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Saving is an important financial behavior that provides an individual with psychological security and boosts his/her overall sense of well-being. For this reason, scientists and practitioners have attempted to understand why some people save when others do not. One of the most common explanations for this phenomenon is that those individuals who earn more should be more willing to save their money. In line with this logic, people who have more money should be more likely to have savings. Considering the results of prior research, we expected objective financial situation (income) to be positively linked to having savings (i.e., propensity to have savings and the exact amount of savings). At the same time, however, we assumed that subjective financial situation (perception) should also be positively related to these variables. To test our assumptions, we conducted a nationwide representative survey (N = 1048) among Polish respondents, asking them about their objective and subjective financial situation. The results of a regression analysis showed that objective financial situation was indeed significantly positively related to having savings. However, subjective financial situation was also positively correlated with having savings (even when we controlled for objective financial situation and demographic variables). We discuss the implications of the links between objective versus subjective financial situations and having savings.
This article was published in the following journal.
Name: PloS one
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The provision of monetary resources including money or capital and credit; obtaining or furnishing money or capital for a purchase or enterprise and the funds so obtained. (From Random House Unabridged Dictionary, 2d ed.)
A functional relationship between psychological phenomena of such nature that the presence of one tends to evoke the other; also, the process by which such a relationship is established.
Abortion induced to save the life or health of a pregnant woman. (From Dorland, 28th ed)
The relationship between the chemical structure of a compound and its biological or pharmacological activity. Compounds are often classed together because they have structural characteristics in common including shape, size, stereochemical arrangement, and distribution of functional groups.
Procedures for finding the mathematical function which best describes the relationship between a dependent variable and one or more independent variables. In linear regression (see LINEAR MODELS) the relationship is constrained to be a straight line and LEAST-SQUARES ANALYSIS is used to determine the best fit. In logistic regression (see LOGISTIC MODELS) the dependent variable is qualitative rather than continuously variable and LIKELIHOOD FUNCTIONS are used to find the best relationship. In multiple regression, the dependent variable is considered to depend on more than a single independent variable.