2014/05/16 by JODI C. LETKIEWICZ, Jodi Letkiewicz, Jonathan Fox +1 · 1 citation
Business, Management and Accounting · Economics, Econometrics and Finance · Psychology · #Asset (computer security) #Big Five personality traits #Business #Computer science #Conscientiousness #Demographic economics #Economics #Finance #Financial Literacy, Pension, Retirement Analysis #Financial literacy #Housing Market and Economics #Personality #Psychological Well-being and Life Satisfaction #Psychology #Social psychology
paper · doi:10.1111/joca.12040
crossref issued 2014/05/16 · crossref published 2014/05/16 · crossref published-online 2014/05/16 · openalex publication_date 2014/05/16 · crossref published-print 2014/06/01 · crossref created 2014/07/09 · crossref deposited 2023/10/06 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/31 · crossref indexed 2026/07/31
This study utilizes the 1997 National Longitudinal Survey of Youth to examine the relationship between financial literacy, conscientiousness, and asset accumulation among young adults. Findings indicate that both conscientiousness and financial literacy are consistent predictors of asset accumulation among young Americans. A one‐standard‐deviation increase in conscientiousness is correlated with a 40% increase in net worth, a 53% increase in illiquid asset holdings, and a 33% increase in liquid asset holdings. A one‐standard‐deviation increase in financial literacy is correlated with a 60% increase in illiquid asset holdings and a 30% increase in liquid asset holdings. Financial literacy moderates the effect of conscientiousness on net worth. These findings suggest that conscientiousness and financial literacy are important factors and that policies and programming with a dual emphasis on increasing conscientiousness and financial literacy are likely to have a positive impact on consumer savings and asset‐building.