The Big Five personality traits, material values, and financial well-being of self-described money managers
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.
If 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.
References listed on IDEAS
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.:
- Rook, Dennis W, 1987. " The Buying Impulse," Journal of Consumer Research, University of Chicago Press, vol. 14(2), pages 189-99, September.
- 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.
- 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.
- 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(2), pages 123-144, June.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Burroughs, James E & Rindfleisch, Aric, 2002. " Materialism and Well-Being: A Conflicting Values Perspective," Journal of Consumer Research, University of Chicago Press, vol. 29(3), pages 348-70, December.
- Garðarsdóttir, Ragna B. & Dittmar, Helga, 2012. "The relationship of materialism to debt and financial well-being: The case of Iceland’s perceived prosperity," Journal of Economic Psychology, Elsevier, vol. 33(3), pages 471-481.
- 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.
- M. Sirgy, 1998. "Materialism and Quality of Life," Social Indicators Research, Springer, vol. 43(3), pages 227-260, March.
When requesting a correction, please mention this item's handle: RePEc:eee:joepsy:v:33:y:2012:i:6:p:1129-1142. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.