Personality Traits and Economic Preparation for Retirement
AbstractThis paper assesses the effects of personality traits on economic preparation for retirement, wealth accumulation, and consumption, among persons 66 to 69 years of age. Among the five chief personality traits of neuroticism, extroversion, agreeableness, conscientiousness, and openness, we focus most on conscientiousness. We find levels of adequate economic preparation for retirement ranging from 29 percent to 90 percent and that conscientiousness positively affects the proportion of persons adequately prepared for retirement, while neuroticism negatively affects it. Both consumption and wealth increase with conscientiousness but wealth increases faster, indicating that more conscientious persons save more out of retirement resources.
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Bibliographic InfoPaper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp279.
Length: 30 pages
Date of creation: Sep 2012
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-AGE-2013-04-06 (Economics of Ageing)
- NEP-ALL-2013-04-06 (All new papers)
- NEP-CBE-2013-04-06 (Cognitive & Behavioural Economics)
- NEP-DEM-2013-04-06 (Demographic Economics)
- NEP-NEU-2013-04-06 (Neuroeconomics)
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