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Key Findings Details

Personality Traits and Economic Preparation for Retirement
by Michael Hurd, Angela Lee Duckworth, Susann Rohwedder and David Weir
WP 2012-279
  • 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.