Page 268 - Contributed Paper Session (CPS) - Volume 6

CPS1925 Marek K.
of savings, which in a broader context is a reference to the concept of mental
accounts (see Shefrin and Thaler 1988).
Factor 2 can be described as Pension saving. It includes, of course, pension
savings – which is a component shared with Factor 1. In addition, it refers to
planning for saving for a pension. An interesting aspect of this factor is that it
is not related to having savings, which – according to the respondent – are not
directly related to pensions. This indicates the specific character of pension
savings and another mechanism of their formation.
Factor 3 covers aspects related to the current saving for a specific purpose
and the ability to keep the desired level of expenses, which is why it was
described as Saving discipline. It is interesting, however, that the behaviours
from this area form a separate factor, distinct from the two previously
mentioned. An attempt to interpret it may be based on a reference to the
saving motives described in Section 2. While these motives are directly
referred to by Factor 2 (the life-cycle motive), Factor 3 seems to reflect the
down-payment and improvement motives, nevertheless, references to other
motives can also be found. However, of the most general character is Factor
1, which corresponds not only to the precautionary motive, the inter-temporal
substitution motive but also to others, including the already mentioned life-
cycle motive.
Table 1. Savings – factor’s loading for the first three factors
Factor’s loadings
Questions
Factor 1 Factor 2 Factor 3
Please specify how often in the last 6 months you
have saved for significant expenses like a car, home 0.076 0.154 0.813
or educational expenses?
Please specify how often in the last 6 months you 0.161 -0.077 0.804
managed to fit in your budget (expenditure plan)?
Do you save for a pension in any form, in addition 0.445 0.562 0.084
to compulsory contributions?
Do you have a plan on how to save for a pension? 0.034 0.877 0.048
Have you ever tried to estimate how much you
would have to save in the period when you work to -0.073 0.852 -0.003
make you satisfied with your standard of living in
retirement?
Does your household have savings? 0.944 0.037 0.126
What is the approximate value of your household 0.941 0.010 0.148
savings?
Eigenvalue 2.419 1.749 1.063
Characteristic of identified aspects is an incentive for attempts to look for
determinants. Such analysis was carried out using a regression model in which
as independent variables were utilized the constructs that emerged from EFA.
As the potential explanatory variables, the age (in years) and the level of
income were adopted – according to a previously presented literature review.

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