View in EDS

Personality and wealth accumulation among older couples: Do dispositional characteristics pay dividends?

Saved in:
Bibliographic Details
Title: Personality and wealth accumulation among older couples: Do dispositional characteristics pay dividends?
Authors: Mosca, Irene, McCrory, Cathal
Contributors: Health Research Board (HRB)
Source: Journal of Economic Psychology. 56:1-19
Publisher Information: Elsevier BV, 2016.
Publication Year: 2016
Subject Terms: Ageing, 8. Economic growth, 05 social sciences, Big five, PERSONALITY-TRAITS, 0501 psychology and cognitive sciences, Personality traits, Cohort study, Non-cognitive traits, Wealth accumulation
Description: This paper explores whether the ‘Big 5’ personality characteristics: Emotional Stability, Extraversion, Conscientiousness, Agreeableness, and Openness to Experience, contribute to net household wealth accumulation among 1172 couple pairs (n = 2344) participating in The Irish Longitudinal Study on Ageing, independent of other socio-demographic and human capital variables. We employ quantile regression to determine whether the effects of personality vary at different levels of the conditional distribution of wealth. Results reveal that the personality characteristics of the financial respondent to the survey are more strongly associated with wealth than those of the non-financial respondent. Specifically, we find that emotional stability and extraversion are positively associated with wealth at the household level among spousal pairs. We also find that conscientiousness is positively associated with wealth, but the relationship is only significant at the lower end of the wealth continuum. In general, agreeableness and openness are negatively associated with wealth although the relationships are non-significant. These findings indicate that personality is an important factor shaping individuals’ consumption preferences and financial decision-making behaviour over the life-course.
Document Type: Article
File Description: text; application/pdf
Language: English
ISSN: 0167-4870
DOI: 10.1016/j.joep.2016.04.006
Access URL: http://mural.maynoothuniversity.ie/11388/1/IM_Personality_2016.pdf
https://ideas.repec.org/a/eee/joepsy/v56y2016icp1-19.html
https://EconPapers.repec.org/RePEc:eee:joepsy:v:56:y:2016:i:c:p:1-19
https://www.sciencedirect.com/science/article/pii/S0167487016302227
https://mural.maynoothuniversity.ie/11388/
http://www.sciencedirect.com/science/article/pii/S0167487016302227
https://psycnet.apa.org/record/2016-42419-001
https://mural.maynoothuniversity.ie/id/eprint/11388/
https://hdl.handle.net/2262/111168
http://people.tcd.ie/mccrorc
Rights: Elsevier TDM
CC BY NC SA
Accession Number: edsair.doi.dedup.....27e1ab4f63a68d8311c62895135f8593
Database: OpenAIRE
Description
Abstract:This paper explores whether the ‘Big 5’ personality characteristics: Emotional Stability, Extraversion, Conscientiousness, Agreeableness, and Openness to Experience, contribute to net household wealth accumulation among 1172 couple pairs (n = 2344) participating in The Irish Longitudinal Study on Ageing, independent of other socio-demographic and human capital variables. We employ quantile regression to determine whether the effects of personality vary at different levels of the conditional distribution of wealth. Results reveal that the personality characteristics of the financial respondent to the survey are more strongly associated with wealth than those of the non-financial respondent. Specifically, we find that emotional stability and extraversion are positively associated with wealth at the household level among spousal pairs. We also find that conscientiousness is positively associated with wealth, but the relationship is only significant at the lower end of the wealth continuum. In general, agreeableness and openness are negatively associated with wealth although the relationships are non-significant. These findings indicate that personality is an important factor shaping individuals’ consumption preferences and financial decision-making behaviour over the life-course.
ISSN:01674870
DOI:10.1016/j.joep.2016.04.006