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Agreeable People Who Place Less Value on Money at a Financial Disadvantage, Study Says

posted by chromas on Sunday October 14 2018, @03:03AM   Printer-friendly
from the money-is-disagreeable dept.

"upstart" writes:

Submitted via IRC for Bytram

Nice people finish last when it comes to money: Agreeable people who place less value on money at a financial disadvantage, study says

Nice people may be at greater risk of bankruptcy and other financial hardships compared with their less agreeable peers, not because they are more cooperative, but because they don't value money as much, according to research published by the American Psychological Association.

"We were interested in understanding whether having a nice and warm personality, what academics in personality research describe as agreeableness, was related to negative financial outcomes," said Sandra Matz, PhD, of Columbia Business School and lead author of the study published in the Journal of Personality and Social Psychology. "Previous research suggested that agreeableness was associated with lower credit scores and income. We wanted to see if that association held true for other financial indicators and, if so, better understand why nice guys seem to finish last."

[...] "We found that agreeableness was associated with indicators of financial hardship, including lower savings, higher debt and higher default rates," said Gladstone. "This relationship appears to be driven by the fact that agreeable people simply care less about money and therefore are at higher risk of money mismanagement."

[...] "Not every agreeable person is at equal risk of experiencing financial hardship," Gladstone said. "The relationship was much stronger for lower-income individuals, who don't have the financial means to compensate for the detrimental impact of their agreeable personality."

Nice guys finish last: When and why agreeableness is associated with economic hardship (DOI: 10.1037/pspp0000220)

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  • (Score: 3, Interesting) by MichaelDavidCrawford on Sunday October 14 2018, @09:19AM (2 children)

    by MichaelDavidCrawford (2339) Subscriber Badge <mdcrawford@gmail.com> on Sunday October 14 2018, @09:19AM (#748537) Homepage Journal

    On Wednesday, January 16th I'm launching an Indiegogo campaign [soggy.jobs] with a funding goal of $550,000.

    That's what I figure I need for three market rate engineers, a very _modest_ salary for me, NedSpace rent for us for a year, health insurance, computing equipment and so on.

    I have it all in a budget spreadsheet. From time to time I look at it then adjust my funding goal accordingly.

    I'm shooting raw footage for my pitch video with my iPhone 7. I have some friends who are entertainment industry professionals; one of them is going to edit my video for me.

    --
    Yes I Have No Bananas. [gofundme.com]
    Starting Score:    1  point
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  • (Score: 2) by Hyper on Sunday October 21 2018, @01:30PM

    by Hyper (1525) on Sunday October 21 2018, @01:30PM (#751636) Journal

    Applications without cover letters will be discarded!

    I hope this is not an attempt at an Officespace joke

  • (Score: 0) by Anonymous Coward on Sunday October 21 2018, @01:32PM

    by Anonymous Coward on Sunday October 21 2018, @01:32PM (#751637)

    We will test your direct Javascript expertise because we will write our own Javascript framework.

    Seriously, dude, the world has enough js frameworks. Please. Don't.