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Instrumental and disinhibited financial risk taking: Personality and behavioural correlates

Rogers, J; Viding, E; Chamorro-Premuzic, T; (2013) Instrumental and disinhibited financial risk taking: Personality and behavioural correlates. Personality and Individual Differences , 55 (6) pp. 645-649. 10.1016/j.paid.2013.05.011.

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Abstract

Risk taking, including that within the financial domain, is often considered to represent a unidimensional personality trait. This paper considers the relatively unexplored construct of instrumental financial risk taking: a class of behaviours that while inherently risky, are entered into with a greater degree of consideration than more impulsive or disinhibited forms of risk taking. Participants (N= 1043) completed a novel questionnaire assessing instrumental and disinhibited financial risk taking as part of a battery including measures of: sensation-seeking, impulsivity, psychopathic personality traits and real life financial outcomes. Correlations revealed a divergent pattern of relationships supporting the utility of characterising these different forms of financial risk. Scores on the novel instrument are shown to explain more than 10% of the variance in the use of riskier, more productive savings products, over and above the influence of demographics and financial status. © 2013 Elsevier Ltd.

Type: Article
Title: Instrumental and disinhibited financial risk taking: Personality and behavioural correlates
DOI: 10.1016/j.paid.2013.05.011
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences > Clinical, Edu and Hlth Psychology
URI: http://discovery.ucl.ac.uk/id/eprint/1494368
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