Library Header Image
LSE Research Online LSE Library Services

Savers and borrowers: strategies of personal financial management

Livingstone, Sonia ORCID: 0000-0002-3248-9862 and Lunt, Peter (1993) Savers and borrowers: strategies of personal financial management. Human Relations, 46 (8). pp. 963-985. ISSN 0018-7267

Full text not available from this repository.

Identification Number: 10.1177/001872679304600804


Saving and borrowing are traditionally and stereotypically thought of as opposites, with different motivations and consequences. Through a questionnaire survey of economic position, practices, and attitudes, the present paper examined the relation between saving and borrowing among British respondents. While saving and borrowing were found to be determined by different economic, social, and psychological factors, they did not describe mutually exclusive strategies of financial management. Saving regularly could also be distinguished from having savings. In all, six strategies were identified (combining saving or not saving, borrowing or not borrowing, and having or not having savings). Each combination was found to have specific discriminating characteristics. Savers and borrowers were found to have different psychological motivations, seeing debt either as a failure or as a normal part of everyday life. Many people retained savings or carried on saving at the same time as having debts: they were found to feel more in control and optimistic about their financial position than those who had debts but no savings. A further group had neither debts nor savings: they adopted an inflexible approach to financial management. Each group of people with different financial management strategies was illustrated by a case study.

Item Type: Article
Official URL:
Additional Information: © 1993 The Tavistock Institute
Divisions: Media and Communications
Subjects: B Philosophy. Psychology. Religion > BF Psychology
H Social Sciences > HG Finance
Date Deposited: 15 Dec 2016 12:31
Last Modified: 01 Jun 2024 03:27

Actions (login required)

View Item View Item