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

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JournalPersonality and Individual Differences
DatePublished - 1 Feb 2013
Issue number3
Volume54
Number of pages6
Pages (from-to)344-349
Original languageEnglish

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.

    Research areas

  • Adverse financial events, Financial capability, Money attitudes, Socio-economic status

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