Nice People May Make Worse Financial Decisions
It may sound good to be nice but a nice person may end up to be in financially poor health, according to a study done by Columbia Business School.
The study done by Sandra Matz, an assistant professor at Columbia Business school showed that people who had higher scores on agreeableness in personality tests while they were teenagers ended up having a worse financial situation later in life. The analysis was based on database of three million people covering 25 years. Such people fared badly in financial indicators related to savings, debt and repayment defaults on loans. If you have loved ones who depend on you, they are likely to suffer if on account of being nice, the family's finances are affected.
Children are told to be nice to others but that the implications of the new findings is that it may not be the right approach if the child is to become financially successful later in life.