What does your personality reveal about your financial behavior? Evidence from a FinTech experiment

  • We co-operate with a German financial account aggregator (FAA) and conduct a personality survey with 1,700 app users. We combine the survey results with their anonymized transaction data and investigate links between personality traits and spending behavior. Observing many lottery windfalls in our dataset and treating these incidents as real-life experiments, we ask: what do individuals do with unexpected income changes? Our findings suggest that highly extraverted individuals tend to overspend in response to lottery windfalls.

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Author:Andreas HackethalORCiDGND, Fabian NemeczekORCiD, Jan Radermacher
Parent Title (English):Efl insights : an elf - the Data Science Institute publication
Publisher:E-Finance Lab e.V.
Place of publication:Frankfurt am Main
Document Type:Article
Date of Publication (online):2022/07/04
Date of first Publication:2022/07/04
Publishing Institution:Universit├Ątsbibliothek Johann Christian Senckenberg
Creating Corporation:E-Finance Lab <Frankfurt, Main>
Release Date:2022/07/21
Page Number:3
First Page:6
Last Page:8
Institutes:Angeschlossene und kooperierende Institutionen / E-Finance Lab e.V.
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):License LogoDeutsches Urheberrecht