Conscientiousness and Problematic Financial Behaviors of Emerging Adults

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Major Area of Focus

Secondary area of focus

Short Abstract

The problematic financial behaviors of young adults, such as late rent or mortgage payments, use of payday lenders, and credit card debt, are analyzed using the personality trait of conscientiousness as a key independent variable in an economic model. Conscientiousness is found to be a strong predictor of credit card debt and negative financial events. Results from the study indicate that while highly conscientious individuals are more likely to have a credit card they have lower balances, with a one standard deviation increase in conscientiousness associated with an 18% decrease in credit card balance. Similarly, a one standard deviation increase in conscientiousness decreases the likelihood of experiencing more than one negative financial event by 21%. Conscientiousness is the strongest predictor of negative financial events; stronger than gender, income, or financial literacy. Implications for educators, financial planners, and policy makers are discussed.

Corresponding Author

Jodi Letkiewicz, PhD, University of Nebraska-Lincoln

Job Title

Assistant Professor

City & State (or Province & Country)

Lincoln, NE

Additional Authors

2013 Conference

April 10–12, 2013

The Benson Hotel, Portland, Oregon

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.