The current thesis examined the relationships between personality and attitudes and behaviours related to insurance claims, insurance fraud, and credit use.The thesis incorporates a systematic literature review of Impulsivity-related personality traits. This review led to the identification and development of a six factor framework of Impulsivity-related traits (Impetuousness, Self-Regulation, Deferred-Gratification, Consideration of Future Consequences or CFC, Attention, and Sensation Seeking). The framework was subsequently used to classify existing "Impulsivity" measures so that coherent review of research linking "Impulsivity" to financial behaviour could be undertaken. The framework guided review revealed that four Impulsivity-related traits (Impetuousness, Self-Regulation, Deferred-Gratification, CFC) appeared to be influential across a number of financial behaviours and as a result could be considered somewhat 'central' to financial behaviour. Accordingly, these four traits were assessed in each of the three empirical studies. In addition, each study also included a number of outcome specific traits. These were traits likely to be of importance to the specific outcome variables in each study but were unlikely to be related to economic behaviour across multiple domains.In Study 1 (n = 377), the central Impulsivity-related traits and the outcome specific traits of Compulsivity, Oppositionality, Risk-Taking, and Sensation Seeking were assessed in relation to Attitudes Towards Insurance Claims and the number of previously submitted motor and home insurance claims. The results revealed that Deferred-Gratification, CFC and Self-Regulation accounted for 36% of the variance in Attitudes Towards Insurance Claims, whilst a combined demographic, attitude and personality model was able to correctly classify participants as previous claimants or non-claimants in 84% of cases for motor claims and 66% of cases for home claims.In Study 2 (n = 475), the central Impulsivity-related traits and the outcome specific traits of Callousness, Conduct Problems, Dishonest-Opportunism, Integrity, Machiavellianism, and Pessimism were assessed in relation to Attitudes Towards Insurance Fraud and previously submitted motor and home insurance claims. The results revealed that Dishonest-Opportunism, Consideration of Future Consequences, Pessimism, Age and Educational Attainment accounted for 58% of the variance in Attitudes Towards Insurance Claims, whilst a combined demographic, attitude and personality model was able to correctly classify participants as previous claimants or non-claimants in 78% of cases for motor claims but did not predict home claims.In Study 3 (n = 611), the central Impulsivity-related traits and the outcome specific traits of Anxiety, Compulsivity, Insecure Attachment and Narcissism, were shown to be differentially predictive of five self-report financial behaviour factors (Irresponsible Spending, Financial Planning, Emotional Spending, Impulsive Credit Use and Poor Credit Management; 30-50% variance explained), the number of credit cards and loans owned (≈22% variance explained), and debt (11-15% variance explained). Finally, the personality traits were seated within a meditational model of: Personality → Credit Acquisition and Financial Behaviour → Debt. This model was strongly supported and accounted for 26% of the variance in loan debt and 31% of the variance in credit card debt.
|Date of Award||1 Aug 2014|
- The University of Manchester
|Supervisor||Paul Irwing (Supervisor) & Mark Batey (Supervisor)|
- Personality, Financial behaviour, Credit, Insurance