- London, Canary Wharf
- [email protected]
Thesis: "Money on the Mind: Essays in Consumer Financial Decision-Making"
Examiners: David Faro (London Business School), Eric Levy (CJBS)
Prize Fellowship visiting Yale School of Management
Visiting the Behavioral Decision Making Group at UCLA Anderson
Highest mark in graduating class
Highest mark in graduating class
Financial Decision-Making; Transaction Data; Subjective Wellbeing; Household Finance; Personality; Machine Learning; Field Experiments
Gladstone, Joe*, Emily Garbinsky*, Jenny Olson*, & Hristina Nikolova* (2019). Love, Lies and Money: Financial Infidelity Within Romantic Relationships. Journal of Consumer Research [Conditionally Accepted]
Gladstone, Joe* , Sandra Matz* and Alain Lemaire (2019). Can Psychological Traits Be Inferred from Spending? Evidence from Transaction Data. Psychological Science. DOI:10.1177/0956797619849435
Gladstone, Joe* & Emily Garbinksy* (2019). The Consumption Consequences of Couples Pooling Financial Resources. Journal of Consumer Psychology. DOI:10.1002/jcpy.1083
Gladstone, Joe*, Jon Jachimowicz*, Dan Berry, Charlotte Kirkdale, Tracey Thornley & Adam Galinsky (2019). Making Medications Stick: Improving Medication Adherence by Highlighting the Personal Health Costs of Non-Compliance. Behavioral Public Policy. DOI:10.1017/bpp.2019.1
Gladstone, Joe*, Weston, Sarah*, Eileen Graham, Daniel Mroczek & David Condon (2018). Who are the Scrooges? Personality and Spending at Christmas. Social Psychological and Personality Science. DOI: 10.1177/1948550618792883
Matz, Sandra & Joe Gladstone (2018). Nice Guys Finish Last: When and Why Agreeableness Leads to Economic Hardship. Journal of Personality and Social Psychology. DOI: 10.1037/pspp000022
Gladstone, Joe*, Patrick Gerhard*, & Arvid Hoffmann* (2018). Psychological Characteristics and Household Savings Behavior: The Importance of Accounting for Latent Heterogeneity. Journal of Economic Behavior and Organization. DOI: 10.1016/j.jebo.2018.02.013
Landis, Blaine & Joe Gladstone (2017). Personality, Income, and Compensatory Consumption: Low-Income Extraverts Spend More on Status. Psychological Science. DOI: 10.1177/0956797617714811
Matz, Sandra, Joe Gladstone & David Stillwell (2017). In a World of Big Data, Small Effects Can Still Matter: Reply to Boyce et al. Psychological Science. DOI: 10.1177/0956797617697445
Ruberton, Peter, Joe Gladstone & Sonja Lyubomirsky (2016). How Your Bank Balance Buys Happiness: The Importance of “Cash on Hand” to Life Satisfaction. Emotion. DOI: 10.1037/emo0000184
Matz, Sandra, Joe Gladstone & David Stillwell (2016). Money Buys Happiness When Spending Fits Our Personality. Psychological Science. DOI: 10.1177/0956797616635200
Kappes, Heather, Joe Gladstone & Hal Herschfield. Financial Consequences of Believing that Spending Implies Wealth. Revise and Resubmit at Journal of Consumer Research (4th round)
Gladstone, Joe *, Peter Ruberton*, Seth Margolis & Sonja Lyubomirsky. Adding Spice to Life: Variety in Hedonic Spending Increases Subjective Wellbeing. Revise and Resubmit at Journal of Personality and Social Psychology (3rd round)
Gladstone, Joe & Sandra Matz. Personalizing Non-Cash Rewards to Employees’ Personality: The Interplay of Incentive-Congruity and Motivations on Sales Performance. Revise and Resubmit at Organizational Behavior and Human Decision Processes (1st round)
Gladstone, Joe & Sean Hundofte. Long-run Planners Live Longer. Reject and Resubmit at Journal of Consumer Psychology (1st round)
Gladstone, Joe, Jon Jachimowicz, Adam Greenberg & Adam Galinsky. Shame Spirals: Why Shame Exacerbates Financial Hardship. Under Full Review at Journal of Personality and Social Psychology.
Gladstone, Joe*, Emily Garbinsky* & Cassie Mogilner. Pooling Finances and Relationship Satisfaction. Under Full Review at Organizational Behavior and Human Decision Processes.
Laye, Alixe & Joe Gladstone. Detecting Feelings of Financial Distress from Bank Transactions. Under Initial Review at Proceedings of the National Academy of Sciences.
