Money in the bank: Feeling powerful increases saving

E. Garbinsky, A.K. Klesse, J. Aaker

Research output: Contribution to journalArticleScientificpeer-review

31 Citations (Scopus)

Abstract

Across five studies, this research reveals that feeling powerful increases saving. This effect is driven by the desire to maintain one’s current state. When the purpose of saving is no longer to accumulate money but to spend it on a status-related product, the basic effect is reversed, and those who feel powerless save more. Further, if money can no longer aid in maintaining one’s current state because power is already secure or because power is maintained by accumulating an alternative resource (i.e., knowledge), the effect of feeling powerful on saving disappears. These findings are discussed in light of their implications for research on power and financial decision making.
Original languageEnglish
Pages (from-to)610-623
JournalJournal of Consumer Research
Volume41
Issue number3
Early online date30 May 2014
DOIs
Publication statusPublished - Oct 2014

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