Educational Psychology, 23: 42-64.
Lewis, Michael, and Candice Feiring. 1989. Infant, Mother, and Mother-infant Interaction Behavior and Subsequent Attachment. Child Development, 60 (4): 831-837.
Lusardi, Annamaria. 1998. On the Importance of the Precautionary Saving Motive. American Economic Review, 88 (2): 449-453.
Menchik, Paul L., and Martin David. 1983. Income Distribution, Lifetime Savings, and Bequests. American Economic Review, 73 (4): 672-690.
Muraven, Mark, Roy F. Baumeister, and Dianne M. Tice. 1999. Longitudinal Improvement of Self-Regulation Through Practice: Building Self-Control Strength through Repeated Exercise. Journal of Social Psychology, 139 (4): 446-457.
Oaten, Megan, and Ken Cheng. 2007. Improvements in Self-Control from Financial Monitoring. Journal of Economic Psychology, 28 (4): 487-501.
Ochs, Elinor, and Merav Shohet. 2006. The Cultural Structuring of Mealtime Socialization. New Directions for Child and Adolescent Development, 111: 15.
Peress, Joel. 2004. Wealth, Information Acquisition, and Portfolio Choice. Review of Financial Studies, 17 (3): 879-914.
Romal, Jane B., and Barbara J. Kaplan. 1995. Differences in Self-Control among Spenders and Savers. Psychology: A Journal of Human Behavior, 32 (2): 8–17.
Schafer, Robert B., Elisabeth Schafer, Martin Dunbar, and Patricia M. Keith. 1999. Marital Food Interaction and Dietary Behavior. Social Science & Medicine, 48 (6): 787-796.
Smith, James P. 1995. Racial and Ethnic Differences in Wealth in the Health and Retirement Study. Journal of Human Resources, 30: S158-S183.
Springstead, Glen R., and Theresa M. Wilson. 2000. Participation in Voluntary Individual Savings Accounts: An Analysis of IRAs, 401 (k) s, and the TSP. Social Security Bulletin, 63 (1): 34-39.
Wooldridge, Jeffrey M. 2003. Introductory Econometrics: A Modern Approach, 2e. South-Western, Thomson Learning.
Youn, Seounmi, and Ronald J. Faber. (2000). Impulse Buying: Its’ Relation to Personality Traits and Cues. In Advances on Consumer Research, edited by Stephen J. Fisher and Robert J. Meyer, Provo, UT: Association for Consumer Research, 27: 179–85.
Yuh, Yoonkyung and Sharon A. DeVaney. 1996. Determinants of Couples’ Defined Contribution Retirement Funds. Financial Counseling and Planning, 7: 31-38.
Zagorsky, Jay L. 2004. The Wealth Effects of Smoking. British Medical Journal,13 (4): 370.
Zhong, Lucy X., and Jing. J. Xiao. 1995. Determinants of Family Bond and Stock Holdings. Financial Counseling and Planning, 6: 107-114.
Zimmerman, B. J., and Rafael Risemberg. 1997. Becoming a Self-Regulated Writer: A Social Cognitive Perspective. Contemporary Educational Psychology, 22: 73-101.