Personal control and financial well-being among the elderly: Moderating role of the big five

TitlePersonal control and financial well-being among the elderly: Moderating role of the big five
Publication TypeJournal Article
Year of Publication2022
AuthorsChhatwani, M
JournalPersonality and Individual Differences
Volume184
Pagination111171
ISBN Number0191-8869
KeywordsBig Five personality traits, COVID-19, Financial well-being, Personal control
Abstract

The increasing financial worry among retirees is a major concern for the government. To address this concern, we examine the linkage between a sense of personal control and financial well-being among the elderly during COVID-19 using nationally representative data of 934 respondents. Based on personal control theory, we find a positive relationship between personal control and financial well-being. We also investigate whether the big five personality traits moderate the given relationship and find that openness to experience and conscientiousness positively, whereas neuroticism negatively moderates this linkage. The implications for the theory and practice are discussed.

DOI10.1016/j.paid.2021.111171
Citation Key11789