ADVERTISEMENT
  • News
  • Technology
  • Culture
  • Entertainment
  • Sport
  • Travel
  • Music
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Saturday, June 10, 2023
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
Home Business Finance

Extroverted? You may have better financial outcomes

by The FINANCIAL
November 30, 2021
in Finance
0
Extroverted? You may have better financial outcomes
Share on FacebookShare on Twitter

UGA research dissects personality traits and their effect on building wealth.You might think the way you approach money is based on financial advice or past experiences, but new research from the University of Georgia shows that your personality may have a big impact on financial decision making and risk taking.

ADVERTISEMENT

In a new study, psychology Ph.D. student Jim Exley investigates the “Big Five” personality traits: openness, conscientiousness, extroversion, agreeableness and neuroticism (OCEAN). He and a team of researchers identified three distinct combinations of traits with financial outcomes, specifying Resilient, Over Controlled and Under Controlled personality profiles that are associated with risk-taking and money management behaviors.

“Based on our results, the people with the best financial outcomes tend to be those who are well-adjusted, more extroverted and less neurotic,” said Exley. “They’re also willing to take some risks, but they don’t take too many.”

RelatedPosts

Humana shares on the up as earnings show Medicare growth

If a blockchain became more critical to the financial system, how should it be governed?

EBRD and FAO mark 25 years of cooperation with US$ 5.5 million initiative

Kosovo becomes first Western Balkans economy to use solar energy for district heating

Exley was drawn to this research after working in the financial services industry for 25 years, where he encountered people’s varied approaches to finances firsthand. No one money personality was quite the same.

“The industry requires us to measure this thing called risk, but I was talking to people and understood that there’s more to somebody’s financial life than just their risk tolerance,” he said.

This epiphany led him to begin studying under W. Keith Campbell, professor of psychology in UGA’s Franklin College of Arts and Sciences. Campbell was the one who suggested personality might be at the root of the differences Exley noticed in his profession. Their research took off from there.

Three distinct approaches
For Exley’s study, published in Personality and Individual Differences, the team surveyed 395 participants about personality, financial risk tolerance, net worth and happiness.

“Using advanced statistical modeling, we identified three overarching types of people based on combinations of their OCEAN scores,” said co-author Patrick Doyle, a recent Ph.D. graduate in psychology. “We then explored how members of those three groups differed in financial perspectives and experiences.”

The largest profile was the Over Controlled group, who exhibited high agreeableness and conscientiousness, but low extroversion. These people don’t like risk, so they avoid activities that are risky but could grow their wealth, like investing in the stock market.

The other two profiles are more tolerant of risk. The next largest, the Resilient group, are generally well-adjusted and stable people; they are extroverted, open and agreeable, and not very neurotic. These profiles were associated with more successful financial outcomes, because while they don’t avoid risks, they also don’t take too many.

Members of the Under Controlled group are less conscientious, and more extroverted and neurotic. They tend to enjoy taking risks, but they sometimes take too many, negatively affecting their net worth.

Guidance for financial planners
The team’s research shines light on an understudied topic. While money has a significant impact on better-researched subjects like marriage and parenting, it’s still relatively uncommon to explore the psychology behind the finances themselves, according to Campbell.

“It’s really interdisciplinary work,” he said. “It’s taking very basic models of personality, together with sophisticated statistics on psychometric approaches, and then applying them to very basic questions about investing and finance.”

With such strong associations between the profiles and financial outcomes, the researchers hope their findings will allow financial planners to better serve their clients, so they can help people make the best financial decisions for them.

“Planners, if they want to help people, need to measure OCEAN,” said Exley. “If people easily can talk about themselves—and it’s telling you a lot about how they handle money—then practitioners simply need to measure it and record it.”

by Ciara Pysczynski

Tags: Financialoutcomesplanners
ADVERTISEMENT
The FINANCIAL

The FINANCIAL

Since 2005

Related Posts

Humana shares on the up as earnings show Medicare growth
Business

Humana shares on the up as earnings show Medicare growth

by The FINANCIAL
May 8, 2023
0

Humana Inc. shares have been on the rise recently amid an earnings season that has generally boded well for managed...

Read more
Blockchain technologies have potential to add $1.76 trn to global GDP by 2030

If a blockchain became more critical to the financial system, how should it be governed?

December 21, 2022
Serbia steps up partnership with FAO and EBRD for stronger agriculture

EBRD and FAO mark 25 years of cooperation with US$ 5.5 million initiative

December 20, 2022
Doing Business 2018: Kosovo Among Top Ten Reformers in the World

Kosovo becomes first Western Balkans economy to use solar energy for district heating

December 20, 2022
Next Post
During summer, hazardous mould species more abundant in rooms with windows

During summer, hazardous mould species more abundant in rooms with windows

Please login to join discussion
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Find Social Security Number by Name Free

Find Social Security Number by Name Free

November 23, 2022
Swedish banks’ commercial property problem loans lowest in Europe – EBA

Swedish banks’ commercial property problem loans lowest in Europe – EBA

May 8, 2023
EasyJet to fly to London from Stockholm Arlanda

The London Diplomatic List, Addresses, Contacts & Working Hours

January 23, 2023
How to Check KRA Pin Using ID Number

How to Check KRA Pin Using ID Number

June 25, 2018
Most Northwest Drivers Aren’t Worried about Car Prowls

The Illinois-based insurer remains the largest US private auto writer

May 8, 2023
NATO is seen favorably in many member countries, but almost half of Americans say it does too little

