Researchers at the Open University Business School in the UK have found that people who are more diligent, organized and hardworking tend to have higher levels of well-being. Results of the study published In the Financial Planning Review.
The aim of the study is to explore the relationship between personality traits and an individual’s wealth as measured by factors such as property, savings and investments, and valuable physical items. The authors collected a sample of 3240 participants. They completed a personality trait questionnaire and also completed a demographic questionnaire and reported their level of wealth.
The results showed that conscientiousness was consistently positively associated with all three measures of well-being; this suggests that people who are more hardworking and organized tend to have higher levels of well-being.
On the other hand, neuroticism (a personality trait characterized by emotional instability, anxiety) was negatively associated with wealth. The unstable nature of neurotic people can hinder their ability to effectively manage wealth and make money.
The study also showed that extroversion was associated with income. However, extroverts may be more reckless in their spending and make poor investment decisions.