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American Journal of  Financial 
Technology and Innovation (AJFTI)

The Nexus between Personality Traits and Financial Self-Efficacy of  College Students
Lady Bea Tejano1*, Jamaine Rafaella Larracochea1, Ashly Mae Pardillo1, Byrel Nicole Lanzaderas1, Ralph Joe Dologuin1,
Christian Enad1, Mark Joshan Veyra1, Mark Joel Ortiz1, John Harry Caballo1, Dianne Mariz Nacua Obenza-Tanudtanud2

Volume 3 Issue 1, Year 2025
ISSN: 2996-0975 (Online)

DOI: https://doi.org/10.54536/ajfti.v3i1.3926
https://journals.e-palli.com/home/index.php/ajfti

Article Information ABSTRACT

Received: October 23, 2024

Accepted: November 25, 2024

Published: March 18, 2025

This quantitative correlational study explores the relationship between personality traits and 
financial self-efficacy among college students. Data were collected online through Google 
forms using validated instruments and respondents were identified using stratified random 
sampling. The study employed descriptive statistics and regression analyses using Jamovi and 
SmartPLS 4.0 softwares. Anchored in the Big Five Personality Traits model and Financial 
Self-Efficacy Theory, the results showed that the research constructs meet validity and 
reliability standards. Findings revealed that Conscientiousness and Extraversion positively 
influence financial self-efficacy, while Neuroticism has a negative effect. These results 
highlight the role of  personality traits in shaping financial self-efficacy among students.

Keywords
College Students, Personality Traits, 
Regression Analysis, Self  Efficacy

INTRODUCTION 
Financial self-efficacy (FSE) is a learned belief  that can 
be developed over time, rather than an innate quality and 
has been growing, with studies exploring its antecedents, 
modifiers, and outcomes, leading to the development 
of  an integrated model and a research agenda for 
future investigations (Gulati & Singh, 2024). According 
to Obenza et al. (2024c) define financial behavior as a 
complicated, multifaceted element of  personal finance 
that includes essential decision-making processes such as 
budgeting, saving, investing, and spending. This research 
emphasizes that an individual’s financial behaviors are 
firmly based in their personality traits and financial self-
efficacy, rather than being influenced by external variables. 
According to the study, students with higher levels of  
financial self-efficacy—as evidenced by attributes such 
as conscientiousness and openness—are more likely to 
engage in good financial behaviors, which improve their 
overall financial well-being. The research focuses on 
the complex relationship between personality, conduct, 
and financial consequences. According to Obenza et 
al. (2023d), the study investigated the mediating effect 
of  financial self-efficacy on the financial management 
behavior and well-being of  teachers This emphasizes 
the idea of  how self-efficacy plays a role in the decision-
making on financial behaviors.
Additionally, according to Asebedo & Seayb (2018), FSE 
has been shown to positively impact saving behavior 
in older pre-retirees and can moderate the relationship 
between market volatility and financial satisfaction. 
Additionally, Asebedo et al. (2019) stated that there are 
several psychological factors that contribute to FSE, 
including frequent positive affect, reduced negative affect, 
stronger mastery beliefs, and higher task orientation, and 

understanding and improving FSE is crucial for financial 
professionals working with older adults preparing for 
retirement. Despite significant advances in the study of  
financial well-being, self-efficacy, and behavior, there is 
still a significant gap in our understanding of  the complex 
relationship between personality traits and financial self-
efficacy among university students. Numerous research 
have found a clear link between financial activity and 
financial well-being (Obenza & Obenza, 2024c; Sabri et 
al., 2023; Mathew & Kumar, 2022), but few investigate 
the deeper psychological elements that may underpin 
these behaviors. This study addresses this gap by studying 
how individual personality traits influence financial self-
efficacy, hence shaping financial actions and outcomes. 
This method broadens the discussion by relating 
psychological aspects to financial well-being among 
university students.
A number of  researches have explored the relationship 
between college students’ financial outcomes, self-
efficacy, and personality factors. According to Dasigan 
et al. (2024), there is a significant positive correlation 
between academic self-efficacy and the Big Five 
personality qualities of  agreeableness, extraversion, 
conscientiousness, and openness, and a negative 
correlation, with neuroticism. Similar findings have 
been made by Ye & Yee (2023) and Winata (2019) 
regarding the influence of  personality factors and 
entrepreneurial self-efficacy on students’ entrepreneurial 
intentions. However the impact of  personality factors 
on entrepreneurial intentions is not reduced by financial 
competence according to Winata (2019). According to 
Obenza et al. (2024b) that extraversion and neuroticism 
were shown to be favorably correlated with financial well-
being among college students, although agreeableness, 

