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Personality Influences Financial Savings - Psych Central News
Personality Influences Financial Savings - Psych Central News
Influences Financial Savings | Psych Central News
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As found in a paper that appears in the journal Personality and Individual
Connect with Others Differences, Hirsh examined this question using three different data sets.
Talk About Personality in
Our Forums In the first study, Hirsh found a correlation between United States extroversion
levels and changes in the personal savings rate over time. During the same
period that U.S. savings rates underwent a sharp decline, there was a
corresponding increase in U.S. extroversion levels.
Marital Strife In a second study, Hirsh found that U.S. states with higher average extroversion
Linked to levels tended to allocate more of their income toward immediate consumption,
Hunger, Poor rather than setting money aside for saving.
Food Choices A final study examined how the average extroversion levels of different
Mice Study Suggest countries were related to gross national savings as a percentage of GDP (gross
Special Brain Area domestic product).
Stores Traumatic “Across all three different analyses, the same pattern emerged,” Hirsh said.
Memories
Effects of Early Life “The more extroverted the population, the lower the savings rates tended to be,
Adversity on Brain even when controlling for population differences in age, life expectancy, and
Growth Measured with wealth.”
Imaging
Although the pattern was consistent across studies, Hirsh cautions that
What's Hot correlation does not guarantee causation.
“We can’t be certain about the direction of causality here,” he said, “but to the
Anger: extent that aggregate savings reflect individual choices, there is reason to think
Symptoms and that personality traits can indeed have a causal influence.”
Skills Experts believe this knowledge is profound as personality psychology can
Marital Strife contribute to an understanding of financial decisionmaking and economic
Linked to Hunger, behavior.
Poor Food Choices
Mice Study Suggest “We know that personality traits have a powerful influence on an individual’s
Special Brain Area life outcomes,” said Hirsh.
Stores Traumatic
“We are only beginning to understand the broader social and economic
Memories
consequences of these personality differences.”
Source: University of Toronto
Woman excited about shopping at the mall photo by shutterstock.
Last reviewed: By John M. Grohol, Psy.D. on 31 Jul 2015
Published on PsychCentral.com. All rights reserved.
41 38 4
Dr. Rick Nauert has over 25 years experience in clinical, administrative and
academic healthcare. He is currently an associate professor for
Rocky Mountain University of Health Professionals doctoral
program in health promotion and wellness. Dr. Nauert began his
career as a clinical physical therapist and served as a regional
manager for a publicly traded multidisciplinary rehabilitation
agency for 12 years. He has masters degrees in healthfitness management and
healthcare administration and a doctoral degree from The University of Texas
at Austin focused on health care informatics, health administration, health
education and health policy. His research efforts included the area of telehealth
with a specialty in disease management.
View all posts by Rick Nauert PhD →
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19/08/2015 Personality Influences Financial Savings | Psych Central News
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APA Reference
Nauert PhD, R. (2015). Personality Influences Financial Savings. Psych Central.
Retrieved on August 19, 2015, from
http://psychcentral.com/news/2015/07/31/personalityinfluencesfinancial
savings/88267.html
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