Horses as emotional goods and time preferences: When passion competes with retirement saving

The study explores the relationship between horse owners’ emotional attachment and their time preferences, focusing on how passion and lifestyle influence financial decisions related to retirement saving. The research—based on a survey of 636 horse owners in Poland—reveals that horses function as emotional rather than economic goods, providing psychological satisfaction and a sense of identity. Statistical analysis shows no significant direct correlation between emotional attachment and regular saving; however, a higher level of passion and ownership of multiple horses tend to reduce saving capacity, indicating a substitution of emotional gratification for financial security. Age moderates this relationship, with individuals aged 35–44 displaying the greatest optimism about maintaining their equestrian lifestyle after retirement. The findings confirm that passion does not eliminate economic rationality but reshapes it—shifting priorities toward present emotional well-being. The study highlights the need for financial education and support programs for horse owners to balance emotional fulfillment with long-term economic stability.