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

von Stumm, Sophie; 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.

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URL: http://www.sciencedirect.com/science/article/pii/S...
DOI (Digital Object Identifier) Link: http://dx.doi.org/10.1016/j.paid.2012.09.019
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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: Journal Article
Copyright Holders: 2012 Elsevier Ltd
ISSN: 0191-8869
Project Funding Details:
Funded Project NameProject IDFunding Body
Not SetNot SetBBC, Friends Provident Foundation
Keywords: adverse financial events; money attitudes; financial capability; socio-economic status
Academic Unit/Department: Open University Business School
Item ID: 35597
Depositing User: Mark Fenton-O'Creevy
Date Deposited: 30 Nov 2012 09:49
Last Modified: 30 Nov 2012 22:58
URI: http://oro.open.ac.uk/id/eprint/35597
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