Your ability to save money is determined by your DNA

first_img Jessica Morris Your ability to save money is determined by your DNA whatsapp Do you find it difficult to cream off part of your paycheck at the end of each month? It’s partly down to your DNA, new research has found.Researchers Henrik Cronqvist and Stephan Siegel crunched data from Sweden’s twin registry to analyse the net worth of identical twins and non-identical twins between 2003 until the end of 2007. They found individuals’ genetic make-up can explain around 33 per cent of variations in individual savings rates.”Analysing a large sample of identical and fraternal twins matched with data on their savings behaviour, we find that genetic differences explains about 33 percent of the variation in savings propensities across individuals,” the research paper said.Parents can instill financial literacy by giving kids a weekly allowance or letting them earn money through chores. But while this may stay with them throughout their twenties, the effects will wear off over time.”Individuals are born with persistent genetic predisposition to a specific savings behavior,” the research paper said. “Parenting contributes to the variation in savings rates among younger individuals, but it decays over time.” whatsapp Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof Thursday 26 February 2015 4:31 am Share Tags: NULLlast_img

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