The Nicer You Are, the More Likely You Are to Go Bankrupt: Study

The Nicer You Are, the More Likely You Are to Go Bankrupt: Study

You just don’t value cash in your pocket, these experts say.

The American Psychological Association is backing up the claim that nice guys finish last.

A study done by a team at Columbia Business School has proven the popular saying to be true. “Nice” people can be at a greater risk of facing financial hardships simply because they don’t value money as much as others, they say.

“Previous research suggested that agreeableness was associated with lower credit scores and income,” says Sandra Matz, PhD and lead author of the study. “We wanted to see if that association held true for other financial indicators,” she added.

Matz and her co-author, Joe Gladstone, PhD, of University College London, analyzed data collected from more than 3 million participants through various method. These included two online panels, a national survey, bank account data and publicly available geographic data.

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Were people experiencing financial hardship because of poor skills in negotiating, or was it something else?  Yes, it was something else.

The trouble is, “niceness” can be hard to avoid. Researchers found that it was even possible to predict if a person would have a harder financial life by measuring their agreeableness as far back as childhood. And it was often bad news.

“Being kind and trusting has financial costs, especially for those who do not have the means to compensate for their personalities,” says Matz.

Unfortunately, researchers didn’t offer any scientific tips on how to become less agreeable.

However, if you find your bank account is running low, we suggest you may want to start some arguments. You know, accidentally drop your coffee on that certain someone, that kind of thing. We can’t guarantee that it will work, but it could be worth a shot.

As is well known, excess stress is bad for your health, and ongoing financial troubles could be adding more weight to your day than a tiff with that person who keeps asking for rent money and an extra pair of shoes.

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