Wealth, gender or personality: What shapes financial well-being among the elderly?

Purpose This study examines the association between wealth and financial well-being, and tests the impact of individual differences (personality and gender) on the relationship between wealth and financial well-being. Design/methodology/approach Using a nationally representative dataset of American elderly individuals consisting of 935 respondents, the study employed step-wise regression analysis and tested the moderating effect of the big five personality factors after controlling for socio-demographic factors and financial self-efficacy. Findings The findings reveal that wealthier individuals with a high degree of openness to experience report increased financial well-being. Conversely, those with higher levels of neuroticism, despite their wealth, tend to report lower levels of financial well-being. Gender differences are observed such that the interaction between wealth and personality traits exhibits distinct patterns across gender groups, and wealth is associated with reduced financial well-being among agreeable women but not men. Originality/value The present study contributes to the broader understanding of the top-down approach to well-being and incorporates important theories such as personality theory, resource theory, and need fulfilment theory to broaden the understanding of financial well-being. Implications for theory and practice are discussed.