1 University of  Mindanao, Davao City, Philippines
2 Department of  Education, Cotabato Division, Philippines
* Corresponding author’s e-mail: ladybeatejano@gmail.com



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extraversion and openness did not correlate significantly. 
These findings imply that personality traits are important 
in determining students’ financial results and self-efficacy, 
which provides valuable insights for creating focused 
interventions and educational programs.
According to Obenza et al. (2024e), recent studies in 
Davao City have explored the relationships between 
personality traits, self-efficacy, and financial behaviors. 
Research on college students found that extraversion and 
neuroticism positively correlated with financial well-being 
. Furthermore, among public secondary school teachers, 
positive personality traits and self-efficacy were found to 
have significant correlations with career self-management 
according to Sabanal (2024)
The amount of  research on financial self-efficacy (FSE) 
and how it relates to other psychological characteristics is 
increasing. However, the knowledge of  how personality 
traits in particular affect FSE in college students is still 
severely lacking, specifically for the students in the College 
of  Hospitality Education at the University of  Mindanao. 
While other studies have explored correlations between 
personality traits and self-efficacy in academic and 
entrepreneurial contexts, the direct impact of  personality 
factors on financial self-efficacy remains underexplored.
Furthermore, while research has shown that personality 
traits impact financial well-being (Obenza et al., 2024), it 
is unknown how these traits interact with FSE regarding 
financial planning and decision-making. By closely 
investigating this gap, we can get important insights 
that will help us build focused interventions that can 
eventually advance the financial success and well-being 
of  college students by raising their financial self-efficacy.
The significance of  this research is underscored by various 
studies that establish significant correlations between 
personality traits and financial behaviors. Ozer and Mutlu 
(2019) found that conscientiousness, agreeableness, and 
openness to experience positively influence financial 
behaviors, indicating that understanding personality 
can enhance financial well-being. Khan et al. (2021) 
further demonstrated that personality traits predict 
financial self-efficacy and emotional biases, mediating 
financial decision-making. Brooks and Williams (2020) 
highlighted the significance of  personality over emotions 
in determining attitudes toward financial risk while 
emphasizing factors like resilience and intolerance of  
uncertainty. In this context, the present study focuses on 
college students in Davao City, specifically investigating 
how personality traits influence financial self-efficacy 
within this population. These findings highlight the 
importance of  considering personality traits in predicting 
financial behavior, informing financial institutions on 
tailoring their services based on personality characteristics, 
and guiding the development of  targeted interventions 
and strategies that enhance the financial welfare of  
college students. Furthermore, providing appropriate 
training and support could improve financial decision-
making outcomes over the long term, contributing to the 
financial well-being of  this population. 

Research Question
How do different personality traits influence financial 
self-efficacy among college students?

Hypothesis
There is a significant relationship between personality 
traits and financial self-efficacy of   college students.

MATERIALS AND METHODS
The research design employed in this study is a non-
experimental quantitative approach, which focuses 
on gathering and analyzing numerical data to explore 
the nexus between personality traits and financial self-
efficacy of  college students without any manipulation. 
This type of  study design relies on systematic observation 
and measurement to understand and explain phenomena 
(Creswell & Creswell 2022).
The research instrument utilized in this study is adapted 
from John and Srivasta’s (1995)  Big Five Inventory (BFI) 
for personality traits which measured is organized into 
the followings ections: extraversion, conscientiousness, 
agreeableness, neuroticism, and openness. Additionally, 
the scale measuring financial self-efficacy was adapted 
from Prawitz et al. (2006). A questionnaire with fewer 
errors is crucial to guaranteeing the gathering of  pertinent 
data on the research topic (Taherdoost, 2022). Three 
specialists in the fields of  education and instrument 
development thus validated the surveys. 
Expert  validation and tests for validity and reliability  
were  implemented  for  these  instruments.  Furthermore,  
Cronbach’s  alpha and Variance Inflation Factor were 
utilized  to  ascertain  the  instruments’  reliability and 
validity.  Moreover,  descriptive  statistics  using  Jamovi  
software  version  2.0  were  utilized  to  determine  the  
mean  and  standard  deviation  to  characterize  university  
students’ personality traits and financial self-efficacy. 
Also, SmarPLS 4.0  software  was  utilized  to  evaluate  
the  hypothesized  regression     model,     implement     
the     bootstrapping     standardized  algorithm,  and  
assess  the  model’s  direct  effect, including the effect 
sizes of   individual paths.

