Older Adults’ Receipt of Financial Help: Does Personality Matter?

Gillen, Martie; Kim, Hyungsoo

doi:10.1007/s10834-013-9365-0

Cited by 21 publications

(12 citation statements)

References 22 publications

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“…But, the study found no significant relations with neuroticism. Similarly, individuals from the Health and Retirement Study who were more likely to need financial assistance also scored higher in neuroticism and agreeableness (Gillen & Kim, 2013).…”

Section: Introductionmentioning

confidence: 93%

Personality and young adult financial distress

Beller

Roberts

et al. 2015

Journal of Economic Psychology

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JEL classification: D14 D12PsycINFO classification: 3900 3920 a b s t r a c t Researchers have become increasingly interested in understanding the sources of heterogeneity in individual financial behaviors. In this paper, we examine how the Big Five personality traits are related to measures of young adults' financial distress. Using data from the National Longitudinal Study of Adolescent to Adult Health in the United States, we find that conscientiousness is negatively correlated, and neuroticism positively correlated with financial distress. These correlations are robust to controlling for early life background and other demographic and socioeconomic factors. Young adulthood sets the stage for financial security in later life; as such, this study provides insight for lifelong financial wellbeing. Based on the empirical results, we discuss potential behavioral and policy interventions that can be used to improve financial wellbeing.

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Section: Introductionmentioning

confidence: 93%

Personality and young adult financial distress

Beller

Roberts

et al. 2015

Journal of Economic Psychology

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“…This highlights the shortcoming of medical and neuropsychological models of capacity that rely too heavily on the cognitive aspects of decision-making, and illustrates the importance of social factors. Gillen and Kim (2014) found that 23% of the Health and Retirement Survey sample in 2006 and 2008 reported receiving some sort of financial help, and that receipt of financial aid was best predicted by personality rather than cognitive factors. Similarly, Lemaster and Strough (2014) found that risk tolerance in older adults was related to personality traits such as masculinity and femininity, and Mather et al (2012) found that older adults prefer certainty of gain and are more risk aversive (Tymula, Belmaker, Ruderman, Glimcher, & Levy, 2013).…”

Section: Financial Decision Making In Older Adultsmentioning

confidence: 99%

Financial decision-making abilities and financial exploitation in older African Americans: Preliminary validity evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS)

Lichtenberg

Ficker

Rahman‐Filipiak

2015

Journal of Elder Abuse & Neglect

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This study examines preliminary evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS), a new person-centered approach to assessing capacity to make financial decisions, and its relationship to self-reported cases of financial exploitation in 69 older African Americans. More than one third of individuals reporting financial exploitation also had questionable decisional abilities. Overall, decisional ability score and current decision total were significantly associated with cognitive screening test and financial ability scores, demonstrating good criterion validity. Financially exploited individuals, and non-exploited individuals, showed mean group differences on the Mini Mental State Exam, Financial Situational Awareness, Psychological Vulnerability, Current Decisional Ability, and Susceptibility to undue influence subscales, and Total Lichtenberg Financial Decision Rating Scale Score. Study findings suggest that impaired decisional abilities may render older adults more vulnerable to financial exploitation, and that the LFDRS is a valid tool for measuring both decisional abilities and financial exploitation.

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“…The negative association of neuroticism with retirement outcomes is well expected due to its high correlation with other well-being measures (e.g., Diener & Seligman, 2002). Agreeableness was associated with low retirement satisfaction, which was inconsistent with previous reports of a positive association between agreeableness and life satisfaction openness is associated with fewer savings and more spending behavior (Gillen & Kim, 2014), whereas agreeableness is related to risk aversion (Borghans, Heckman, Golsteyn, & Meijers, 2009), which may explain the respective influence on the change in subjective financial resources. Whereas subjective financial resources were associated with openness and agreeableness, objective ones were not.…”

Section: Discussioncontrasting

confidence: 67%

The influence of health and psychosocial resources on retirement adjustment

Lee

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my academic father. I will never forget the moment you humbly encouraged me in your office when I was discouraged about my poor writing skill. "Please help me to help you." You have always provided me with much more than what I could expect. I would also like to show my deepest appreciation to Dr. Gyounghae Han, my academic mother, who led me to human development and family studies. You have always challenged me and inspired me to become a better scholar. To my committee members, Drs. Jennifer Margrett, Clinton Gudmunson, Thomas Schofield, and Frederik Lorenz, I am truly grateful that I have such a great team from which I could get help, and I will keep getting help. It is a particular pleasure to acknowledge my debt to Drs. Gong-soog Hong and Janet Melby, you taught me how I could enjoy while I work. I would thank my friends Daesun Lee, Kwangjung Lee, and Shin Kim who gladly spent their time with me every time I visited Seoul giving me emotional and spiritual support. To Jungwook Paek, Myungwoon Lee, Shingyoung Jeon, Jaeil Shin, Hyosup Kim, you made my days in Ames always warm, busy, healthy, happy, and meaningful. Most important, I cannot express my appreciation enough to Heyri Choi, my wife, for the endless support she has given to me with a few sentences. It will take the rest of my life to pay her back. I would like to say to her, "고마워. 사랑해. 오래오래 같이 살자." viii ABSTRACT Although the researchers suggest that retirees' physical health, finances, and social support are important resources for adjustment in retirement, little attention has been paid to their impacts on retirement adjustment in post-retirement. This study investigates the influence of initial status of and change in these resources on early retirement adjustment based on the resource-based dynamic model (Wang, Henkens, & van Solinge, 2011). Data of retirees from the Health and Retirement Study were analyzed with latent growth curve models and a crosslagged model. Retirement adjustment was measured by depressive symptoms and a question asking about retirement satisfaction. The effects of retirees' personality traits, marital status, and job satisfaction while employed were included to account for retirees' individual differences in each resource. Retirees with better physical health, more financial resources, and higher levels of social support from their spouse reported fewer depressive symptoms and higher levels of retirement satisfaction. Changes in resources also predicted changes in post-retirement adjustment. Conscientiousness, extraversion, being married, and higher satisfaction with job while employed were related to better adjustment, whereas openness, agreeableness, and neuroticism predicted worse adjustment. Personality traits and job satisfaction were associated differently with social support according to who provided the support. The findings that retirees' resources change after retirement and influence retirement adjustment show the importance of maintaining these resources after retirement.

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Older Adults’ Receipt of Financial Help: Does Personality Matter?

Cited by 21 publications

References 22 publications

Personality and young adult financial distress

Personality and young adult financial distress

Financial decision-making abilities and financial exploitation in older African Americans: Preliminary validity evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS)

The influence of health and psychosocial resources on retirement adjustment

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