An emerging body of international literature is beginning to reveal a significant connection between financial capability metrics and personality, suggesting that what influences our financial well-being may be more nuanced than we previously thought. This report investigates how the inclusion of personality traits impacts the analysis of the gender difference in financial capability scores.
An emerging body of international literature is beginning to reveal a significant connection between financial capability metrics and personality, suggesting that what influences our financial well-being may be more nuanced than we previously thought. This study investigates how the inclusion of personality traits impacts the analysis of the gender difference in financial capability scores.
This report, 'The Perils of Living Paycheque to Paycheque: The relationship between income volatility and financial insecurity', examines the relationship between income instability and broader measures of financial well-being. This study makes use of a unique dataset that collected self-reported month-to-month volatility in household income, measures of capability, financial knowledge and psychological variables. One in three adult Canadians reported at least some volatility in their monthly incomes, with six per cent reporting that the source and amount were both uncertain. Income volatility is present across a wide swath of the survey respondents, regardless of gender, family status, region of the country, education level and even income sources. Income volatility is correlated with lower financial knowledge, lower financial capability, and stronger beliefs that financial outcomes are up to fate and outside of personal control.
