Nice people finish last when it comes to money

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.”

  • Publisher: ScienceDaily
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Nice kids come last – new study finds agreeable personalities have less money

Scientists have found that those with a more agreeable personality are destined to a higher degree of financial mismanagement as adults.

Experts at University College London and Columbia Business School analyzed the data from more than three million participants and found that those with meaner personalities ended up, on average, richer.

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They concluded that agreeable people are worse off not because they are more willing to compromise, but because they simply think less about money, and are therefore at a higher risk of mismanaging their affairs.

Dr Sandra Matz, from Columbia, said: ‘Our results help us to understand one potential factor underlying financial hardship, which can have serious implications for people’s well-being.

Nice people finish last when it comes to money

Matz and her co-author, Joe Gladstone, Ph.D., of University College London, analyzed data collected from more than 3 million participants using multiple methods: two online panels, a national survey, bank account data and publicly available geographic data. Their analyses investigated whether the reason agreeable individuals were more likely to experience financial hardship was because of their more cooperative negotiation style or instead the lower value they assign to money.

“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.”

  • Date: 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
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It Just Doesn’t Pay to Be Nice, Study Finds

Being nice tied to financial hardship, study finds

They just don’t value money as much as other people do, according to the study published Oct. 11 in the Journal of Personality and Social Psychology. RELATED Prescription coupons, rebates may drive up prices in long run

“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 lead author Sandra Matz, an assistant professor of management at Columbia Business School in New York City.

  • Publisher: UPI
  • Date: 2018-10-11T22:32:07-04:00
  • Twitter: @UPI
  • Citation: Web link

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Researchers Think They Know Why Nice Guys Finish Last

Nice guys finish last. That’s the partial title of a paper published today in the American Psychological Association’s Journal of Personality and Social Psychology.

So is it actually true? Well, according to the paper’s coauthors’assistant professors Sandra Matz of Columbia Business School and Joe Gladstone of the school of management at University College London’previous research has shown that people who are more agreeable tend to have lower incomes and worse credit scores than less-agreeable ones. Matz and Gladstone wanted to find out whether ‘agreeableness,’ a measurable trait, is associated with other bad financial outcomes’and also to figure out why.

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