OCEAN wealth profiles: A latent profile analysis of personality traits and financial outcomes
Authors: J Exley, PC Doyle, J Grable, WK Campbell
There is a growing interest in the role of personality characteristics in describing financial outcomes. The Big Five personality traits have been shown to predict relevant financial outcomes including income and net worth. In the present research (n = 395), we move beyond individual Big Five personality traits to look at personality profiles in the prediction of financial outcomes. Using latent profile analyses, we identified three. . . read more.
OCEAN: How does personality predict financial success
Authors: J Exley, P Doyle, M Snell, WK Campbell
Research across fields suggests that the Big Five personality traits (OCEAN) predict individual behaviors including various financial outcomes. However, OCEAN as a measuring tool has not caught on in the academic or applied financial planning field as extensively as it has in other disciplines. The purpose of this paper is to be the first to examine the relationship between the Big Five personality traits (O.C.E.A.N.) and four regularly collected.. . .read more.
Personality and wealth: An exploration of big five and financial outcomes
Author: J Exley
Average Americans consistently rate money and finances as one of their top two causes of anxiety (APA, 2018). Studies also indicate that Americans demonstrate a low level of financial literacy and have difficulty applying financial decision-making skills to real life situations (NFCS, 2018), which could contribute to increased levels of anxiety. The present study examines financial outcomes using the Big Five personality model and four standard measures of. . . read more.
The Big Five Personality Traits (OCEAN) and Financial Planning: A Narrative Review and Recommendations for Advisors
Authors: W Campbell, J Exley, P Doyle
Financial planning has moved beyond a purely economic model and now incorporates aspects of behavioral economics and counseling psychology to better serve clients. In this review, we suggest that personality psychology, particularly the Big Five or OCEAN model of general personality might also be useful in financial planning. Financial planners are well aware that different clients with different personalities bring different opportunities and challenges into . . . read more.
The Financial Happiness Scale: Validating a Global Financial Happiness Measure
Author: J Exley
The goal of this research was to better understand the construct of financial happiness which I define as thinking and feeling that your financial life is going well, not badly, and create a standalone measure. To that end, I conducted a pilot study of Delphi experts from the field of financial planning. The experts created survey items related to financial happiness which were added to existing psychometrically tested scale items to create a large survey of. . . read more.