How your birth order affects your spending habits

first_imgWhether or not birth order affects the makeup of personality and behavioral traits is an extensively researched topic with convincing arguments on both sides. Regardless of which side you come down on, you can probably identify with at least a few of the stereotypes associated with your birth position in the family. For example, firstborn children are often characterized as responsible high achievers, while their younger siblings tend to be more social and creative. And in the case of the unlucky middle children, they’re often simply forgotten.While most studies have focused on the role that birth order plays in personality, recent research suggests that one’s position in the family can also affect financial decision-making. So does your birth order role as the oldest, middle, youngest or only child impact your spending habits? According to a study conducted by the Journal of Financial Therapy, it’s highly probable.The Oldest ChildThe oldest child in the family tends to be mature, confident and, more often than not, a perfectionist. As a result of the responsibilities and expectations placed on them by parents at an early age, older siblings are very well organized and generally in total control of their lives.According to clinical psychologist Dr. Mark Harrold is his Irish Times article, first-born children enjoy more attention from doting parents. Not only do these individuals connect more with their parents, but they also generally earn better grades and pursue more conservative, lucrative careers like law, accounting, banking and information technology. The personality traits associated with firstborn kids might also translate into good spending habits, as these children tend to be diligent about managing money and more financially stable overall. continue reading » 49SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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