The genoeconomics revolution is on! Kind of. Via Evolving Economics, a recent paper described how savings across life are explainable genetically. Using twins, roughly one-third of the variance is explained by shared genes, in line with the genetic heritability of other behavioral traits.. This shouldn’t be remotely surprising. Not only do they have another similar paper, but so do other people. Evolving Economics points out one interesting (though again unsurprising) part of the study, though:
The evidence that parental influence fades out for older subjects and disappears by age 45, compared to the relatively constant genetic effects, is interesting. The break down of effects by age is not a regular feature of studies such as these (it comes at the cost of sample size). The authors write:
Our interpretation of this evidence is that social transmission from parents to their children affects children’s savings behavior early on in life, but unlike genetic effects, parenting does not have a lifelong impact on an individual’s savings behavior. These results are broadly consistent with research in behavioral genetics which has found a significant effect of the common family environment in early ages on, e.g., personality, but also shown that such effects approach zero in adulthood
The really interesting thing, though, should be: what genes are responsible for these behaviors? Are risk-taking and overall savings rate related to the same genes? How do these genes interact with the environment? A quick search reveals a relationship between 5-HTTLPR (serotonin transporter; how much serotonin is in the body) as well as DRD4 (dopamine D4 receptor, a D1-like receptor that is mostly expressed in prefrontal cortex, iirc) with economic risk-taking.
But these papers are, hopefully, proof of principle for the economic community. If papers like this can garner some influence, maybe a broad behavioral economics community can arise that studies these genetics. God knows, listening to the first author of this paper talk makes it evident how much biology he needs to learn.