소비자의 예비적 저축: 계획된 행동 이론을 중심으로 = Consumer`s Precautionary Saving: A Test of The Theory of Planned Behavior

다국어 초록 (Multilingual Abstract)

Previous studies of consumers` precautious saving behavior have a constrained focus on their economic characteristics or demographics. This study addresses the saving behavior of consumers within the psychological context of the consumers, which has received little attention to date. This study assumes that considering consumers` psychological characteristics provides a better understanding of their precautionary saving. This study derives on the Theory of Planned Behavior to explain the relevance of the consumers` saving. The theory of planned behavior is a theory about the relation between behavior and attitudes. It was generated by Icek Ajzen as an extension of the theory of reasoned action. It has been applied to studies of the links among attitudes, behavioral intentions, beliefs, and behaviors in diverse fields. According to this theory, if people evaluated the suggested behavior as positive, if they think their reference group wanted them to perform the behavior, and if they have perceive behavioral control, this results in a higher intention and they are more likely to do so. Specifically, this study examines the effect of consumer`s attitude, subjective norm, and self control on the consumers` precautious saving intention. In this study, data from the Survey of Consumer Finances (SCF) is used. The SCF is a triennial cross-sectional survey sponsored by the Board of Governors of the Federal Reserve System. It provides detailed information on the finances of American families. In particular, it allows for the examining of saving issues by drawing from its extensive reporting of both household balance sheets. 2007 SCF is used for the analysis. Only consumers in aged 20-79 are used. Consumers with income and net worth higher than $10,000,000 are excluded as outliers. Finally, 4,026 respondents from 4.422 are used for analyses. This study uses the risk tolerance and expectation about future income for proxy variables for attitudes toward the suggested behavior; race/ethnicity and age cohort for proxy variables for subjective norm; and time preference for a proxy for self control in order to explain consumers` intention to save. The Tobit Model is an econometric model suggested by Tobin to describe the relationship between a non-negative dependent variable yi and an independent variable xi. The model supposes that there is a latent variable yi(*). This variable linearly depends on xi via a parameter β which determines the relationship between the independent variable and the latent variable, there is a normally distributed error term u to capture random influences on this relationship. The observable variable yi is defined to be equal to the latent variable when the latent variable is above zero and zero otherwise. This study shows that consumers with substantial financial risk tolerance are more likely to report higher precautious saving than consumers without any risk tolerance. Those who are in Swing Cohort are more likely to report the higher precautionary saving than those who are in Generation X and Y. Those who have more self control of their behavior tend to report higher precautionary saving than those who have less. Those who are future oriented are more likely to need higher precautionary saving than those who are not. The results imply that researchers and policy-makers need to consider consumers` psychological aspects in modeling saving behavior.

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