Financial Responsibility, Personality Traits and Financial Decision ...

show an increase in the likelihood of saving since the Second World War. Those children
whose parents saved for their education are also 52% more likely to save.
Table 6— Interaction effect analysis
Having found strong evidence that financial responsibility is a deterministic factor
of savings behavior, we would also like to check the robustness of this finding. Firstly,
whether our results vary across different groups of respondents. We therefore also
performed an interaction effect analysis. The results for the interaction effect coefficients
are given in Table 6. We split this table between the results for the internal locus of
financial control interactions on the left and the chance construct score interaction, on
the right. The interaction effects are strongest for the internal locus of control, which
was the most significant variable of the two in tables 4 and 5. For the self-reported saver
analysis, we find that the effect of the internal locus is weaker among the high-income
groups and stronger among the leftwing voters. In other words, among the low income
left voting respondents, we detect the strongest effect of having little control on not
saving for later. Respondents with high income and who tend to vote for rightwing
parties tend to have a stronger internal locus of control, which stimulates them to
save for later, or so they claim. When focusing on the cross section of observed saver
behavior, we find that the internal locus effect is significantly weaker among those who
have not received pocket money, are religious, and avoid risks. Again, we find in line
with Huston (2010) this difference between results for use and understanding. Finally,
we find weaker interaction effects for the chance construct score. For the analysis
of self-reported savers the effect is strongest among the respondents who have positive
economic expectations. In other words, being more optimistic on this, means your trust
in faith is weaker and your tendency to save is higher. When analyzing the observed
18