Greed and adolescent financial behavior |
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| Institution: | 1. TIBER & Department of Social Psychology, Tilburg University, The Netherlands;2. TIBER & Department of Marketing, Tilburg University, The Netherlands;3. Nibud, The Netherlands;1. Department of Finance, College of Business Administration, San Diego State University, 5500 Campanile Drive, SSE 3306, San Diego, CA 92182-8236, USA;2. Department of Marketing, College of Business Administration, San Diego State University, 5500 Campanile Drive, SSE 3131, San Diego, CA 92182-8239, USA |
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| Abstract: | Financial problems in adolescents have increased over the last decades. We investigated if individual differences in greed relate to financial behavior. Greed is an important motive for economic behavior and refers to the tendency to never be satisfied and to always want more. We developed a short version of the Dispositional Greed Scale (Seuntjens, Zeelenberg, Van de Ven, & Breugelmans, 2015), which we then used in a large survey with adolescents (N = 3899). Dispositional greed is associated with them having more income, spending more, saving less often, and having debt more often. Identifying what personality characteristics influence financial behavior at a young age is important, as the financial habits that people learn during adolescence persist in adulthood. We find that greed has both positive effects (having a higher income), but also negative effects with the greedy being less likely to save and being more likely to have a debt. |
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| Keywords: | Greed Dispositional Greed Scale Adolescents Financial behavior Debt |
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