Page 273 - Contributed Paper Session (CPS) - Volume 6

CPS1925 Marek K.
to be positively related to the pursuit of good financial standing and economic
stability in the short and medium term. This suggests the existence of a
separate mechanism for collecting this type of savings. This distinction is
particularly visible in the effects of factor analysis. The existence of retirement
savings is not a differentiating factor - they appear both in total savings (which
indicate the ability to accumulate savings) and in retirement savings. This is
due to the difficulty of defining which savings constitute a retirement savings
– they can comprise all the savings, even if they were not collected for this
purpose. The differences relate to having the plan for saving for retirement.
This suggests that the features determining good functioning in the short and
medium term do not necessarily assume solicitude for the more distant future,
which is particularly visible among younger people (up to 45 years of age),
who were included in this study. In a sense, it reflects a kind of trade-off
between-strategy build upon the focus on achieving well-being in the short
(medium) and long-term and refers to the Carrol's buffer-stock model of
savings.
As suggested by the results obtained, the sample specification adopted in
the analysis helped to show the characteristics of the analyzed group and
eliminate the impact of many other potentially significant factors. However, it
also constitutes a limitation and determines the direction of further research -
to what extent the obtained results can be generalized to the whole
population of Poland and other countries.

References
1. Briggs, S. R., Cheek, J. M. (1986). The role of factor analysis in the
development and evaluation of personality. Journal of Personality, 54,
107-147.
2. Carroll, C.D. (1997). Buffer-stock saving and the life cycle/permanent
income hypothesis. Quarterly Journal of Economics, 112, 1-55.
3. Kośny, M., Piotrowska, M. (2018). Economic Resourcefulness: Definition
and Modeling. Social Indicators Research, online first:
https://doi.org/10.1007/s11205-018-2048-3.
4. Shefrin, H., Thaler, R.H. (1988). The behavioral life-cycle hypothesis.
Economic Inquiry, 26, 609-643.

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