Personality Traits and Low Wealth at Retirement
Meryl Motika ()
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Meryl Motika: University of California
Eastern Economic Journal, 2019, vol. 45, issue 3, 464-476
Abstract This paper builds on research linking personality traits to saving and wealth by focusing on determinants of very low wealth among American men aged 60–66. There is a strong and robust relationship between personality traits, particularly conscientiousness, and low relative wealth. The size of the effect is similar to those of risk aversion and time preference and is not explained by these factors or by income, age, or family size. The relationship between personality and wealth is found to be specific to people with low relative wealth and is independent of education and financial literacy.
Keywords: Saving; Wealth; Personality; Retirement (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:pal:easeco:v:45:y:2019:i:3:d:10.1057_s41302-018-0112-y
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