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How to save and invest
Shares information on investing, including what bonds are, what stocks are, and what mutual funds are.
Book
Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self
Many people fail to save what they will need for retirement. Research on excessive discounting of the future suggests that removing the lure of immediate rewards by precommitting to decisions or elaborating the value of future rewards both can make decisions more future oriented. The authors explore a third and complementary route, one that deals not with present and future rewards but with present and future selves. In line with research that shows that people may fail, because of a lack of belief or imagination, to identify with their future selves, the authors propose that allowing people to interact with age-progressed renderings of themselves will cause them to allocate more resources to the future. In four studies, participants interacted with realistic computer renderings of their future selves using immersive virtual reality hardware and interactive decision aids. In all cases, those who interacted with their virtual future selves exhibited an increased tendency to accept later monetary rewards over immediate ones.
Journal Article
The cheapskate's handbook
Includes humorous observations, unusual tips and advice on being stingy, dry companion for your favorite miser (who might just be you). Cheapskates - come out of the closet in a celebration of all things free, complimentary, pro bono, and if need be, cheap.
Book
Financial Literacy, Retirement Planning and Household Wealth
Relying on comprehensive measures of financial knowledge, we provide evidence of a strong positive association between financial literacy and net worth, even after controlling for many determinants of wealth. We discuss two channels through which financial literacy might facilitate wealth accumulation. First, financial knowledge increases the likelihood of investing in the stock market, allowing individuals to benefit from the equity premium. Second, financial literacy is positively related to retirement planning and the development of a savings plan has been shown to boost wealth.
Journal Article
Why are Saving Rates of Urban Households in China Rising?
From 1995 to 2005, the average urban household saving rate in China rose by 7 percentage points, to ¼ of disposable income. We use household-level data to explain the postponing of consumption despite rapid income growth. Tracing cohorts over time indicates virtually no consumption smoothing over the life cycle. Saving rates have increased across all demographic groups, although the age-profile of savings has an unusual U-shaped pattern, with saving rates being the highest among the youngest and oldest households in recent years. These patterns are best explained by the rising private burden of expenditures on housing, education, and health care.
eBook
Multiply your money : the easy guide to savings and investments
This is a fully revised and updated second edition! 'Multiply Your Money' offers an easy-to-follow route through the labyrinth of the world of money, cutting through jargon and showing that controlling your financial destiny is not just rewarding, but easy and fun too! For the cost of a large takeaway coffee or lunchtime sandwich a day you can create a stream of savings that will grow and grow, providing you with financial independence and security into retirement. It helps you to learn how to: start saving for your own destiny, make compound interest work hard for you, invest sensibly in the market for long-term reward, turn the tables on debt, beat the investments experts at their own game, gain confidence in your dealings with money, choose the right pension, and get on top of taxes.
Book
CREDIT CRISES, PRECAUTIONARY SAVINGS, AND THE LIQUIDITY TRAP
We study the effects of a credit crunch on consumer spending in a heterogeneous-agent incomplete-market model. After an unexpected permanent tightening in consumers’ borrowing capacity, constrained consumers are forced to repay their debt, and unconstrained consumers increase their precautionary savings. This depresses interest rates, especially in the short run, and generates an output drop, even with flexible prices. The output drop is larger with sticky prices, if the zero lower bound prevents the interest rate from adjusting downward. Adding durable goods to the model, households take larger debt positions and the output response can be larger.
Journal Article
Why Don't the Poor Save More? Evidence from Health Savings Experiments
Using data from a field experiment in Kenya, we document that providing individuals with simple informal savings technologies can substantially increase investment in preventative health and reduce vulnerability to health shocks. Simply providing a safe place to keep money was sufficient to increase health savings by 66 percent. Adding an earmarking feature was only helpful when funds were put toward emergencies, or for individuals that are frequently taxed by friends and relatives. Group-based savings and credit schemes had very large effects.
Journal Article