Title

Association between Personality and Financial Well-being: Strategies for More Effective Financial Education, Counseling and Advising

Document Type

Conference Proceeding

Publication Date

2018

Abstract

Philosophically and psychologically, there is an argument that personality is either an inherited trait or a trait developed during a person’s lifetime. In other words, there is a controversial debate whether personality is changeable or not. However, regardless the debate about changeability of personality, there are empirical research findings to show the significant relevance among personality, well-being, and financial management (Brüggen, Hogreve, Holmlund, Kabadayi, & Löfgren, 2017; Creed & Evans, 2002; Donnelly, Iyer, & Howell, 2012; Johnston, Kassenboehmer, & Sheilds, 2016; Luhmann, Hofman, Eid, & Lucas, 2012; Xu, Beller, Roberts, & Brown, 2015). Research implies that personality relates to financial well-being. However, few attempts have been made to find the direct association between personality traits and financial well-being. The main objective of the study is to determine whether personality is significantly associated with financial well-being. A significant association between personality and financial well-being could aid financial educators, counselors, and advisors in developing strategies to meet the financial management needs of consumers. An outcome of financial education/counseling/advising is to improve financial well-being, implementing strategies that specifically target personality characteristics could lead to successful results. For instance, a specific type of personality identified by the client could aid the educator/counselor/advisor in determining the appropriate financial management strategy a client would need to implement to improve their financial well-being

Publication Title

Consumer Interests Annual

Volume

64

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