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Older Adults’ Receipt of Financial Help: Does Personality Matter?

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  • Martie Gillen
  • Hyungsoo Kim

Abstract

This 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

Suggested Citation

  • Martie Gillen & Hyungsoo Kim, 2014. "Older Adults’ Receipt of Financial Help: Does Personality Matter?," Journal of Family and Economic Issues, Springer, vol. 35(2), pages 178-189, June.
    • Handle: RePEc:kap:jfamec:v:35:y:2014:i:2:p:178-189
    DOI: 10.1007/s10834-013-9365-0
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    2. Lu Fan, 2021. "A Conceptual Framework of Financial Advice-Seeking and Short- and Long-Term Financial Behaviors: An Age Comparison," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 90-112, March.
    3. Honoka Nabeshima & Sumeet Lal & Haruka Izumi & Yuzuha Himeno & Mostafa Saidur Rahim Khan & Yoshihiko Kadoya, 2025. "The Impact of Hyperbolic Discounting on Asset Accumulation for Later Life: A Study of Active Investors Aged 65 Years and over in Japan," Risks, MDPI, vol. 13(1), pages 1-23, January.
    4. Amanda Talbot & Erica Tobe & Barbara Ames, 2015. "The Experience of Un-or Underemployment and Home Foreclosure for Mature Adults: A Phenomenological Approach," Journal of Family and Economic Issues, Springer, vol. 36(4), pages 503-513, December.

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