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Personality Traits and Low Wealth at Retirement

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  • Meryl Motika

    (University of California)

Abstract

This paper builds on research linking personality traits to saving and wealth by focusing on determinants of very low wealth among American men aged 60–66. There is a strong and robust relationship between personality traits, particularly conscientiousness, and low relative wealth. The size of the effect is similar to those of risk aversion and time preference and is not explained by these factors or by income, age, or family size. The relationship between personality and wealth is found to be specific to people with low relative wealth and is independent of education and financial literacy.

Suggested Citation

  • Meryl Motika, 2019. "Personality Traits and Low Wealth at Retirement," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 45(3), pages 464-476, June.
    • Handle: RePEc:pal:easeco:v:45:y:2019:i:3:d:10.1057_s41302-018-0112-y
    DOI: 10.1057/s41302-018-0112-y
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    References listed on IDEAS

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    Cited by:

    1. Gallego-Losada, Rocío & Montero-Navarro, Antonio & Rodríguez-Sánchez, José-Luis & González-Torres, Thais, 2022. "Retirement planning and financial literacy, at the crossroads. A bibliometric analysis," Finance Research Letters, Elsevier, vol. 44(C).

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    More about this item

    Keywords

    Saving; Wealth; Personality; Retirement;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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