Investor Personality in Investor Questionnaires

We explore, through a survey of more than 2,500 people, the links between personality and risk tolerance, overconfidence, maximization, regret, trust, attributing success to luck or skill, and life satisfaction. Risk tolerance is high among those with high levels of extraversion and openness but relatively low among those with high levels of conscientiousness. Overconfidence is high among those with relatively high levels of extraversion but relatively low among those with high levels of agreeableness. Knowledge about these links is important to financial advisors who must know their clients so they might guide them