A Multidimensional View of Financial Well-being and the Links to Personality: An Explorative Research

Abstract

Previous research has shown links between financial well-being and personality traits. This study conceptualises financial well-being in three separate dimensions: security, freedom and pleasure. This novel approach to financial well-being lets us explore the links of personality, using the Big Five personality traits, in a new light. Several hypotheses were proposed for further analysis and most ended up not being confirmed. The differentiation between the aspects of financial well-being did appear in some aspects, but the effects were not major. The strongest correlations were found between neuroticism and all three components of financial well-being. Several additional analyses were conducted with some interesting results, which were further speculated over. It is clear that further research on the topic is necessary.