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Financial personality types in Hungary – research methods and results

Author

Listed:
  • Erzsébet Németh

    (Metropolitan University)

  • Dániel Béres

    (Magyar Nemzeti Bank)

  • Katalin Huzdik

    (Metropolitan University)

  • Boglárka Zsótér

    (Corvinus University of Budapest)

Abstract

The objective of our study is to determine the characteristic features according to which an individual can be evaluated from the aspect of his/her financial culture. People filling in the questionnaire consisting of 36 questions may determine how much they can be characterised by individual features or behaviours. We worked with two types of personality profiles. One of them was compiled by the author of the test (preliminarily defined personality profile). In this case, respondents get feedback on the results they achieved in each pre-defined dimension (Price-sensitive, Economizing, Moderate, Saver, Diligent, Controls his finances). Among these dimensions, awareness and diligence are positive preliminary indications of the level of the person’s financial culture. The high level of saving and price-sensitivity did not correlate with good results achieved in other personality dimensions. In addition, we elaborated another personality profile obtained in empirical way. In order to establish the dimensions, we performed factor analysis. The established dimensions are: Short of cash, Economizing; Money-devouring; Order creates value; Price-sensitive; Collector; Planner; Ups and downs; Diligent and Cannot control his finances.

Suggested Citation

  • Erzsébet Németh & Dániel Béres & Katalin Huzdik & Boglárka Zsótér, 2016. "Financial personality types in Hungary – research methods and results," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 15(2), pages 153-172.
    • Handle: RePEc:mnb:finrev:v:15:y:2016:i:2:p:153-172
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    Citations

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    Cited by:

    1. Zoltán Zéman & Botond Géza Kálmán & Judit Bárczi & László Pataki, 2023. "The Evolution of University Students’ Financial Attitudes and Their Role in the Sustainability of Personal Finances," Sustainability, MDPI, vol. 15(8), pages 1-17, April.
    2. Szilárd Heged?s & Csaba Lentner, 2024. "Examining financial literacy and the financial aspects of Hofstede's four-factor culture model in Hungary," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 19(1), pages 1-20, Enero - M.

    More about this item

    Keywords

    financial personality; financial culture; financial behaviour;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid

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