Personality and wealth
Peer reviewed, Journal article
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- Scientific articles 
Original versionFinancial Planning Review. 2023, 6 (2), . 10.1002/cfp2.1158
To what extent do personality traits predict wealth in adulthood over and above standard demographic factors? In all 3240 adults in the UK completed a Big Five personality test and reported on their property wealth, savings and investments, and their physical valuable items. We also had data on their age, education, household income and gender. Correlations and regressions showed that the demographics, particularly age and income were, as expected clearest correlates of wealth. Conscientious was positively and agreeableness, neuroticism and extraversion were negatively associated with savings and investments. The data pointed clearly to conscientiousness as the most important personality trait in wealth accumulation. Implications of these results as well as limitations of the study are discussed.