Publications
Publications
- 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
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; Money; 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.