This study analyses the wider consequences to society of increasing the minimum school leaving age (MSLA) using high quality nationally representative survey data – the Household, Income and Labour Dynamics in Australia Survey.

Abstract: This paper analyzes the relationship between individuals’ locus of control and their savings behavior, i.e. wealth accumulation, savings rates, and portfolio choices. Locus of control is a psychological concept that captures individuals’ beliefs about the controllability of life events and is a key component of self-control. We find that households with an internal reference...