Perceived saving motives and hierarchical financial needs. 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.
Jing J. Xiao, Assistant Professor, Consumer Affairs Program, College of Human Science and Service, University of Rhode Island, Kingston, RI 02881.