Immigrants show saving tendencies that carry through several generations
Personal savings drive individual wealth, but also local and global economies. So there’s an enduring interest in determining why and how people save. We know that demographics play a part, as do differences in income, taxes and housing prices.
New research points to another factor: culture. When migrants move to a new country, they leave behind the economics and institutions that typically influence saving habits. But cultural beliefs don’t disappear just because someone relocates. Does that influence saving habits?