The Psychology of COVID-19 Economic Impact Payment Use.

Unlabelled: This study investigates how American adults' personality and financial self-efficacy (FSE) beliefs contributed to how they used their COVID-19 CARES Act Economic Impact Payment (EIP) for spending needs, spending wants, and financial transactions (save, invest, debt repayment). The results from a sample of 1172 Amazon MTurk users collected in July 2020 suggest that both personality traits and FSE beliefs were associated with EIP use. Specifically, this study finds that FSE and conscientiousness emerged as the most robust predictors of EIP use across all categories of financial behavior with a greater allocation of EIP funds to saving and less to spending needs and debt repayment.

The psychology of portfolio withdrawal rates.

This study investigates how personality and psychological characteristics shape portfolio withdrawal rates (PWR) within a sample of 3,678 U.S. individuals age 50 and over from the Health and Retirement Study.