{"id":75,"date":"2018-10-26T17:31:28","date_gmt":"2018-10-26T21:31:28","guid":{"rendered":"https:\/\/www.beliefnet.com\/columnists\/dailycupofwellness\/?p=75"},"modified":"2018-10-26T17:31:28","modified_gmt":"2018-10-26T21:31:28","slug":"thing-nice-wallet-might-think","status":"publish","type":"post","link":"https:\/\/www.beliefnet.com\/columnists\/dailycupofwellness\/2018\/10\/thing-nice-wallet-might-think.html","title":{"rendered":"Is There Such a Thing as Too Nice? Your Wallet Might Think So"},"content":{"rendered":"
\"Marco
Marco Verch | Flickr.com<\/figcaption><\/figure>\n

When it comes to keeping your finances safe, it pays to be a little more cutthroat. According to a new study from Columbia Business School and University College London School of Management,<\/a> kinder individuals are more prone to both suffering financially and even declaring bankruptcy than their peers.<\/p>\n

\u201cWe were interested in understanding whether having a nice and warm personality \u2014 what academics in personality research describe as agreeableness \u2014 was related to negative financial outcomes,\u201d said Sandra Matz, the study\u2019s lead author and an assistant professor of business management at Columbia. \u201cPrevious research suggested that agreeableness was associated with lower credit scores and income. We wanted to see if that association held true for other financial indicators and, if so, better understand why nice guys seem to finish last.\u201d<\/p>\n

The study used data about more than 3 million individuals\u2019 monetary habits including their savings, debt, negotiation styles, level of agreeableness and overall view of money in an effort to determine whether agreeable individuals were at greater risk of financial difficulties because they had lax negotiation styles and saw money as a lower priority in their lives.<\/p>\n

\u201cWe found that agreeableness was associated with indicators of financial hardship, including lower savings, higher debt and higher default rates,\u201d said Joe Gladstone, the study\u2019s co-author and a lecturer at University London College. \u201cThis relationship appears to be driven by the fact that agreeable people simply care less about money and therefore are at higher risk of money mismanagement.\u201d<\/p>\n

\u201cOur results help us to understand one potential factor underlying financial hardship, which can have serious implications for people\u2019s well-being,\u201d said Matz. \u201cBeing kind and trusting has financial costs, especially for those who do not have the means to compensate for their personalities.\u201d<\/p>\n

In short, being generous is a wonderful thing, but be careful to ensure your generosity does not exceed your means.<\/p>\n","protected":false},"excerpt":{"rendered":"

When it comes to keeping your finances safe, it pays to be a little more cutthroat. According to a new study from Columbia Business School and University College London School of Management, kinder individuals are more prone to both suffering financially and even declaring bankruptcy than their peers. \u201cWe were interested in understanding whether having…<\/p>\n","protected":false},"author":616,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fbia_status":"","footnotes":""},"categories":[56],"tags":[58,57,60,59],"class_list":["post-75","post","type-post","status-publish","format-standard","hentry","category-financial-health","tag-finances","tag-financial-health","tag-generosity","tag-personality"],"yoast_head":"\nIs There Such a Thing as Too Nice? Your Wallet Might Think So<\/title>\n<meta name=\"description\" content=\"A new study has found that when it comes to financial stability, a cutthroat attitude will serve you better than a warm personality.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.beliefnet.com\/columnists\/dailycupofwellness\/2018\/10\/thing-nice-wallet-might-think.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is There Such a Thing as Too Nice? 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