The Big Five Personality Traits (OCEAN) and Financial Planning: A Narrative Review and Recommendations for Advisors (2024)

FAQs

What are the Big Five OCEAN personality traits? ›

The big five personality traits, often referred to as OCEAN, and sometimes CANOE, are: Openness, Conscientiousness, Extroversion, Agreeableness, and Neuroticism. These five traits represent broad domains of human behaviour and account for differences in both personality and decision making.

describe the Big Five traits—Openness to experience, Conscientiousness, Extraversion, Agreeableness and Neuroticism or OCEAN—and the basic personality science surrounding them. personality science into financial planning research and practice.

Definition of Big Five Personality Traits:

The Five Factor Model breaks personality down into five components: Agreeableness, Conscientiousness, Extraversion, Openness, and Stress Tolerance.

A notable number of studies comparing the differences in Big Five personality traits (i.e., Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism) between entrepreneurs and managers emerged between 1960 and 2000 (Kerr et al., 2018).

These five primary personality traits are known as the acronym OCEAN, for openness, conscientiousness, extraversion, agreeableness, and neuroticism. The OCEAN model supports that, regardless of gender, age or nationality, all of us are made up of 5 basic traits.

The most widely used system of traits is called the Five-Factor Model. This system includes five broad traits that can be remembered with the acronym OCEAN: Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism.

In the Big Five Inventory, for instance, “sociability” and “assertiveness” are distinct facets of extroversion, while “organization” and “responsibility” are facets of conscientiousness. The five-factor model not only helps people better understand how they compare to others and to put names to their characteristics.

On average, the Big Five test was about twice as accurate as the MBTI-style test for predicting these life outcomes, placing the usefulness of the MBTI-style test halfway between science and astrology—literally.

Evidence suggests that these traits aren't fixed at all, and some research shows you can intentionally change these personality traits.

According to Essentials of Organizational Behavior: 14^th Edition, the big five personality dimension that has the biggest influence on job performance is conscientiousness. Those who score higher in this trait are likely to have higher levels of job-related knowledge as those who are highly conscientious learn more.

What are the OCEAN traits of a leader? ›

“OCEAN” is an acronym used to represent the Big Five personality traits, which include openness, conscientiousness, extroversion, agreeableness and neuroticism.

They found a strong relationship between the Big Five traits and leadership. Extraversion was in their study the factor which was most strongly associated with leadership and therefore the most important trait for effective leaders. The second factor was conscientiousness and openness followed.

The acronym OCEAN is often used to recall Costa and McCrae's five factors, or the Big Five personality traits: Openness to Experience, Conscientiousness, Extraversion, Agreeableness, and Neuroticism (Boundless, n.d.).

Overall, these findings indicate that specific personality traits can predict environmental engagement. Individuals who are sympathetic, selfless, responsible, who score high on traits related to extraversion and conscientiousness, and the personality dimension of Neuroticism, tend to be more environmentally engaged.

People Who Have These 'Big Five' Personality Traits are Happier Throughout Their Lives. A new study suggests that people who scored high on surveys measuring openness, conscientiousness, extraversion, agreeableness, and emotional stability tended to report greater overall work, social, and life satisfaction.