RESULTS AND DISCUSSION
Discussion
In this study, 296 participants in Davao City were given a 
questionnaire that contains five different parts measuring 
personality traits such as openness, conscientiousness, 
neuroticism, agreeableness, extraversion, and Self-
Efficacy as key variables. The descriptive statistics in 
Table 1 show the mean and standard deviation for each 
variable. Financial self-efficacy indicates a moderately 
high mean of  3.854 and a standard deviation of  0.556, 
showing that participants display trust in their ability to 
control their financial behaviors. 
With all personality traits, Openness (M = 4.287, SD = 
1.498) and Conscientiousness  (M= 4.848, SD =1.118) 
both have the highest scores, showing that participants 
typically are willing to learn and are diligent in their goals. 



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Extraversion (M = 4.260, SD = 1.391) has moderately 
high scores, indicating that participants exhibit sociable 
and energetic behaviors. Neuroticism (M = 3.172, SD = 
1.331) and Agreeableness (M = 3.294, SD = 1.387) show 
a lower means and increased variability, which suggest 
greater variation of  participants emotional stability and 
agreeableness levels. This is aligned with other studies 
conducted by Kurnia et al. (2023) that show that there 
is a crucial link between personality traits and financial 
self-efficacy because it investigates how individual 
personality traits affect one’s trust in managing financial 
activities. Additionally, the study looked at the personality 
traits, financial behavior, and investment goals of  Young 
Indonesians who delved into cryptocurrency. The results 
suggest that the relationship between personality traits, 
financial self-efficacy, and the purpose of  investing in 
digital currency is statistically significant.

The Cramér-von Mises test, which tests for goodness-of-
fit, reports significant p values (all p < 0.001), indicating 
that the distributions of  all variables significantly deviate 
from normality. These results suggest potential non-
normality in the underlying population traits, which is a 
common occurrence in psychological data.
The findings are consistent with studies such as Obenza 
et al. (2023) Personality Traits and Financial Well-Being 
of  College Students in Davao City. Wherein comparable 
personality trait patterns were shown to be associated 
with financial behaviors among different groups, showing 
the importance of  conscientiousness and openness in 
predicting personal financial patterns. The study examined 
determining factors of  personality traits (extraversion, 
agreeableness, openness,  conscientiousness, and 
neuroticism) on the financial well-being of  college 
students in Davao  City.

Table 1: Descriptive Statistics and Cramér-von Mises Test
Mean Standard deviation N Cramér-von Mises 

test statistic
Cramér-von 
Mises p value

Financial Self-Efficacy 3.854 0.556 296 0.129 0.045
Openness 4.287 1.498 296 1.831 0.000
Conscientiousness 4.848 1.118 296 2.585 0.000
Neuroticism 3.172 1.331 296 1.306 0.000
Intercept 0.000 0.000 296 24.667 0.000
Agreeableness 3.294 1.387 296 1.205 0.000
Extraversion 4.260 1.391 296 1.596 0.000

This research used the Variance Inflation Factor (VIF) in 
the Multicollinearity Diagnostics part, this is to guarantee 
that independent variables (personality traits) are not 
overly correlated with each other. As per discussed 
in Table 2, the VIF values for all the personality traits 
variables are varied from 1.104 to 1.216, which are 
significantly below the recognized limit of  10, indicating 
that there are no significant multicollinearity difficulties. 
The Conscientiousness (VIF = 1.216) variable has the 
highest VIF value, while Agreeableness (VIF = 1.104) has 
the lowest VIF value, confirming that each personality 
trait correlates independently to determine financial self-
efficacy.
As stated by Jamal Daoud (2017) implies that if  any 
of  the VIF values exceeds 5 or 10, this indicates 
that the associated regression is poorly estimated. 
Multicollinearity is shown if  one or more of  the variables 
are small (almost zero) and the corresponding condition 
number is large. VIF values that are greater than five 
are indicative of  probable collinearity issues among the 
predictor constructs, as stated by Hair et al. (2019). In an 
ideal situation, the values of  the VIF should be close to 
three or lower. The creation of  higher-order models that 
are capable of  being supported by theory is a common 

The ANOVA results in table 3, with an F-value of  51.284, 
strongly indicate that the personality traits being studied 
(Openness, Extraversion, Consciousness, Neuroticism, 
and Agreeableness) have varying effects on financial 
self-efficacy (FSE) among university college students. 
The regression analysis exhibits a significant insight on 
the relationship between personality traits and financial 
self-efficacy. The model demonstrates a strong predictive 
capability, with R-squared values indicating a substantial 
proportion of  variance in financial self-efficacy as 
explained by the personality traits.

Table 2: Variance Inflation Factor
VIF 

Openness 1.145 
Conscientiousness 1.216 
Neuroticism 1.134 
Agreeableness 1.104 
Extraversion 1.186 

solution that is utilized in situations where collinearity is a 
problem (Hair et al., 2017b).



