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Financial capability, money attitudes and socioeconomic status: risks for experiencing adverse financial events

von Stumm, Sophie and Fenton O’Creevy, Mark and Furnham, Adrian (2013) Financial capability, money attitudes and socioeconomic status: risks for experiencing adverse financial events. Personality and Individual Differences, 54 (3). pp. 344-349. ISSN 0191-8869

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Identification Number: 10.1016/j.paid.2012.09.019

Abstract

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
Official URL: https://www.journals.elsevier.com/personality-and-...
Additional Information: © 2012 Crown Copyright
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HG Finance
Sets: Departments > Psychological and Behavioural Science
Date Deposited: 14 Feb 2018 15:22
Last Modified: 14 Feb 2018 15:22
URI: http://eprints.lse.ac.uk/id/eprint/86789

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