Posted on by

Kłopocka Aneta Maria

PhD (Economics), Assistant Professor,

University of Finance and Management in Warsaw,

55 Pawia Str., Warsaw, 01-030, Poland




Abstract: Financial stability of an economy is significantly influenced by the evolution of the household saving behavior. The financial turmoil that started in 2007 and the severity of the recession that followed highlight the importance of household financial stability as one of the key factors affecting economic growth.

Household saving behavior is determined by a complex of economic, social, demographic and cultural factors. The deeper understanding of the influence of demographic determinants on household saving is essential for predicting future trends in household saving behavior in response to the forecasted population ageing.

This paper uses the household budget survey (HBS) conducted in 2011 by the Central Statistical Office to shed light on the demographics effects on the household saving behavior in one of the Central and Eastern European countries, i.e. Poland. Unit records from 37,375 Polish households are available. With micro data, it is possible to account for various household characteristics that are not available to researchers undertaking macroeconomic analyses, but are important for explaining differences in saving decisions.

The results of the One-way Analysis of Variance (ANOVA) support the view that age constitutes a significant determinant of household saving behavior. It can also be seen that the households of retired persons exhibit positive and high saving rates, rather than dissave, as suggested by the original LCH. Their saving propensity is significantly higher than that of younger households.

Keywords: household saving behavior; Poland; demographic determinants; age; Life Cycle.

JEL Classification: D91, D12.


I acknowledge generous financial support from the National Science Centre (Poland) under research grant „Directions of changes in household saving behavior – international perspective“ funded on the basis of a decision No. DEC-2011/01/B/HS4/05114.


ANIOŁA, P., GOŁAS,Z., 2013. The Financial Behaviour of Polish Households. 3rd International Scientific Conference Whither Our Economies-2013, October 24-25, Vilnius, Lithuania, 9-16.

ARIDAS, T., PASQUALI, V., MAGNO, A., BEDELL, D., 2010, czerwiec 21. Household Saving Rates: http://www.gfmag.com/global-data/economic-data/916lqg-household-saving-rates

ATTANASIO, O. P., WEBER, G., 2010. Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy. Journal of Economic Literature, 48(3), 693-751. doi: https://doi.org/10.1257/jel.48.3.693

BAŃBUŁA, P., 2006. Oszczędności i wybór międzyokresowy: podejście behawioralne (Working Paper No. 208). Narodowy Bank Polski.

BROWNING, M., LUSARDI, A., 1996. Household saving: Micro theories and micro facts. Journal of Economic Literature, 34(4), 1797-1855.

CIFTCIOGLU, S., BEGOVIC, N., 2010. Are domestic savings and economic growth correlated? Evidence from a sample of Central and East European countries. Problems and Perspectives in Management, 8(3), 30-35.

DEBSKI,W., SWIDERSKI, B., 2011. Change in the allocation structure of personal savings invested in financial assets in Poland, 2003-2009. Transformations in Business & Economics, 10(1), 81-97.

FISHER, P. J., ANONG, S. T., 2012. Relationship of Saving Motives to Saving Habits. Journal of Financial Counseling and Planning, 23(1), 63-79.

FRIEDMAN, M., 1957. A Theory of the Consumption. Princeton: PUP. http://people.su.se/~calmf/Ekonomisk%20politik/IntermacroEc_ht08/Forelasning9_ht08.pdf

GREJCZ, K., ŻÓŁKIEWSKI, Z., 2017. Household wealth in Poland: the results of a new survey of household finance. Bank i Kredyt, 48(3), 295-326.


KEYNES, J. M., 1936. The general theory of employment, interest and money. London: MacMillan.

KŁOPOCKA, A., 2013. Procesy oszczędzania gospodarstw domowych – fakty, trendy, determinanty. Zarządzanie i Finanse, 1(2), 283-294.

