Association between Personality and Financial Well-being: Strategies for More Effective Financial Education, Counseling and Advising
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
Consumer Interests Annual
Heo, Wookjae; Saboe-Wounded Head, Lorna; Cho, Soo Hyun; and Lee, Phil Seok, "Association between Personality and Financial Well-being: Strategies for More Effective Financial Education, Counseling and Advising" (2018). Consumer Sciences Faculty Publications. 21.