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Abstract
Average Americans consistently rate money and finances as one of their top two causes of anxiety (APA, 2018). Studies also indicate that Americans demonstrate a low level of financial literacy and have difficulty applying financial decision-making skills to real life situations (NFCS, 2018), which could contribute to increased levels of anxiety. The present study examines financial outcomes using the Big Five personality model and four standard measures of financial performance: financial literacy, financial risk tolerance, income, and net worth. Extraversion is positively associated with financial risk taking and income, but not associated with higher financial literacy or net worth. Conscientiousness is negatively associated with financial risk tolerance, but positively associated with financial literacy, income, and net worth. This is the first study highlighting that extraversion and conscientiousness play different roles in wealth building. Findings suggest that Big Five personality provides unique significant insight into financial outcomes and should play an increasing role in understanding financial behavior.