Personality Traits, Income, and Economic Ideology

Abstract

While the psychological underpinnings of social ideology are well established, less is known about the psychological underpinnings of economic ideology. In this study, I assess whether Big Five personality traits are associated with economic ideology and when personality traits are more strongly or more weakly associated with economic ideology. I hypothesize that low income attenuates the association between the Big Five traits and economic ideology. Studies conducted in Denmark, the United Kingdom, and the United States show that Conscientiousness is positively correlated with economic conservatism, while Agreeableness and Neuroticism are negatively correlated with economic conservatism. Moreover, low income attenuates the association between personality traits and economic ideology. I report a weaker association between Agreeableness and economic ideology among poor people compared to wealthier people in all three countries. Low income also attenuates the association between economic ideology and the traits Openness (Denmark), Extraversion (United Kingdom), and Neuroticism (United States). I contribute to the literature addressing the psychological correlates of economic ideology by showing that (1) economic ideology has a distinct set of personality correlates and (2) low income attenuates the association between some personality traits and economic ideology.

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