Growth

Rich and Co.

“Extroverted populations tend to have lower savings rates, new research shows.”

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“… more extroverted individuals tend to choose smaller but immediate rewards instead of larger but delayed ones…Extroverts are far more sensitive to rewards, which makes it harder for them to overcome their desire for immediate gratification…When making financial decisions, this can contribute to impulsive spending, higher credit card debts, and reduced savings.”

… US states with higher average extroversion levels tended to allocate more of their income toward immediate consumption, rather than setting money aside for saving.

A final study examines how the average extroversion levels of different countries were related to gross national savings as a percentage of GDP (gross domestic product).  “Across all three different analyses, the same pattern emerged,” Hirsh says. “The more extroverted the population, the lower the savings rates tended to be, even when controlling for population differences in age, life expectancy, and wealth.”

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Written by Rich and Co.

July 28, 2015 at 4:47 pm

Posted in Uncategorized

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