Aging & Social Change: Ninth Interdisciplinary Conference

Abstract

This study integrates anthropological and economic theory and methods to transcend the typical disciplinary divide and to help us interpret big data through a new lens. We build on our successful collaboration in studying Latino savings to explain the relationship between formal and informal saving accumulations among all U.S. demographics. The impetus for this project is mounting anecdotal evidence of interdependence among all Americans and the recent release of a goldmine of data from the 2014 Survey of Income and Program Participation (SIPP). We identify and investigate key differences and similarities in collectivist practices and formal saving behaviors across US demographics defined along lines of gender, race/ethnicity, age, immigrant generation, conjugal union status, household income, and household wealth. The concrete indicators of collectivist behaviors along with measures of formal savings may reveal whether collectivist practices complement or substitute for formal savings. In addition to explaining the relationship between formal and informal savings, this study pilots a novel decomposition analysis that predicts each demographic group’s likelihood of being secure in old age based on indices of collectivist practices and retirement savings accumulations.