KŁOPOCKA, A., 2014. Kierunki zmian w procesach oszczędzania gospodarstw domowych w Japonii Changes in Japanese Household Saving Behavior. Acta Universitatis Lodziensis Folia Oeconomica, 299(1), 225-234. https://doi.org/11089/210

KŁOPOCKA, A., 2017. Does Consumer Confidence Forecast Household Saving and Borrowing Behavior? Evidence for Poland. Social Indicators Research, 133(2), 693-717. https://doi.org/10.1007/s11205-016-1376-4

KOŚNY, M., PIOTROWSKA, M., 2013. Economic security of households and their savings and credits. National Bank of Poland Working Paper, (146). http://www.nbp.pl/publikacje/materialy_i_studia/146_en.pdf

KOŚNY, M., 2013. Economic activity, saving, credit and income polarisation in Poland. Post-Communist Economies, 25(4), 512-528. https://doi.org/10.1080/14631377.2013.844931

LIBERDA, B., 2000. Oszczędzanie w gospodarce polskiej: teorie i fakty. Wasrszawa: PTE Dom Wydawniczy Bellona.

LOAYZA, N., SCHMIDT-HEBBEL, K., SERVÉN, L., 2000. What Drives Private Saving Across the World? Review of Economics and Statistics, 82(2), 165-181. https://doi.org/10.1162/003465300558678

MC MORROW, K., RÖGER, W., 2004. The Economic and Financial Market Consequences of Global Ageing. Springer.

MISZTAL, P., 2011. The relationship between savings and economic growth in countries with different level of economic development. e-Finanse: Financial Internet Quarterly, 7(2), 17-29.

MODIGLIANI, F., BRUMBERG, R., 1954. Utility analysis and the consumption function: An interpretation of cross-section data. FRANCO MODIGLIANI, In: Post Keynesian Economics, Kenneth K. Kurihara, 388436. New Brunswick: Rutgers University Press. http://www.arabictrader.com/arabictrader_storage_server/application/2009/08/15/pdf/v202/B4E8E626-EFEE-42B4-FE04-862C02B7AC83.pdf#page=18

NICULESCU-ARON, I., MIHAESCU, C., 2012. Determinants of Household Savings in EU: What Policies for Increasing Savings? Procedia – Social and Behavioral Sciences, 58, 483-492.

NOFSINGER, J. R., 2012. Household behavior and boom/bust cycles. Journal of Financial Stability, 8(3), 161-173. https://doi.org/10.1016/j.jfs.2011.05.004

OLSZEWSKA, G., 2010. Stopy oszczędności wewnętrznych a wzrost gospodarczy w krajach Europy Środkowej na przykładzie Polski, Czech, Słowacji oraz Węgier The Domestic Saving Rates and Economic Growth in The Central European Countries: Example of Poland, Czech Republic, Slovakia and Hungary. Acta Universitatis Lodziensis Folia Oeconomica, 238, 173-184.

RÓSZKIEWICZ, M., 2006. Attitudes Towards Saving in Polish Society During Transformation. Social Indicators Research, 78(3), 429-452. https://doi.org/10.1007/s11205-005-1605-8

RÓSZKIEWICZ, M., 2004. Skłonność Polaków do oszczędzania w świetle teorii finansów behawioralnych. Ekonomista, (5), 675-695.

RYTELEWSKA, G., 2005. Bankowość detaliczna. Retail Banking. Warszawa: PWE.

RYTELEWSKA, G., 2008. Gospodarstwa domowe. W B. Pietrzak, Z. Polański, B. Woźniak (red.) System finansowy w Polsce (T. 2, ss. 399-433). Warszawa: PWN.

RYTELEWSKA, G., KŁOPOCKA, A. M., 2010. Wpływ czynników demograficznych na poziom i strukturę oszczędności gospodarstw domowych w Polsce. Bank i Kredyt, 41(1), 57-80.

SCHUNK, D., 2009. What Determines Household Saving Behavior? An Examination of Saving Motives and Saving Decisions. Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 229(4), 467-491.