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THURSDAY, Oct. 11, 2018 – A new study suggests that it's more likely that nice people end up last.
The researchers analyzed the data of more than 3 million people and found that those who were nice were at increased risk of bankruptcy and other financial problems.
Why?
According to the study published on October 11, 2007, they simply do not appreciate money as much as others. Journal of Personality and Social Psychology.
"We wanted to know if having a nice and warm personality, what personality research academics describe as being nice, was linked to negative financial results," said Sandra Matz, lead author, Assistant Professor of Management, Columbia Business School, New York. .
Other studies have found a link between the pleasant and lower credit and income scores, she said.
"We wanted to see if this association was valuable for other financial indicators and, if so, better understand why the nice guys end up finishing last," Matz said in a press release.
Researchers linked acceptability to indicators of financial hardship, including reduced savings, higher debt, and higher default rates.
Joe Gladstone, co-author of this study, is Assistant Professor of Management at University College London. "This relationship seems to be motivated by the fact that nice people simply worry less about money and therefore run a higher risk of mismanagement of money," he said.
But all those who are in agreement are not exposed to the same risk of financial difficulties. The association was much stronger for people who earn less money.
"Being nice and trustful brings financial costs, especially for those who can not afford to compensate their personalities," Matz said.
The study revealed that an association rather than a cause-and-effect relationship. Yet even though bitterness was measured in childhood, it was still related to increased financial hardship later in life.
It was also surprising to compare publicly available personal and financial information from two UK regions with similar per capita income levels. The study found that the city with higher scores in accreditation had a bankruptcy rate higher than 50%.
"Our results help us understand a potential factor underlying financial hardship, which can have serious consequences for people's well-being," Matz said.
More information
America Saves, a project of the non-profit American Federation of Consumers, offers suggestions for saving money.
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