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Openness emerges as the strongest positive predictor 
(B = 0.123, β = 0.333, p < 0.001). This suggests that 
individuals who are open to new experiences and ideas 
are more likely to exhibit higher financial self-efficacy. 
This aligns with existing literature that emphasizes the 
adaptive advantages of  openness, including greater 
receptivity to financial learning and innovation. The 
substantial standardized coefficient indicates that 
openness has a significant and meaningful impact on 
financial confidence, reinforcing the idea that personality 
traits can influence financial behaviors.
Conscientiousness also significantly predicts financial 
self-efficacy (B = 0.118, β = 0.236, p < 0.001). The 
positive correlation supports previous research that links 
conscientiousness with effective financial management 

and planning. Conscientious individuals, characterized by 
their organization and diligence, may approach financial 
tasks with more commitment and thoroughness, thereby 
enhancing their confidence in managing financial matters.
On the other hand, neuroticism (B = 0.083, β = 0.198, 
p < 0.001) presents a nuanced relationship. While 
traditionally associated with lower self-efficacy in various 
domains, the positive correlation with financial self-
efficacy suggests that individuals with higher levels of  
emotional instability may paradoxically develop greater 
confidence in their financial abilities. This could reflect 
a compensatory mechanism where individuals strive 
to gain control over their finances in response to their 
anxiety, warranting further investigation to clarify this 
counterintuitive finding.

Table 3: Analysis of Variance
Sum square df  Mean square F P value 

Total 91.616 295 0.000 0.000 0.000 
Error 48.623 290 0.168 0.000 0.000 
Regression 42.993 5 8.599 51.284 0.000 

Figure 1: Regression Analysis results from SmartPLS

Conversely, agreeableness is a significant negative 
predictor of  financial self-efficacy (B = -0.147, β = -0.367, 
p < 0.001). This indicates that individuals who prioritize 
cooperation and harmony may feel less confident in their 
financial decision-making. Such findings could imply that 
those with high agreeableness might avoid confrontational 
financial decisions or hesitate to prioritize their financial 
interests, ultimately affecting their self-efficacy.

Lastly, extraversion does not show a significant 
relationship with financial self-efficacy (B = 0.028, β 
= 0.070, p = 0.135). This suggests that being outgoing 
and sociable may not necessarily translate to greater 
confidence in financial matters. It highlights that financial 
self-efficacy is more closely linked to other personality 
traits that drive responsible financial behavior rather than 
sociability.

Table 4: Unstandardized and standardized coefficients
Unstandardized 
coefficients

Standardized 
coefficients

SE T value P value 2.5 % 97.5 %

Openness 0.123 0.333 0.017 7.264 0.000 0.090 0.157 
Conscientiousness 0.118 0.236 0.023 5.009 0.000 0.071 0.164 
Neuroticism 0.083 0.198 0.019 4.336 0.000 0.045 0.120 



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The significant roles of  openness, conscientiousness, and 
agreeableness underscore the complexity of  financial 
confidence and behavior, suggesting that interventions 
aimed at enhancing financial self-efficacy may benefit 
from incorporating personality assessments. Further 
research is encouraged to explore the underlying 
mechanisms driving these relationships, particularly 
regarding neuroticism’s unexpected positive correlation.

efficacy. Openness, conscientiousness, and neuroticism 
positively contribute to higher financial self-efficacy, 
while agreeableness has a negative impact. The finding 
that extraversion does not significantly predict financial 
self-efficacy suggests that financial confidence is more 
strongly related to internal traits like openness and 
conscientiousness than external social behaviors. 
These results offer valuable insights for personal 
financial planning interventions, suggesting that fostering 
openness and conscientiousness in individuals could 
enhance their financial confidence. Furthermore, the 
significant negative relationship between agreeableness 
and financial self-efficacy suggests that individuals who 
are highly cooperative may need tailored interventions to 
boost their financial confidence. 
The study advances the understanding of  how 
personality shapes financial behaviors, with implications 
for both psychological theory and practical applications 
in financial education and counseling. Future research 
could explore the mechanisms behind the observed 
relationships and examine potential moderating factors, 
such as socioeconomic status or education level, to 
provide a more nuanced understanding of  financial self-
efficacy determinants

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Agreeableness -0.147 -0.367 0.018 8.165 0.000 -0.183 -0.112 
Extraversion 0.028 0.070 0.019 1.501 0.135 -0.009 0.065 
Intercept 2.859 0.000 0.164 17.482 0.000 2.537 3.181 

Table 5: Model Fit and Explained Variance
Financial Self-Efficacy 

R-square 0.469 
R-square adjusted 0.460 
Durbin-Watson test 1.935 

The table 5 model fit and explained variance projects 46.9% 
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underscores the importance of  personality traits in 
influencing college students’ financial self-efficacy.

CONCLUSION
This study provides robust empirical evidence on the 
role of  personality traits in predicting financial self-



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