Towards an Understanding of Low-Income Individuals’ Financial Resiliency: Exploration of Risk Preferences, Personality Traits, and Savings Behavior
A study on savings funded by JPMorgan Chase that was conducted throughout the Covid-19 pandemic. This exploratory study aims to help explain the causes of low-income individuals’ real-life savings behavior. Personality traits like someone's attitude towards risk, their ability to persevere, and their anxiety levels were found to affect how much risk low-income individuals were willing to take, which in turn impacted their ability to save and improve their financial standings.
