Faculty note: Prof. Preston Cherry recent publication

“Personality traits and long-term care financial risks among older Americans,” by Assistant Prof. Preston Cherry(Finance), and Assistant Professor Sarah Asebedo at Texas Tech University was recently published in Personality and Individual Differences. The main findings…

• Individuals are susceptible to financial uncertainty across the financial life cycle, including the potential need and financial cost for long-term care support and services.
• Demand for insurance that mitigates or eliminates risk exposure to uncertainty events is historically low. Many potential factors contribute to these protection gaps.
• This study investigates and provides results that suggest that personality traits could partially explain the low demand for financial uncertainty insurance.
• Individuals who more strongly identify with conscientiousness were found to associate positively with long-term care insurance ownership.