[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-203556-105":59,"doc-detail-203556-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","do-children-learn-to-save-from-their-parents-preliminary-and-incomplete","DO CHILDREN LEARN TO SAVE FROM THEIR PARENTS? - Preliminary and Incomplete","","Small, persistent differences in discount rates help explain U.S. wealth inequality as an equilibrium outcome, and micro evidence points to differences in preferences or planning behavior among households. This paper argues that if behavioral differences reflect an agent’s basic personality, parents and children should share traits, making parental savings behavior predictive of children’s savings and education decisions. A life-cycle model and PSID family-savings estimates show significant statistical and economic effects, linked to future-planning attitudes rather than stated willingness to defer consumption.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/do-children-learn-to-save-from-their-parents-preliminary-and-incomplete/203556/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/do-children-learn-to-save-from-their-parents-preliminary-and-incomplete/203556.png","ImageObject",300,407,{"name":92,"@type":93},"Lucas Martin","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-07","2026-09-04",true,{"@type":102,"interactionType":103,"userInteractionCount":39},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the main hypothesis of the paper?","Question",{"text":112,"@type":113},"If behavioral differences stem from an agent’s underlying personality, then parents and children should share traits, so parental savings behavior should predict children’s savings and investment choices such as education.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How do the authors model and test the argument?",{"text":117,"@type":113},"The paper formalizes the mechanism using a simple life-cycle model and estimates family savings effects on household data from the PSID.",{"name":119,"@type":110,"acceptedAnswer":120},"Which attitudes do the family effects relate to?",{"text":121,"@type":113},"Family effects are linked to self-reported attitudes toward planning for the future, but not to reported willingness to defer consumption.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},203556,1788561879,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":39,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":31,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":129,"read_time":143},8796095360427,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","DO CHILDREN LEARN TO SAVE FROM THEIR PARENTS?*  \nPRELIMINARY AND INCOMPLETE  \nJohn Knowles Department of Economics University of Pennsylvania 3718 Locust Walk Philadelphia, PA 19104-6297  \nAndrew Postlewaite Department of Economics University of Pennsylvania 3718 Locust Walk Philadelphia, PA 19104-6297  \nJune 2005  \nAbstract It is well-known that small di§erences in discount rates, persisting over generations, make it much easier to explain US wealth inequality across households as an equilibrium outcome. At the individual level, recent micro studies suggest that variations in preferences or in planning behavior are plausible candidates to explain inequality in pre-retirement savings among households in similar circumstances. In this paper, we argue that if such di§erences in behavior are really a function of an agentís basic personality, then we would expect parents and children to share such traits, and so parental savings behavior should predict both savings and other investment decisions of the children such as education. We formalize this argument using a simple life-cycle model and estimate family savings e§ects on household data in the PSID. In our model such family e§ects can be interpreted as arising from either patience or self control. We Önd that family e§ects are signiÖcant both statistically and economically; parental savings behavior explains both education and savings choices of childrensí households. We also Önd that these e§ects are linked to self reports about attitudes toward planning for the future, but not to reported willingness to defer consumption.  \n*Postlewaite gratefully acknowledges support from National Science Foundation Grant \\#SES 0095768. Support from National Institutes of Health- National Institute on Aging, Grant number P30 AG12836 . Knowles is grateful for support from the TIAA-CREF Institute. We are also grateful for funding from the Boettner Center for Pensions and Retirement Security at the University of Pennsylvania. We wish to thank Abhijit Banerjee, Alberto Bisin, Hal Cole, Pat Kehoe, David Laibson, Lee Ohanian, Petra Todd, Jesus Fernandez-Villaverde, Ken Wolpin and workshop participants at Yale, Carnegie-Mellon, Iowa and Rochester for helpful comments.  \n1 Introduction  \nOne of the central question in economics is what accounts for the heterogeneity in wealth. Standard explanations based on di§erential incomes and points in the life cycle do not do a very good job of explaining the variation. Venti and Wise (2000) argue that very little of the wealth variation among households with similar income can be accounted for by di§erences in portfolio choices or by chance events, and that the bulk of the wealth dispersion is due to di§erences in the income fraction that households choose to save. Bernheim, Skinner, and Weinberg (2001) also Önd that standard life cycle variables do not explain wealth variation. They argue that ìrules of thumbî or other less than fully rational decision processes, including behavioral rules, are more consistent with their Öndings. There is some argument that heterogeneity in discount factors may be important in understanding di§erencesin savings rates. Lusardi (2000) Önds that households di§er in the degree to which they have thought about retirement, and that those households that think more about retirement have substantially higher wealth than those that have given less thought. To the extent that discount rates might be related to the degree to which a household thinks about the future, this provides a link between heterogeneity in discount factors and heterogeneity in savings rates.  \nAmerks, Caplin, and Leahy (2002), however, suggest that this link is, at best, tenuous. They use survey information from TIAA-CREF participant households that includes questions intended to measure individual and household behavioral and psychological characteristics to construct a measure of ìpropensity to save.î They show that di§erences in planning are related to this pr","cbCaiub00jwJbujx","https://ap.wps.com/l/cbCaiub00jwJbujx","pdf",966261,"English","# Introduction\n## Wealth heterogeneity and standard explanations\n## Planning, attitudes, and discount-rate heterogeneity\n## Causation challenges from contemporaneous surveys","[{\"question\":\"What is the main hypothesis of the paper?\",\"answer\":\"If behavioral differences stem from an agent’s underlying personality, then parents and children should share traits, so parental savings behavior should predict children’s savings and investment choices such as education.\"},{\"question\":\"How do the authors model and test the argument?\",\"answer\":\"The paper formalizes the mechanism using a simple life-cycle model and estimates family savings effects on household data from the PSID.\"},{\"question\":\"Which attitudes do the family effects relate to?\",\"answer\":\"Family effects are linked to self-reported attitudes toward planning for the future, but not to reported willingness to defer consumption.\"}]","DO CHILDREN LEARN TO SAVE FROM THEIR PARENTS? - Preliminary and Incomplete | PDF",126]