Financial Capability, Money Attitudes and Socioeconomic Status: Risks for Experiencing Adverse Financial Outcomes

Von Stumm, Sophie; O’Creevy, Mark Fenton and Furnham, Adrian. 2013. Financial Capability, Money Attitudes and Socioeconomic Status: Risks for Experiencing Adverse Financial Outcomes. Personality and Individual Differences, 54(3), pp. 344-349. ISSN 0191-8869 [Article]

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Abstract or Description

The risk of experiencing adverse financial events (e.g. bankruptcy) depends on the world economy and on individual differences in financial and psychological variables. Analysing data from 109,472 British survey respondents, this study reports the risks associated with financial capabilities, money attitudes, and socio-economic status for suffering negative financial outcomes. The results show that (1) socio-economic status is associated with financial capabilities but not with money attitudes; (2) money attitudes and financial capabilities are largely independent; (3) money attitudes and financial capabilities each contribute independently to the risk of experiencing adverse financial outcomes, even after adjusting for socio-economic status; and (4) financial capabilities are greater risk factors of adverse financial outcomes than money attitudes; the latter, however, are likely to be promising targets for interventions.

Item Type:

Article

Identification Number (DOI):

https://doi.org/10.1016/j.paid.2012.09.019

Keywords:

Adverse financial events; Money attitudes; Financial capability; Socio-economic status

Departments, Centres and Research Units:

Psychology

Dates:

DateEvent
February 2013Published

Item ID:

11220

Date Deposited:

28 Jan 2015 09:44

Last Modified:

04 Jul 2017 13:56

Peer Reviewed:

Yes, this version has been peer-reviewed.

URI:

http://research.gold.ac.uk/id/eprint/11220

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