Zusammenfassung
We examine the relationship between household wealth and self-control. Although self-control has been linked to consumption and financial behavior, its measurement remains an open issue. We employ a definition of self-control failure that follows literature in psychology, suggesting that three factors can render self-control defective: lack of planning, lack of monitoring, and lack of commitment to pre-set plans. Our measure combines those three ingredients and can be computed using a standard representative survey. We find that self-control failure is strongly associated with different household net wealth measures and with self-assessed financial distress.
Forschungsbereich
Household Finance Macro Finance
Schlagworte
self-control, household wealth, household finance
Thema
Fiscal Stability Saving and Borrowing Household Finance
Beziehungen
Forschungsdaten
JEL-Klassifizierung
Forschungsbereich
Thema
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