Week 11
Today I did a trial run of my proposal poster to see if it was effective and what the response would be. After user testing, people didn't know there was a layer underneath of information so I will have to figure out a way to make that more obvious that it lifts up. The feedback was good, everyone agreed it portrayed my concept well.
I have been researching more into personality theory and have found that really interesting in relation to financial decision making.
"In the literature, it is discussed that the personality traits of investors and the risk tolerances of those personality traits as well as their psychological biases affect the financial decisions (Durand, Newby, and Sanghani 2006; Murgea 2010; Thomas and Rajendran 2012; Venter, Michayluk, and Davey 2007). In many cases, investors are not aware of their wrong behaviors. If investors are aware of their psychological biases by knowing their own personality, they can make their financial decisions in a more conscious way. Thus, this way of thinking reduces their perception failures and increases the quality of their decisions. If an investor knows himself better, so he can gain more or he can maintain his wealth (Zweig 2011)."172
An Empirical Research on Investor Biases in Financial Decision-Making, Financial Risk Tolerance and Financial Personality Bilgehan Kübilay & Ali Bayrakdaroğlu
"Neukam and Hershey (2003) divide motivations to save for retirement into those that are fear-based and those that are goal-based and suggest that attendees in group-based retirement intervention contexts be prescreened and separated into sessions that address unique motivational needs of each personality type. Our analysis of the JumpStart data indicates that successful financial literacy is related to students' perceptions of future goals including a college degree, a professional job or a higher salary. Most financial planning starts with an analysis of goals. However, setting clear and
obtainable goals and developing a deep appreciation of how basic financial literacy will allow them to reach their goals is often missing from financial literacy programs. Thus, financial literacy programs must address student expectations and challenge them to develop a financial plan that will lead to success. Programs must relate the course content to goal obtainment and demonstrate how understanding and implementing financial principles will add significant value to their lives."113
Motivation and financial literacy Lewis Mandell, Linda Schmid Klein''
"Specifically, we find that more conscientious young adults are less likely to experience financial distress, while more neurotic ones are more likely. These patterns persist across all six individual, and the one aggregate, financial indicators we examined. The patterns with the remaining personality traits were less consistent across measures of financial distress. However, to the extent there were significant effects, more extraverted young adults were less likely to experience financial distress, while the more agreeable or more open to experience ones were more likely to go through financial distress."98
"A better understanding of what leads to poor financial outcomes can suggest alternative interventions to promote financial well-being in the next generation. The associations between personality traits and financial distress suggest the possibility of designing behavioral interventions based on personality traits, in a way similar to customized medication where medication and treatment are given based on the patient’s genetic make-up. To the extent that personality traits are associated with behavioral patterns that hinder financial well-being, these personality traits can be used to identify the population at financial risk."98
Personality and young adult financial distress Yilan Xu
"Financial attitudes and personality factors are somewhat more complex theoretical issues. We argue that students who desire many material possessions and who possess certain personality characteristics such as an increased likelihood to make impulsive purchases will be more likely to
acquire credit-card debt. This is likely to be related to the relationship between subjective well-being and income that was studied by Diener and Biswas-Diener (2002), who reported that those whose income allows them to satisfy their desires report greater well-being."1397
Personality Factors, Money Attitudes, Financial Knowledge, and Credit-Card Debt in College Students JILL M. NORVILITIS
I have been researching more into personality theory and have found that really interesting in relation to financial decision making.
"In the literature, it is discussed that the personality traits of investors and the risk tolerances of those personality traits as well as their psychological biases affect the financial decisions (Durand, Newby, and Sanghani 2006; Murgea 2010; Thomas and Rajendran 2012; Venter, Michayluk, and Davey 2007). In many cases, investors are not aware of their wrong behaviors. If investors are aware of their psychological biases by knowing their own personality, they can make their financial decisions in a more conscious way. Thus, this way of thinking reduces their perception failures and increases the quality of their decisions. If an investor knows himself better, so he can gain more or he can maintain his wealth (Zweig 2011)."172
An Empirical Research on Investor Biases in Financial Decision-Making, Financial Risk Tolerance and Financial Personality Bilgehan Kübilay & Ali Bayrakdaroğlu
"Neukam and Hershey (2003) divide motivations to save for retirement into those that are fear-based and those that are goal-based and suggest that attendees in group-based retirement intervention contexts be prescreened and separated into sessions that address unique motivational needs of each personality type. Our analysis of the JumpStart data indicates that successful financial literacy is related to students' perceptions of future goals including a college degree, a professional job or a higher salary. Most financial planning starts with an analysis of goals. However, setting clear and
obtainable goals and developing a deep appreciation of how basic financial literacy will allow them to reach their goals is often missing from financial literacy programs. Thus, financial literacy programs must address student expectations and challenge them to develop a financial plan that will lead to success. Programs must relate the course content to goal obtainment and demonstrate how understanding and implementing financial principles will add significant value to their lives."113
Motivation and financial literacy Lewis Mandell, Linda Schmid Klein''
"Specifically, we find that more conscientious young adults are less likely to experience financial distress, while more neurotic ones are more likely. These patterns persist across all six individual, and the one aggregate, financial indicators we examined. The patterns with the remaining personality traits were less consistent across measures of financial distress. However, to the extent there were significant effects, more extraverted young adults were less likely to experience financial distress, while the more agreeable or more open to experience ones were more likely to go through financial distress."98
"A better understanding of what leads to poor financial outcomes can suggest alternative interventions to promote financial well-being in the next generation. The associations between personality traits and financial distress suggest the possibility of designing behavioral interventions based on personality traits, in a way similar to customized medication where medication and treatment are given based on the patient’s genetic make-up. To the extent that personality traits are associated with behavioral patterns that hinder financial well-being, these personality traits can be used to identify the population at financial risk."98
Personality and young adult financial distress Yilan Xu
"Financial attitudes and personality factors are somewhat more complex theoretical issues. We argue that students who desire many material possessions and who possess certain personality characteristics such as an increased likelihood to make impulsive purchases will be more likely to
acquire credit-card debt. This is likely to be related to the relationship between subjective well-being and income that was studied by Diener and Biswas-Diener (2002), who reported that those whose income allows them to satisfy their desires report greater well-being."1397
Personality Factors, Money Attitudes, Financial Knowledge, and Credit-Card Debt in College Students JILL M. NORVILITIS
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