Does Your Birth Order Affect Your Spending Habits?
There are lots of studies that show how your birth order may affect your personality and behavioral traits. Recent research suggests that one’s birth order in the family can also affect financial decision making. According to a study conducted by the Journal of Financial Therapy, it’s highly probable that your birth order has an impact on your spending habits. See how you match up.
- The Oldest – The oldest child tends to be mature, confident and a bit of a perfectionist as a result of the responsibilities placed on them by their parents. These traits could translate into good spending habits and a stable financial situation overall.
- The Middle – The middle child is at times more flexible, tends to take the centered approach and is sometimes more balanced with money. When it comes to their financial habits, they are naturally born savers.
- The Youngest – The study suggests the youngest child may be less financially responsible than their siblings. That could be because some parents become more lenient and overindulgent with the youngest.
- The Only Child – Only children are more likely to grow up mature and ambitious, however many possess unhealthy spending habits. Their spending habits lean toward trying to impress others, even if it means living beyond their means.
Of course, these are general statements from one study. Ultimately, you are capable of taking control of your spending and developing smart money habits regardless of your birth order.