Generational Differences in Managing Personal Finances

In this article, we provide a descriptive account of how people from different generations vary in their use of financial management technology, their access credit markets, and how they finance consumption and incur financial costs and penalties. We use a detailed panel of transaction-level data fr...

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Bibliographic Details
Main Authors: Bruce Carlin, Arna Olafsson, Michaela Pagel
Format: Article in Journal/Newspaper
Language:unknown
Subjects:
Iceland
Online Access:https://www.aeaweb.org/doi/10.1257/pandp.20191011
https://www.aeaweb.org/doi/10.1257/pandp.20191011.ds
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spelling ftrepec:oai:RePEc:aea:apandp:v:109:y:2019:p:54-59 2024-04-14T08:13:37+00:00 Generational Differences in Managing Personal Finances Bruce Carlin Arna Olafsson Michaela Pagel https://www.aeaweb.org/doi/10.1257/pandp.20191011 https://www.aeaweb.org/doi/10.1257/pandp.20191011.ds unknown https://www.aeaweb.org/doi/10.1257/pandp.20191011 https://www.aeaweb.org/doi/10.1257/pandp.20191011.ds article ftrepec 2024-03-19T10:27:54Z In this article, we provide a descriptive account of how people from different generations vary in their use of financial management technology, their access credit markets, and how they finance consumption and incur financial costs and penalties. We use a detailed panel of transaction-level data from Iceland on individual spending, incomes, balances, and credit limits from a personal financial management software. We find that technology adoption is faster for millennials, but use of consumer credit and financial penalties are higher for older generations. While the "coholding puzzle" exists for all people, it appears to be more severe for baby boomers. Article in Journal/Newspaper Iceland RePEc (Research Papers in Economics)
institution Open Polar
collection RePEc (Research Papers in Economics)
op_collection_id ftrepec
language unknown
description In this article, we provide a descriptive account of how people from different generations vary in their use of financial management technology, their access credit markets, and how they finance consumption and incur financial costs and penalties. We use a detailed panel of transaction-level data from Iceland on individual spending, incomes, balances, and credit limits from a personal financial management software. We find that technology adoption is faster for millennials, but use of consumer credit and financial penalties are higher for older generations. While the "coholding puzzle" exists for all people, it appears to be more severe for baby boomers.
format Article in Journal/Newspaper
author Bruce Carlin
Arna Olafsson
Michaela Pagel
spellingShingle Bruce Carlin
Arna Olafsson
Michaela Pagel
Generational Differences in Managing Personal Finances
author_facet Bruce Carlin
Arna Olafsson
Michaela Pagel
author_sort Bruce Carlin
title Generational Differences in Managing Personal Finances
title_short Generational Differences in Managing Personal Finances
title_full Generational Differences in Managing Personal Finances
title_fullStr Generational Differences in Managing Personal Finances
title_full_unstemmed Generational Differences in Managing Personal Finances
title_sort generational differences in managing personal finances
url https://www.aeaweb.org/doi/10.1257/pandp.20191011
https://www.aeaweb.org/doi/10.1257/pandp.20191011.ds
genre Iceland
genre_facet Iceland
op_relation https://www.aeaweb.org/doi/10.1257/pandp.20191011
https://www.aeaweb.org/doi/10.1257/pandp.20191011.ds
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