OCEAN wealth profiles: A latent profile analysis of personality traits and financial outcomes

Abstract There is a growing interest in the role of personality characteristics in describing financial outcomes. The Big Five personality traits have been shown to predict relevant financial outcomes including income and net worth. In the present research (n = 395), we move beyond individual Big Five personality traits to look at personality profiles in the prediction of financial outcomes. Using latent profile analyses, we identified three profiles—Under Controlled, Resilient, and Over Controlled—which were uniquely associated with income, risk tolerance, and life satisfaction. These patterns held even after controlling for gender, education, and age. The discussion focuses on the relative benefits of a personality approach over the common risk-tolerance approach.