@article{bb0f8d84b74343ddbf37214aee51d91a,
title = "Do good things come in pairs? How personality traits help explain individuals' simultaneous pursuit of a healthy lifestyle and financially responsible behavior",
abstract = "Both a healthy lifestyle and financially responsible behavior contribute to individual wellbeing and benefit society. Motivated by the fact that both types of behavior involve short-term sacrifices in exchange for uncertain long-term benefits and require self-control, we examine individuals' consistency in behavior across the health and financial domains. Using a large-scale data set of 3,752 employed Australians, we find that the majority of individuals behave in a consistently beneficial or detrimental way across both domains. This behavioral consistency relates to fundamental life outcomes, including physical and mental health, financial prosperity, and life satisfaction. In a new contribution to the literature, we show how personality traits—Locus of Control, the Big Five, Achievement Motivation—have a meaningful role in explaining the simultaneous pursuit of a healthy lifestyle and financially responsible behavior. These behavioral insights can guide policymakers in developing more effective strategies to steer individuals towards beneficial health and financial outcomes.",
keywords = "health behavior, household finance, personality traits",
author = "Hoffmann, {Arvid O.I.} and Leonora Risse",
note = "Funding Information: The authors thank the Associate Editor, Ron Paul Hill, and the two anonymous reviewers for helpful guidance and suggestions. This article uses unit record data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey which is funded by the Australian Government Department of Social Services and is managed by the Melbourne Institute of Applied Economic and Social Research. The HILDA survey data used in this research is publicly available through the Melbourne Institute after signing a confidentiality deed poll. For more information on how to obtain access to this data, see https://melbourneinstitute.unimelb.edu.au/hilda/for-data-users . Views and findings presented in the article are solely those of the authors. Please note that the authors have no affiliation with any of the companies mentioned in the examples discussed in this article. Funding Information: Relevant examples from Australia include the “MoneySmart” initiative website run by the Australian Government's Australian Securities and Investments Commission ( https://www.moneysmart.gov.au/managing-your-money ), the Australian Government's “Eat For Health” website and resources ( https://www.eatforhealth.gov.au ), the Australian Government alcohol consumption guidelines ( http://www.alcohol.gov.au/internet/alcohol/publishing.nsf/Content/guide-adult ), the Australian Government's “Quit Now” website and resources ( http://www.quitnow.gov.au/internet/quitnow/publishing.nsf/Content/home ), and the “Gambling Responsibly” support services funded by the Australian, State and Territories Governments ( https://www.gamblinghelponline.org.au/making-a-change/gambling-responsibly ). Similar initiatives exist in the U.S., Canada, and Europe. Relevant examples in the financial domain include the “Consumer Financial Protection Bureau” website run by the U.S. government ( https://www.consumerfinance.gov ), the “Financial Consumer Agency of Canada” website run by the Canadian government, the “Money Advice Service” website run by the U.K. government ( https://www.moneyadviceservice.org.uk/en ), and the “Money Wise Platform” website run by the Dutch Government ( https://www.wijzeringeldzaken.nl/english/ ). Funding Information: The authors thank the Associate Editor, Ron Paul Hill, and the two anonymous reviewers for helpful guidance and suggestions. This article uses unit record data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey which is funded by the Australian Government Department of Social Services and is managed by the Melbourne Institute of Applied Economic and Social Research. The HILDA survey data used in this research is publicly available through the Melbourne Institute after signing a confidentiality deed poll. For more information on how to obtain access to this data, see https://melbourneinstitute.unimelb.edu.au/hilda/for-data-users. Views and findings presented in the article are solely those of the authors. Please note that the authors have no affiliation with any of the companies mentioned in the examples discussed in this article. Publisher Copyright: Copyright 2020 by The American Council on Consumer Interests",
year = "2020",
month = sep,
day = "1",
doi = "10.1111/joca.12317",
language = "English",
volume = "54",
pages = "1082--1120",
journal = "Journal of Consumer Affairs",
issn = "0022-0078",
publisher = "Wiley-Blackwell",
number = "3",
}
