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The Big Five personality traits, material values, and financial well-being of self-described money managers

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  • Donnelly, Grant
  • Iyer, Ravi
  • Howell, Ryan T.
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    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.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Psychology.

    Volume (Year): 33 (2012)
    Issue (Month): 6 ()
    Pages: 1129-1142

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    Handle: RePEc:eee:joepsy:v:33:y:2012:i:6:p:1129-1142

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    Web page: http://www.elsevier.com/locate/joep

    Related research

    Keywords: Money management; Conscientiousness; Materialism; Savings; Debt;

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    References

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    1. J. Ian Norris & Jeff Larsen, 2011. "Wanting more than you have and it’s Consequences for Well-being," Journal of Happiness Studies, Springer, vol. 12(5), pages 877-885, October.
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    3. Walker, Catherine M., 1996. "Financial management, coping and debt in households under financial strain," Journal of Economic Psychology, Elsevier, vol. 17(6), pages 789-807, December.
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    5. Antonides, Gerrit & Manon de Groot, I. & Fred van Raaij, W., 2011. "Mental budgeting and the management of household finance," Journal of Economic Psychology, Elsevier, vol. 32(4), pages 546-555, August.
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    7. Watson, John J., 2003. "The relationship of materialism to spending tendencies, saving, and debt," Journal of Economic Psychology, Elsevier, vol. 24(6), pages 723-739, December.
    8. Lang, William W. & Jagtiani, Julapa, 2010. "The Mortgage Financial Crises: The Role of Credit Risk Management and Corporate Governance," Working Papers 10-12, University of Pennsylvania, Wharton School, Weiss Center.
    9. Richins, Marsha L & Dawson, Scott, 1992. " A Consumer Values Orientation for Materialism and Its Measurement: Scale Development and Validation," Journal of Consumer Research, University of Chicago Press, vol. 19(3), pages 303-16, December.
    10. Rook, Dennis W, 1987. " The Buying Impulse," Journal of Consumer Research, University of Chicago Press, vol. 14(2), pages 189-99, September.
    11. Pham, Thi H. & Yap, Keong & Dowling, Nicki A., 2012. "The impact of financial management practices and financial attitudes on the relationship between materialism and compulsive buying," Journal of Economic Psychology, Elsevier, vol. 33(3), pages 461-470.
    12. William Lang & Julapa Jagtiani, 2010. "The Mortgage and Financial Crises: The Role of Credit Risk Management and Corporate Governance," Atlantic Economic Journal, International Atlantic Economic Society, vol. 38(3), pages 295-316, September.
    13. Lea, Stephen E. G. & Webley, Paul & Walker, Catherine M., 1995. "Psychological factors in consumer debt: Money management, economic socialization, and credit use," Journal of Economic Psychology, Elsevier, vol. 16(4), pages 681-701, December.
    14. Bernadette Kamleitner & Bianca Hornung & Erich Kirchler, 2011. "Over-indebtedness and the interplay of factual and mental money management: An interview study," New Zealand Economic Papers, Taylor & Francis Journals, vol. 45(1-2), pages 139-160.
    15. Faber, Ronald J & O'Guinn, Thomas C, 1992. " A Clinical Screener for Compulsive Buying," Journal of Consumer Research, University of Chicago Press, vol. 19(3), pages 459-69, December.
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