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Personality Traits and Insurance Demand
Thomas Schilling1, Wiebke Bleidorn2
1University of Trier, Germany.
Personality & Social Psychology Bulletin
|June 24, 2024
Summary
Personality traits like risk-taking influence insurance decisions. This study reveals significant links between personality, including the Big Five and Locus of Control, and demand for various personal insurance types.
Area of Science:
- Behavioral Economics
- Psychology
- Insurance Studies
Background:
- Personality traits significantly impact financial behaviors.
- The relationship between specific personality traits and insurance demand remains underexplored.
Purpose of the Study:
- To investigate the predictive power of personality traits on personal insurance decisions.
- To identify associations between risk-taking, the Big Five, Locus of Control, and insurance demand.
Main Methods:
- Analysis of a large sample (14,624) of German adults.
- Statistical modeling to examine personality-insurance demand associations.
- Consideration of demographic mediation and different statistical approaches (e.g., nonlinear effects, between/within-person effects).
Main Results:
- Personality traits were found to predict demand for various insurance types.
- Demographic variables may mediate these personality-insurance associations.
- The strength and nature of associations depend on the specific insurance type and statistical modeling.
Conclusions:
- Personality traits play a demonstrable role in personal insurance demand.
- Further research is needed to fully understand the nuances of these associations.
- Findings highlight the heterogeneity of personality-insurance-demand relationships across different insurance products.
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