University of Michigan
NBER Working Papers and Publications
|July 1992||The Savings of Ordinary Americans: The Philidelphia Saving Fund Society in the Mid-Nineteenth Century|
with Claudia Goldin, Elyce Rotella: w4126
We explore the savings behavior and saving rates of ordinary Americans through their accounts at the Philadelphia Saving Fund Society. the oldest mutual savings bank in the United States founded in 1816 to encourage thrift among the working poor. Our sample contains the 2.374 accounts opened in 1850. of which one-quarter were linked to the 1850 census manuscripts. Savings accounts were generally brief affairs; only 30 percent lasted more than 5 years. But median balances mounted to about three-quarters of annual income in about three to four years. Deposits and withdrawals were infrequent. but substantial. The median deposit was about 1 to 2 months of gross income whereas the median withdrawal represented about 2 to 3 months but occurred far less often. Account holders. then. did not gener...
Published: Journal of Economic History, December 1994. citation courtesy of