Do good things come in pairs? How personality traits help explain individuals' simultaneous pursuit of a healthy lifestyle and financially responsible behavior

Arvid O. I. Hoffmann and Leonora Risse

Journal of Consumer Affairs, 2020, vol. 54, issue 3, 1082-1120

Abstract: Both a healthy lifestyle and financially responsible behavior contribute to individual wellbeing and benefit society. Motivated by the fact that both types of behavior involve short‐term sacrifices in exchange for uncertain long‐term benefits and require self‐control, we examine individuals' consistency in behavior across the health and financial domains. Using a large‐scale data set of 3,752 employed Australians, we find that the majority of individuals behave in a consistently beneficial or detrimental way across both domains. This behavioral consistency relates to fundamental life outcomes, including physical and mental health, financial prosperity, and life satisfaction. In a new contribution to the literature, we show how personality traits—Locus of Control, the Big Five, Achievement Motivation—have a meaningful role in explaining the simultaneous pursuit of a healthy lifestyle and financially responsible behavior. These behavioral insights can guide policymakers in developing more effective strategies to steer individuals towards beneficial health and financial outcomes.

Date: 2020
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