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  • Journal of Economic Psychology

The Big Five Personality Traits, Material Values, and Financial Well-being of Self-described Money Managers

By: Grant Edward Donnelly, Ravi Iyer and Ryan Howell
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Abstract

Previous research has linked personality traits, material values, and money management to savings, debt, and compulsive buying. To extend previous research, four online surveys examined the Big Five personality traits and material values of those who manage their money and determined the independent effects of money management on wealth, debt, and compulsive buying. Results suggest that (a) individuals who believe that material possessions can provide happiness manage their money less and (b) highly conscientious individuals manage their money more because they have positive financial attitudes as well as a future orientation. Further, money management is significantly related to increased savings, decreased debt, and less compulsive buying even after controlling for numerous socio-demographic and dispositional variables. In the Discussion we suggest that materialists may experience a 'pain of knowing' about their finances because money management may highlight the discouraging implications of their purchasing behavior.

Keywords

Values; Personality; Well-being; Personal Characteristics; Values and Beliefs; Personal Finance; Money

Citation

Donnelly, Grant Edward, Ravi Iyer, and Ryan Howell. "The Big Five Personality Traits, Material Values, and Financial Well-being of Self-described Money Managers." Journal of Economic Psychology 33, no. 6 (December 2012): 1129–1144.
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More from the Authors

    • August 2018
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    The Effect of Graphic Warnings on Sugary-Drink Purchasing

    By: Grant Donnelly, Laura Y. Zatz, Daniel Svirsky and Leslie John
    • May 2018
    • Personality and Social Psychology Bulletin

    The Amount and Source of Millionaires' Wealth (Moderately) Predicts Their Happiness

    By: Grant Edward Donnelly, Tianyi Zheng, Emily Haisley and Michael I. Norton
    • 2017
    • Journal of Financial Counseling and Planning

    A Brief Money Management Scale and Its Associations with Personality, Financial Health, and Hypothetical Debt Repayment

    By: Masha Ksendzova, Grant Edward Donnelly and Ryan Howell
More from the Authors
  • The Effect of Graphic Warnings on Sugary-Drink Purchasing By: Grant Donnelly, Laura Y. Zatz, Daniel Svirsky and Leslie John
  • The Amount and Source of Millionaires' Wealth (Moderately) Predicts Their Happiness By: Grant Edward Donnelly, Tianyi Zheng, Emily Haisley and Michael I. Norton
  • A Brief Money Management Scale and Its Associations with Personality, Financial Health, and Hypothetical Debt Repayment By: Masha Ksendzova, Grant Edward Donnelly and Ryan Howell
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