Sleepiness Moderates the Associations between Personality and Financial Risk Tolerance and Spending Habits among College Students.

Objectives: Personality and sleep characteristics are related to financial attitudes and behaviors. However, to our knowledge no study has examined how personality and sleep may be conjointly associated with these financial outcomes. The present study examined sleepiness as a moderator of the associations between college students' personality traits and financial risk tolerance and spending habits.

Methods: Undergraduates (N = 177, 77% women, 78% White) self-reported their personality traits and sleepiness using well-established questionnaires. Financial attitudes and behaviors were assessed via students' self-reported responses to a set of scenarios assessing risk tolerance as well as their spending habits over the prior two weeks.

Results: Multiple regression analyses were run. Across five significant two-way interactions, high levels of sleepiness exacerbated risk for greater financial risk tolerance and higher spending among those characterized by high open-mindedness and low neuroticism, whereas low sleepiness increased protection for lower risk tolerance and less spending among those high in agreeableness and conscientiousness.

Conclusions: Sleepiness may act as both a vulnerability and protective factor in relations between personality and financial attitudes and behaviors. Improvements in sleepiness, which is modifiable via intervention, may have significant implications for individuals' financial well-being.