Profiles of Consumer Saving: Societal Conditions and Individual Aspirations

We were interested in capturing the nuances of consumer saving behavior worldwide, among individuals in nations across a range of poverty and restriction. To do so we conducted two research investigations examining different facets of the poverty-saving relationship. Given the nascent stage of research in these areas, we proposed two different research questions to look at societal and individual influences on consumer saving. In our first investigation, we used multilevel methods and analyses to understand how conditions of poverty and inequality at the societal level influenced individual saving likelihood. Using a broad worldwide sample and controlling for additional national and personal factors previously linked to saving, we found that societal poverty significantly influenced individual saving occurrence. Echoing research that highlights the resourceful ness and determination of the world’s poorest citizens (Collins et al. 2009), we found that in conditions of greater poverty, saving likelihood also was greater. We were unable to confirm the impact of inequality on saving (versus spending), as inequality had no significant effect on these behaviors among consumers in our sample.