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Personality Traits and Financial Outcomes

Author

Listed:
  • Claire Greene
  • Oz Shy
  • Joanna Stavins

Abstract

Surveys indicate that about 4.5 percent of US households do not have a bank account and about one-quarter do not own any credit cards. Among credit cardholders, revolving credit card debt (carrying unpaid balances) is common. Using data from the 2021 Survey and Diary of Consumer Payment Choice and the University of Southern California’s Understanding America Study, this paper looks at whether self-reported personality traits have a significant effect on these financial outcomes when the analysis considers consumers’ income, demographics, and financial literacy. Specifically, it studies which if any of the Big Five personality traits—openness to experience, conscientiousness, extroversion, agreeableness, and neuroticism—influence consumers’ decisions to be unbanked, adopt a credit card, or revolve credit card debt.

Suggested Citation

  • Claire Greene & Oz Shy & Joanna Stavins, 2023. "Personality Traits and Financial Outcomes," Consumer Payments Research Data Reports 2023-02, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:fedadr:99829
    DOI: 10.29338/rdr2023-02
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    File URL: https://www.atlantafed.org/-/media/documents/banking/consumer-payments/research-data-reports/2023/07/20/RDR-personality-traits-and-financial-outcomes.pdf
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    More about this item

    Keywords

    credit card debt; consumer payments; personality traits; financial behavior; unbanked;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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