A comprehensive financial plan should incorporate all of the Big Five Personality Traits as they influence the scope and direction of the planning process.
Commonly studied by psychologists and scholars of behavioral finance these trails include: Neuroticism, conscientiousness, agreeableness, extraversion and openness.
According to research appearing in Financial Planning Review it is conscientiousness that is by-far the most vital personality trait when it comes to wealth accumulation.
Conscientiousness is highly correlated with an individual's preference for following rules, working hard, carefully organizing tasks and following-thru to see that tasks are completed in a timely fashion.
Accounting for educational attainment and other cognitive variables this trait is also most consistently associated with work and career success.
According to researchers Fenton-O'Creevy and Furnham this trait is also highly correlated with effective financial planning.
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