NATO Allies condemn Russia’s decision to withdraw from the landmark Treaty on Conventional Armed Forces

June 9, 2023
New sanctions legislation allows the UK to target exports from Belarus funding the Lukashenko regime

New sanctions legislation allows the UK to target exports from Belarus funding the Lukashenko regime

June 9, 2023
Between 1979 and 2022, the total register has increased by 4.1 million companies

£40 billion spent protecting families and businesses from energy costs

June 9, 2023
World Media: For Trump Impeachment

Donald Trump indicted for allegedly mishandling classified documents seized at Mar-a-Lago: Recap

June 9, 2023
The Latest Evidence That Ukraine’s Counteroffensive May Have Begun

The Latest Evidence That Ukraine’s Counteroffensive May Have Begun

June 9, 2023

Popular Last 24h

  • IMF Executive Board Concludes 2016 Article IV Consultation with Portugal

    Business Risks in Portugal

    0 shares
    Share 0 Tweet 0
  • Find Social Security Number by Name Free

    1 shares
    Share 0 Tweet 0
  • The Latest Evidence That Ukraine’s Counteroffensive May Have Begun

    0 shares
    Share 0 Tweet 0
  • NATO Allies condemn Russia’s decision to withdraw from the landmark Treaty on Conventional Armed Forces

    0 shares
    Share 0 Tweet 0
  • The London Diplomatic List, Addresses, Contacts & Working Hours

    0 shares
    Share 0 Tweet 0
  • Jesper Black, the Six Millionth Tourist of Georgia, is leaving the country

    0 shares
    Share 0 Tweet 0
  • Adjara officials ‘met Kadyrov-linked businessman’ in Batumi

    0 shares
    Share 0 Tweet 0

LATEST POSTS

NATO is seen favorably in many member countries, but almost half of Americans say it does too little

NATO Allies condemn Russia’s decision to withdraw from the landmark Treaty on Conventional Armed Forces

June 9, 2023
New sanctions legislation allows the UK to target exports from Belarus funding the Lukashenko regime

New sanctions legislation allows the UK to target exports from Belarus funding the Lukashenko regime

June 9, 2023
Between 1979 and 2022, the total register has increased by 4.1 million companies

£40 billion spent protecting families and businesses from energy costs

June 9, 2023
World Media: For Trump Impeachment

Donald Trump indicted for allegedly mishandling classified documents seized at Mar-a-Lago: Recap

June 9, 2023
The Latest Evidence That Ukraine’s Counteroffensive May Have Begun

The Latest Evidence That Ukraine’s Counteroffensive May Have Begun

June 9, 2023

Assessment of Online Games Design changes

June 9, 2023

Headline inflation is falling but core remains persistent

June 9, 2023
Putin warned Chechnya’s leadership

Adjara officials ‘met Kadyrov-linked businessman’ in Batumi

June 9, 2023
Turning warmer but more unsettled

Turning warmer but more unsettled

June 9, 2023
Engineers Create Faster and Cheaper COVID-19 Testing with Pencil Lead

4 million checks, tests and scans carried out by CDCs

June 9, 2023

LATEST INTERVIEWS

“EU membership might attract European banks and other financial institutions to enter Georgia”

“EU membership might attract European banks and other financial institutions to enter Georgia”

by The FINANCIAL
May 15, 2023
0

Main risks facing banks in 2023

Main risks facing banks in 2023

by The FINANCIAL
May 15, 2023
0

‘Russia cannot be treated as a reasonable and reliable trade partner

‘Russia cannot be treated as a reasonable and reliable trade partner

by The FINANCIAL
February 13, 2023
0

We should increase our joint efforts to assist the growing tech sector here in Georgia

We should increase our joint efforts to assist the growing tech sector here in Georgia

by The FINANCIAL
February 13, 2023
0

‘Georgia has much to offer to UK investors

‘Georgia has much to offer to UK investors

by The FINANCIAL
February 13, 2023
0

‘The best way for the Georgian economy to prosper is to join the EU

‘The best way for the Georgian economy to prosper is to join the EU

by The FINANCIAL
February 13, 2023
0

‘The Kremlin wants Georgia to fail or abandon its European path

‘The Kremlin wants Georgia to fail or abandon its European path

by The FINANCIAL
February 13, 2023
0

Russian Patriarch Kirill Says Dying In Ukraine ‘Washes Away All Sins’

Interview: Why Putin Might Prefer A Stalemate To Going Nuclear On Ukraine

by The FINANCIAL
October 22, 2022
0

Newsletter

ADVERTISEMENT

GET IN TOUCH

E-mail your company news at:

news (at) financial.ge Letters to the Editor: editor (at) finchannel.com

Local Marketing contact:

(+99532) 2252 275 | 76 EXT: 1 (+995 558) 03 03 03 (mobile) marketing (at) finchannel.com

Requests from abroad:

(+99532) 2252 275 | 76 EXT: 7 (+995599) 96 52 52 Email: zviadi (@) finchannel.com Contact video editor: E-mail: video (at) financial.ge

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.