Financial Well-Being and Personality Traits

Abstract

Financial well-being is a multifaceted concept that holds significant importance in contemporary society. This chapter delves into the relationship between personality traits and financial well-being. Personality traits impact the ideal financial decisions of investors by being behaviorally biased, due to which individuals take inappropriate financial decisions, which eventually affect the financial wellbeing. By investigating how specific personality traits contribute in shaping investor personalities, the authors aim to uncover the nuanced ways in which psychological characteristics influence financial actions and, consequently, financial well-being. Ultimately, this research offers valuable insights that can inform interventions aimed at enhancing financial well-being and decision-making strategies tailored to individual personality profiles. The practical application of the study is for academicians, practitioners, and students having an interest in behavioral aspects of investing and leadership theories.