Abstract
This study examined a model in which conscientiousness is related to net worth through its relationship with future planning, and in which general mental ability (GMA) moderates the effects of future planning on net worth. Data for this study were drawn from 1,135 participants in the National Survey of Midlife Development in the United States. Results from an analysis of conditional indirect effects suggest that conscientiousness shared a positive, indirect association with net worth through its relationship with future planning that was realized only for individuals higher in GMA. In contrast, conscientiousness had no indirect association with net worth for those low in GMA. This study helps add to the understanding of how noncognitive (personality) and cognitive (ability) traits affect individual-level economic outcomes and offers an explanation for both how and when conscientiousness influences net worth. These findings may be particularly important given efforts to design interventions that help improve individual financial outcomes.
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