a column by Joan Costa-i-Font, Paola Giuliano and Berkay Ozcan for VOX: CEPR’s Policy Portal
Previous studies have shown that saving rates are influenced by, among other things, demographics and income, but much of the difference in saving rates across societies remains unexplained.
This column uses data covering three generations of immigrants in the UK to demonstrate that culture is an important explanation for cross-country differences in saving behaviour. When designing incentives to save, culture should therefore be taken into account.
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