Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Personality traits and financial satisfaction
T2 - investigation of a hierarchical approach
AU - Davis, Kimberlee
AU - Runyan, Rodney
PY - 2016/6/1
Y1 - 2016/6/1
N2 - The purpose of this study was to explore personality determinants of financial satisfaction using the Metatheoretic Model of Motivation and Personality (3M Model) as a theoretical framework. Such a framework can help researchers identify traits associated with financial satisfaction and ultimately assist practitioners working with clients on debt management and wealth building. The study used data from a survey of university alumni who had taken consumer economics and/or personal finance at the undergraduate level. Although the study’s initial, fully mediated model is fragmented, the modified model offers interesting insights into the determinants of financial satisfaction. The findings suggest that trait characteristics such as need for material resources and emotional instability affect financial satisfaction. Furthermore, the findings indicate that financial behaviors (compound traits) are related to financial situation (situational traits) and financial satisfaction (surface traits). Keywords: 3M Model, eight elemental traits, financial behaviors, financial situation, financial satisfaction
AB - The purpose of this study was to explore personality determinants of financial satisfaction using the Metatheoretic Model of Motivation and Personality (3M Model) as a theoretical framework. Such a framework can help researchers identify traits associated with financial satisfaction and ultimately assist practitioners working with clients on debt management and wealth building. The study used data from a survey of university alumni who had taken consumer economics and/or personal finance at the undergraduate level. Although the study’s initial, fully mediated model is fragmented, the modified model offers interesting insights into the determinants of financial satisfaction. The findings suggest that trait characteristics such as need for material resources and emotional instability affect financial satisfaction. Furthermore, the findings indicate that financial behaviors (compound traits) are related to financial situation (situational traits) and financial satisfaction (surface traits). Keywords: 3M Model, eight elemental traits, financial behaviors, financial situation, financial satisfaction
KW - financial satisfaction
KW - Mowen's 3D model
KW - personality traits
KW - 3M Model
KW - eight elemental traits
KW - financial behaviors
KW - financial situation
U2 - 10.1891/1052-3073.27.1.47
DO - 10.1891/1052-3073.27.1.47
M3 - Journal article
VL - 27
SP - 47
EP - 60
JO - Journal of Financial Counseling and Planning
JF - Journal of Financial Counseling and Planning
SN - 1947-7910
IS - 1
ER -