Examining the "fresh start effect': a quantative study of saving behaviour in the Netherlands
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2024-07-09
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en
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This research investigates the impact of temporal landmarks and salary receipt timing on individuals' savings behaviour, with a focus on the motivational effects of perceived fresh starts. This research used mixed-effects and ordinary least squares regressions to analyse data from Qualtrics surveys and Google search trends for savings-related terms. Key findings reveal that specific temporal landmarks, such as Carnival, significantly enhance savings behaviour, whereas general and federal temporal landmarks show inconsistent effects. The proximity to salary receipt timing, especially in December, also significantly increases savings, highlighting the importance of financial timing in planning. Contrary to expectations, religious temporal landmarks do not significantly influence savings, and multi-category landmarks do not show a favourable impact compared to single-category ones. The robustness check using Google search data supports these findings, indicating that fresh start feelings associated with temporal landmarks can drive aspirational financial behaviours. These insights underline the complex interplay of cultural, personal, and situational factors in financial decision-making, suggesting that policymakers and financial planners should consider these variables to design effective savings interventions and improve financial well-being. Additionally, the study emphasises the importance of understanding individual differences in financial behaviour to tailor more personalised and effective financial strategies.
Key terms: behavioural economics; savings behaviour; temporal landmarks; fresh start; self-control
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Faculteit der Managementwetenschappen