Spencer, H. L. & Fan, J. X. (2002). Savers, debtors, and simultaneous debtors and savers. Financial Counseling and
Planning , 13(2), 25-38.
Savers, Debtors, and Simultaneous Debtors and Savers
Heather L. Spencer
1 and Jessie X. Fan
There is not much previous research investigating simultaneous debt and savings behavior. This study examines three distinct groups: savers, debtors, and simultaneous debtors and savers (SDS). Hypotheses were developed using a framework based on Browning and Lusardi’s review on saving motives. Precautionary, investment, enterprise, and down payment saving motives were hypothesized to increase the probability of inclusion in the SDS group, and the improvement, independence, and bequest saving motives were hypothesized to decrease the probability of inclusion in the SDS group. The precautionary, life cycle, investment, independence, bequest, and down payment saving motives hypotheses were either supported or partially supported
Key words: Simultaneous debt and saving, Debt, Saving, Savings motives, Survey of Consumer Finances
1. Heather L. Spencer, Associate Instructor, University of Utah, Department of Family and Consumer Studies, 225 S 1400 E AEB 228, Salt Lake City, UT 84112-0080. Phone: 801-581-4903. Fax: 801-581-5156. E-mail: email@example.com
2. Jessie X. Fan, Associate Professor, University of Utah, Department of Family and Consumer Studies, 225 S 1400 E AEB 228, Salt Lake City, UT 84112-0080. Phone: 801-581-4170. Fax: 801-581-5156. E-mail: firstname.lastname@example.org
We would like to thank Dr. Cathleen Zick and Dr. John Burton for their extremely helpful comments on earlier versions of this paper. Any remaining errors are the sole responsibility of the authors.