Motivation and Action Control in a Saving Lifestyle

Abstract

The article presents three studies about saving money described as a routine behaviour and a way of life. The results underline the role of perceived risk, benefits and self-efficacy as motivational variables affecting savings and the meaning of strategies in action control that facilitate the intention to save and maintenance of saving behaviour. The mechanisms of control tested were action planning and coping with problems, monitoring of saving behaviour, maintenance of self-efficacy and its recovery after setbacks. The first study, using structural equation modelling, presents the meaning of motivational variables in the prediction of intentions and the mediating role of action control functions in explaining the relationship between intention and savings ( N =227). The second study in the experimental arrangement confirms the beneficial influence of the same variables on financial decisions in unforeseen savings opportunities ( N =460). The final study shows the beneficial results of a cognitive training session, which was focused on inducing motivation and raising the level of action control in the area of saving. These studies explain the motivation to save and maintenance of saving behaviours, which lead to consistent and sustainable saving actions.