HIP to save: A typology of consumer saving with implications for theory and practice

Abstract

After the 2008 financial crisis, the study of saving money skyrocketed among consumer psychologists. The present article seeks to integrate this burgeoning literature by delineating three different types of saving, represented by the acronym HIP: (1) hustling , or saving by increasing monetary inflows (e.g., getting a side job); (2) investing , or saving by increasing monetary outflows (e.g., purchasing stocks); and (3) penny‐pinching , or saving by decreasing monetary outflows (e.g., buying products on sale). The three types of saving are conceptually distinct, which means that treating saving money as a singular construct misses important differences that exist between different types of saving. In this way, our conceptual framework can increase the precision of future research by enabling researchers to systematically define the type of saving they study. Finally, it generates a future research agenda, helping to ensure that saving money remains a theoretically and practically relevant research topic for consumer psychologists.