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D3b Exploring the Relationships Between Impatience, Savings Automation, and Financial Welfare
Key Words
savings automation, financial well-being, Behavioral Life-Cycle hypothesis, CFPB Financial Well-Being Survey
Short Description
We draw on the Behavioral Life-Cycle hypothesis to study two research questions around automating deposits into a non-retirement savings account: (1) What are the consumer characteristics associated with the decision to automate deposits into savings? and (2) Are automatic savings deposits associated with larger increases in financial welfare for impatient consumers (vs. patient ones)? To study these questions, we analyze a large, nationally representative survey that asks about consumers' impatience and use of automatic savings. In response to (1), we find that consumers with higher financial socialization and financial skill are more likely to automate savings. In response to (2), we find an interaction between savings automation and impatience, consistent with theory, such that automatic savings deposits are associated with larger increases in financial welfare for impatient consumers. We discuss implications for policy and financial planners.
First & Corresponding Author
Alycia Chin, Public Company Account Oversight Board
Authors in the order to be printed
Brianna Middlewood, Alycia Chin, Heidi Johnson, Melissa Knoll