Financial personality types in Hungary - research methods and results

Németh, Erzsébet and Béres, Dániel and Huzdik, Katalin and Zsótér, Boglárka (2016) Financial personality types in Hungary - research methods and results. FINANCIAL AND ECONOMIC REVIEW, 15 (2). pp. 153-172. ISSN 2415-9271

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Abstract

The objective of our study is to determine the characteristic features according to which an individual can be evaluated from the aspect of his/her financial culture. People filling in the questionnaire consisting of 36 questions may determine how much they can be characterised by individual features or behaviours. We worked with two types of personality profiles. One of them was compiled by the author of the test (preliminarily defined personality profile). In this case, respondents get feedback on the results they achieved in each pre-defined dimension (Price-sensitive, Economizing, Moderate, Saver, Diligent, Controls his finances). Among these dimensions, awareness and diligence are positive preliminary indications of the level of the person’s financial culture. The high level of saving and price-sensitivity did not correlate with good results achieved in other personality dimensions. In addition, we elaborated another personality profile obtained in empirical way. In order to establish the dimensions, we performed factor analysis. The established dimensions are: Short of cash, Economizing; Money-devouring; Order creates value; Price-sensitive; Collector; Planner; Ups and downs; Diligent and Cannot control his finances.

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