Personality and Finance: The Effects of Personality on Financial Attitudes and Behaviour

By Joseph Davey and Christeen George.

Published by The Social Sciences Collection

Format Price
Article: Print $US10.00
Article: Electronic $US5.00

Personality has been found to be associated with attitudes and behaviours in general but limited research has focused on finances. Conscientiousness and extraversion have been shown to affect saving and borrowing behaviours but minimal attention has been paid to how personality affects broader financial matters. This study attempts to rectify this. Utilising a survey, personality profiles and financial habits were established for 269 participants aged from 16 to 71 years, of whom 46.1% were male. In line with expectations, the results indicated conscientiousness and locus of control to have a profound impact on both financial attitudes and behaviours. Agreeableness, openness, and neuroticism were also found to be important whilst extraversion was shown to impact on regular saving patterns. These results supported the hypothesis that personality has a profound effect upon financial matters.

Keywords: Personality, Financial Attitudes and Behaviour

International Journal of Interdisciplinary Social Sciences, Volume 5, Issue 9, pp.275-294. Article: Print (Spiral Bound). Article: Electronic (PDF File; 773.985KB).

Joseph Davey

School of Psychology, University of Hertfordshire, Hatfield, Hertfordshire, UK

Joseph Davey studied Economics and Philosophy at the University of East Anglia before completing a Master's in Psychology at the University of Hertfordshire. His main research interests focus around the psychological aspects of financial behaviour and the development thereof. Other interests include decision making, opinion formation and personal beliefs.

Dr. Christeen George

Principal Lecturer in Psychology, School of Psychology, University of Hertfordshire, Hatfield, Hertfordshire, UK

Christeen George is the Programme Tutor for the MSc in Occupational/Organisational Psychology at the University of Hertfordshire. She is a Chartered Occupational Psychologist and her main interests focus around people’s behaviour in the workplace and employment relationships. She is particularly interested in psychological contracts, organisational and professional commitment and positive psychology. She has recently published a book concerned with the psychological contracts of professional workers which is published by Open University Press.

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