Perceived Saving Motives and Hierarchical Financial Needs

Written By: Jing J. Xiao and Franziska E. Noring

Data from the 1986 Survey of Consumer Finances were used to analyze perceived saving motives. The results of Chi-square tests indicated that perceived saving motives were different in terms of the household’s home ownership, marital status, number of children, life cycle stage, employment status, income, asset and debt categories, net worth, and the head’s gender and education. Differences found in perceived saving motives suggested some hierarchical associations among various financial needs perceived by the consumers. Findings have implications for financial counseling and planning practitioners and educators. Key Words: financial needs, saving motives

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