Consumer Behavior over the Life Course by George P. Moschis

Author:George P. Moschis
Language: eng
Format: epub
ISBN: 9783030050085
Publisher: Springer International Publishing

5.3.3 Contextual Effects

Contextual variables in the form of timing and time, human agency factors, and structural variables can have direct and indirect effects on the person’s financial behaviors. And they can also moderate the effects of the relationships shown in the shaded area of Fig. 3.​1 (Chap. 3).

Timing and Time

Timing (age) and time (period or duration) are significant contextual factors in life course research. Although age is viewed as “empty” variable in developmental studies (Rutter 1996), it has a meaning in life course research where the timing for certain events or behaviors has implications because they are dictated by social clocks or norms (Elder 1998), such as saving for retirement and children’s education (e.g., Hershey et al. 2010). The timing of events, particularly those that signify transitions into and out of social roles (e.g., parenthood, grandparenthood, widowhood), has different impacts on the person according to the period in life he or she experiences them (Elder et al. 1996; Elder 1998). As many life events entail financial demands, those who experience such events earlier in life may respond to the financial demands associated with these events earlier than those who experience such events later in life. Thus, the person’s propensity to engage in effectual financial behaviors is likely to be higher when he or she experiences such events earlier than later in life. P11: The timing of events affects the person’s likelihood of engagement in effectual financial behaviors, so that the earlier timing of life events experienced promotes the performance of effectual financial behaviors.

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