Older Adults’ Receipt of Financial Help: Does Personality Matter?
AbstractThis study examined the role of personality traits in the receipt of financial help at older ages using the 2006 and 2008 waves of Health and Retirement Study data. An investigation of (1) how the five domains of personality traits (openness to experience, conscientiousness, extraversion, agreeableness, and neuroticism) are associated with the receipt of financial help among older adults and (2) the relationship between personality traits and the source of financial help received was examined. Three sets of probit analyses were conducted. The results indicated that personality can predict financial help and the source of financial help. Specifically, older adults who exhibited relatively higher levels of neuroticism and agreeableness were more likely to receive financial help, whereas those who exhibited relatively higher levels of conscientiousness were less likely to receive financial help regardless of the source. Furthermore, older adults who had relatively higher levels of neuroticism were more likely to help themselves with individual sources such as credit cards whereas agreeable older adults were more likely to receive financial help from family members. These findings have implications for financial counseling, planning and education professionals, public assistance program directors, and policy makers. Understanding the effect of personality on financial decision-making can help with financial planning throughout life and inform outreach efforts for those in need of financial help. Copyright Springer Science+Business Media New York 2014
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Springer in its journal Journal of Family and Economic Issues.
Volume (Year): 35 (2014)
Issue (Month): 2 (June)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=104904
Personality traits; Financial help; Older adults;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Moffitt, Robert, 1983. "An Economic Model of Welfare Stigma," American Economic Review, American Economic Association, vol. 73(5), pages 1023-35, December.
- Lex Borghans & Angela Lee Duckworth & James J. Heckman & Bas ter Weel, 2008.
"The Economics and Psychology of Personality Traits,"
Journal of Human Resources,
University of Wisconsin Press, vol. 43(4).
- Borghans Lex & Lee Duckworth Angela & Heckman James J. & Weel Bas ter, 2008. "The Economics and Psychology of Personality Traits," ROA Research Memorandum 001, Maastricht University, Research Centre for Education and the Labour Market (ROA).
- Lex Borghans & Angela Lee Duckworth & James J. Heckman & Bas ter Weel, 2008. "The Economics and Psychology of Personality Traits," NBER Working Papers 13810, National Bureau of Economic Research, Inc.
- Borghans, Lex & Duckworth, Angela Lee & Heckman, James J. & Weel, Bas ter, 2008. "The Economics and Psychology of Personality Traits," MERIT Working Papers 010, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
- Lex Borghans & Angela Lee Duckworth & James J. Heckman & Bas ter Weel, 2008. "The Economics and Psychology of Personality Traits," Working Papers 200827, Geary Institute, University College Dublin.
- Borghans, Lex & Duckworth, Angela Lee & Heckman, James J. & ter Weel, Bas, 2008. "The Economics and Psychology of Personality Traits," IZA Discussion Papers 3333, Institute for the Study of Labor (IZA).
- James J. Heckman, 2011.
"Integrating Personality Psychology into Economics,"
NBER Working Papers
17378, National Bureau of Economic Research, Inc.
- Sun-Kang Koh & Maurice MacDonald, 2006. "Financial Reciprocity and Elder Care: Interdependent Resource Transfers," Journal of Family and Economic Issues, Springer, vol. 27(3), pages 420-436, September.
- John Ameriks & Andrew Caplin & John Leahy & Tom Tyler, 2007. "Measuring Self-Control Problems," American Economic Review, American Economic Association, vol. 97(3), pages 966-972, June.
- Judith C. Barker, 2002. "Neighbors, Friends, and Other Nonkin Caregivers of Community-Living Dependent Elders," Journals of Gerontology: Series B, Gerontological Society of America, vol. 57(3), pages S158-S167.
- Sarah Brown & Gaia Garino & Karl Taylor, 2005.
"Mortgages and Financial Expectations: A Household Level Analysis,"
Discussion Papers in Economics
05/9, Department of Economics, University of Leicester, revised Dec 2006.
- Sarah Brown & Gaia Garino & Karl Taylor, 2008. "Mortgages and Financial Expectations: A Household-Level Analysis," Southern Economic Journal, Southern Economic Association, vol. 74(3), pages 857-878, January.
- Cox, Donald, 1987. "Motives for Private Income Transfers," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 508-46, June.
- Sarah Brown & Karl Taylor & Gaia Garino & Stephen Wheatley Price, 2003.
"Debt and financial expectations: an individual and household level analysis,"
Discussion Papers in Economics
03/5, Department of Economics, University of Leicester, revised Feb 2004.
- Sarah Brown & Gaia Garino & Karl Taylor & Stephen Wheatley Price, 2005. "Debt and Financial Expectations: An Individual- and Household-Level Analysis," Economic Inquiry, Western Economic Association International, vol. 43(1), pages 100-120, January.
- Douglas Hershey & Joy Jacobs-Lawson, 2012. "Bridging the Gap: Anticipated Shortfalls in Future Retirement Income," Journal of Family and Economic Issues, Springer, vol. 33(3), pages 306-314, September.
- Angela Lee Duckworth & David R. Weir, 2010. "Personality, Lifetime Earnings, and Retirement Wealth," Working Papers wp235, University of Michigan, Michigan Retirement Research Center.
- Jason Hans & Lawrence Ganong & Marilyn Coleman, 2009. "Financial Responsibilities Toward Older Parents and Stepparents Following Divorce and Remarriage," Journal of Family and Economic Issues, Springer, vol. 30(1), pages 55-66, March.
- Colleen Flaherty Manchester & Kevin J. Mumford, 2010. "How Costly is Welfare Stigma? Separating Psychological Costs from Time Costs," Purdue University Economics Working Papers 1229, Purdue University, Department of Economics.
- Kenneth Couch & Mary Daly & Douglas Wolf, 1999. "Time? money? both? the allocation of resources to older Parents," Demography, Springer, vol. 36(2), pages 219-232, May.
- Julie Zissimopoulos, 2001. "Resource Transfers to the Elderly: Do Adult Children Substitute Financial Transfers for Time Transfers?," Working Papers 01-05, RAND Corporation Publications Department.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.