Parenting Styles, Savings Attitudes, and Propensity to Save Among Children in Singapore

This study investigates the association between parenting styles, savings attitudes, and the propensity to save among 62 children aged 10 to 15 years who had participated in a matched savings program in Singapore and 25 children who served as a comparison group. Results revealed that savings attitudes and parenting styles were positively associated with the propensity to save. Specifically, older age, perceiving saving as a good thing to do, reliance on parental guidance for saving, and authoritative and authoritarian parenting styles were significantly associated with a higher propensity to save. In contrast, perceiving saving as a struggle and permissive parenting was inversely associated with the propensity to save. Increased authoritative and authoritarian parenting scores predicted children’s propensity to save. Implications of involving children as active agents in saving and parental involvement in matched savings programs are discussed.