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Personality correlates of financial behavior.
Bijou Yang1, David Lester, Marcello Spinella
1Drexel University, USA.
Psychological Reports
|August 28, 2009
Summary
Personality traits like extraversion and neuroticism were linked to financial behavior in students. The Lie scale showed the most significant, though weak, associations with financial decisions.
Area of Science:
- Psychology
- Behavioral Economics
Background:
- Understanding the psychological underpinnings of financial behavior is crucial.
- Previous research has explored links between personality and economic decision-making.
Purpose of the Study:
- To investigate the association between key personality traits and financial behavior in a student sample.
- To determine which specific personality dimensions, including the Lie scale, are most related to financial actions.
Main Methods:
- A sample of 98 students completed personality assessments measuring extraversion, neuroticism, psychoticism, and a Lie scale.
- Financial behavior was assessed in relation to the obtained personality scores.
Main Results:
- Scores for extraversion, neuroticism, and psychoticism showed associations with financial behavior.
- The Lie subscale scores demonstrated the majority of significant, albeit weak, associations with financial behavior.
Conclusions:
- Personality traits, particularly those measured by the Lie scale, are associated with financial behavior in students.
- These findings suggest that psychological factors play a role in shaping financial decisions, even if the associations are modest.
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