 The Big Five personality traits, material values, and financial well-being of self-described money managersGrant Donnelly, Ravi Iyer and Ryan T. Howell Journal of Economic Psychology, 2012, vol. 33, issue 6, 1129-1142 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: Money management; Conscientiousness; Materialism; Savings; Debt (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:33:y:2012:i:6:p:1129-1142 DOI: 10.1016/j.joep.2012.08.001 Access Statistics for this article Journal of Economic Psychology is currently edited by G. Antonides and D. Read More articles in Journal of Economic Psychology from Elsevier |
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