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The Role of Personality Traits on Intra-Household Financial Decision-Making and Household Debt

Author

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  • Merve Busra Altundere-Dogan

    (Istanbul Sabahattin Zaim University)

Abstract

This paper examines the effect of personality traits on intra-household financial decision-making, with a particular focus on household debt dynamics. Using data from the Survey of Health, Ageing and Retirement, the study explores how the Big Five personality traits influence the selection of the financial head within elderly couples, and how the traits of both the financial head and the spouse contribute to household non-mortgage debt. The findings highlight the significance of openness and extraversion in the determination of financial headship. Husbands with greater openness tend to take on the role of financial head, while wives with relatively higher levels of openness and extraversion compared to their husbands are more likely to assume this responsibility. The analysis also reveals that neuroticism is the only personality trait influencing household debt decisions, with higher levels of neuroticism in both the financial head and the spouse associated with increased amounts of non-mortgage debt.

Suggested Citation

  • Merve Busra Altundere-Dogan, 2025. "The Role of Personality Traits on Intra-Household Financial Decision-Making and Household Debt," Journal of Family and Economic Issues, Springer, vol. 46(2), pages 558-571, June.
    • Handle: RePEc:kap:jfamec:v:46:y:2025:i:2:d:10.1007_s10834-025-10045-9
    DOI: 10.1007/s10834-025-10045-9
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    More about this item

    Keywords

    Personality traits; The Big Five; Spousal effect; Non-mortgage debt; Intra-household decision making;
    All these keywords.

    JEL classification:

    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation

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