The Savings of Ordinary Americans: The Philadelphia Saving Fund Society in the Mid-Nineteenth Century

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The Savings of Ordinary Americans: The Philadelphia Saving Fund Society in the Mid-Nineteenth Century

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dc.contributor.author Goldin, Claudia
dc.contributor.author Alter, George
dc.contributor.author Rotella, Elyce
dc.date.accessioned 2009-03-08T23:22:47Z
dc.date.issued 1994
dc.identifier.citation Alter, George, Claudia Goldin, and Elyce Rotella. 1994. The savings of ordinary Americans: The Philadelphia saving fund society in the mid-nineteenth century. Journal of Economic History 54(4): 735-767. en
dc.identifier.issn 0022-0507 en
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:2643655
dc.description.abstract We explore the savings behavior of ordinary Americans through their accounts at the Philadelphia Saving Fund Society, the oldest mutual savings bank in the United States. Our sample contains all 2,374 accounts opened in 1850. Savings accounts were generally brief affairs, but median balances mounted to about three-quarters of annual income in three years. Deposits and withdrawals were infrequent, but substantial. Only female servants, as a group, used their accounts for life-cycle savings, eventually amassing large nest eggs. Men often used them to hold funds before acquiring physical property. We estimate saving rates between 10 and 15 percent on active accounts. en
dc.description.sponsorship Economics en
dc.language.iso en_US en
dc.publisher Cambridge University Press en
dc.relation.isversionof http://dx.doi.org/10.3386/w4126 en
dc.relation.hasversion http://www.jstor.org/stable/2123609 en
dash.license LAA
dc.title The Savings of Ordinary Americans: The Philadelphia Saving Fund Society in the Mid-Nineteenth Century en
dc.relation.journal Journal of Economic History en
dash.depositing.author Goldin, Claudia

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  • FAS Scholarly Articles [7594]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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