Key Findings Details
Personality Traits and Economic Preparation for Retirement
Michael Hurd, Angela Lee Duckworth, Susann Rohwedder and David Weir
- Personality traits operate through economic resources and consumption levels and impact one’s adequacy of preparation for retirement.
- Individuals with higher levels of conscientiousness are more likely to be economically prepared for retirement, because of greater earnings and high saving.
- Neuroticism negatively affects wealth among married persons, particularly females, while conscientiousness positively affects wealth among both males and females, and openness positively affects wealth among females.
- Among single persons, and in contrast to our findings among married persons and the overall sample, conscientiousness does not predict economic preparation for retirement.
- Neuroticism negatively affects preparation for retirement among both single males and single females, while extroversion negatively affects preparation for retirement among single males.