Page 269 - Contributed Paper Session (CPS) - Volume 6

CPS1925 Marek K.
As the key determinant, whose impact on particular aspects of saving was
examined, we chose economic resourcefulness. Weighted OLS estimates are
presented in Table 2.
Table 2. Determinants of factors identified for saving behavior
Factor 1 Factor 2 Factor 3
Economic resourcefulness
(variable imputed on the basis of 0.598*** -0.041 0.308***
SEM)
Total monthly net income of the
household (in PLN) -0.005 -0.031 -0.041*
Age (in years) 0.011** 0.030*** 0.004
Constant -3.183*** -0.700*** -1.392***
Adjusted R 0.315 0.030 0.080
2
Note: *** p < 0.01, ** p < 0.05, * p < 0.10.
Estimates show a positive relationship between the age variable and the
analyzed factors, the relationship being statistically significant for Factors 1
and 2. In the case of the income variable, the results were reversed – the
coefficients were negative but significantly different from zero only for Factor
3. Economic resourcefulness has a positive effect on Factors 1 and 3.
These results mean that resourcefulness is an important determinant of
the Ability to accumulate savings – both in the context of its effects (Factor 1)
and internal discipline (Factor 3) – even though the analysis showed that these
aspects are separate. At the same time, the Ability to accumulate savings
increases with age and does not depend on the level of income, which is a
direct reference to the Permanent Income Hypothesis and the Life Cycle
Hypothesis (taking into account the age range of respondents). On the other
hand, the discipline in current saving is a factor independent of age but
conditioned by features characterizing the resourceful individuals. As the
results show, this aspect of saving is particularly important for people with
lower incomes, whose resourcefulness is manifested in the fact that they try –
by saving – to limit a debt incurred for consumption purposes.
The positive relationship between Factor 2 and respondent age is
completely natural and fully compatible with the Permanent Income
Hypothesis and the Life Cycle Hypothesis. The result obtained for the variable
economic resourcefulness is interesting, however. The lack of statistical
significance for this explanatory variable means that pension saving is
managed in a different way compared to other saving areas – to the extent to
which it involves conscious planning of such savings. It is an important
indication that in order to increase private savings in this area, specific
incentives are needed, oriented at this type of savings, related in particular to
the promotion of long-term savings planning, which is not directly related to
the level of economic resourcefulness. This lack of relationship may – at least

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