Gladstone, Joe & Pranj Mehta. When Testosterone and Money Misalign: A Within-Person Test of the Hormonal Mismatch Hypothesis Over 10 Years. Under Full Review at Proceedings of the National Academy of Sciences.
Gladstone, Joe & Jirs Meuris. Anxiety Underlies the Day-to-Day Performance Costs of Financial Insecurity. Under Initial Review at Nature: Human Behavior.
Gladstone, Joe* & Silvia Bellezza*. Feeling Wealthy, Spending Less: The Interplay of Subjective and Objective Wealth on Consumption. Preparing for submission to Journal of Marketing Research.
Gladstone, Joe, Sandra Matz & Emily Garbinsky. Price Moderates the Effect of Self-Brand Congruity on Brand Preferences. Preparing for submission to Journal of Consumer Psychology.
Gladstone, Joe & Ashley Whillans. Good Credit and the Good Life. Credit Scores Predict Subjective Wellbeing.
Preparing for submission to Journal of Consumer Psychology.
Gladstone, Joe & Cammy Crolic. Choosing Unhealthy Foods After the Wear and Tear of the Day:
An Analysis of 32 Million Grocery Orders. Preparing for submission to Psychological Science.
Gladstone, Joe, Sandra Matz and Mike Norton. When it’s Better to Give and to Receive: Financial Flows and Subjective Wellbeing on Less Than $2 Per Day. Preparing for submission to Journal of Consumer Psychology.
*Indicates shared first-authorship. Named first where authorship shared.
Ruggeri, K., Achterberg, J., Berkessel, J. Navarro, A.L., Gladstone, J.J. (2018). Chapter 5. Economic, financial, and consumer. In Behavioral Insights for Public Policy. London, UK: Routledge.
Forbes 30 under 30, 2017
'Best Paper Award'. BMO Wealth Management Best Paper Award, CFP Academic Research Colloquium, 2017
Nudgeathon, 'Most Effective Nudge', 2017
Young Global Leader, St Gallen Symposium 2017
Fox Fellowship, Yale University, 1-year visiting Full Scholarship, 2016
Economic and Social Research Council, 4-year PhD Full Scholarship, 2012-2016
Medical Research Council, 1-year Masters Full Scholarship, 2010-2011
Association for Consumer Research
Society for Consumer Psychology
Behavioral Science and Policy Association
Society for Judgment and Decision Making
Society for Personality and Social Psychology
MBA students, taught in Beijing.
2018/19: Rated 4.88/5, 72 students.
MSc Management students.
2018: Rated 4.83/5, 180 students.
2019: Rated 4.79/5, 88 students
MSc Management Students
Executive MBA Students
Undergraduate Engineering Students
Journal of Public Policy and Marketing
Personality and Social Psychology Bulletin
European Journal of Finance
Journal of Experimental and Behavioral Economics
Economic and Social Research Council (ESRC) Grants
Leeds School of Business, Boulder Colorado (Oct, 2019)
Oxford Said Business School (Sept, 2019)
London Business School (Feb, 2019)
Vrije University of Amsterdam (Dec, 2018)
Singapore Management University (Nov, 2018)
Tel Aviv University (Nov, 2018)
Warwick Business School (Jan, 2017)
University of Exeter (Sept, 2016)
Yale School of Management (Nov, 2015)
Garbinsky, Emily N., Joe J. Gladstone, Hristina Nikolova, and Jenny G. Olson (2019, May). “Love, Lies, and Money: Financial Infidelity Within Romantic Couples,” Poster presented at the Boulder Summer Conference on Consumer Financial Decision Making, Boulder, CO.
Ruberton, P. M., Gladstone, J. G., Margolis, S., & Lyubomirsky, S. (2019, February). Adding spice to life: variety in hedonic spending increases subjective well-being. Paper presented at the meeting of the Society for Personality and Social Psychology, Portland, OR.
Garbinsky, Emily N., Joe J. Gladstone, Hristina Nikolova, and Jenny G. Olson (2018, October). “Love, Lies, and Money: Financial Infidelity Within Romantic Couples,” Paper presented at the Association for Consumer Research Conference, Dallas, TX.
Gladstone, Joe J., Emily N. Garbinsky, and Cassie Mogilner (2018, June). “The Effect of Pooling Finances on Relationship Satisfaction,” Paper presented at the European Association for Consumer Research Conference, Ghent, Belgium.
Garbinsky, Emily N., and Joe J. Gladstone (2017, October). “The Consumption Consequences of Couples Pooling Financial Resources,” Paper presented at the Association for Consumer Research Conference, San Diego, CA.
Garbinsky, Emily N., and Joe J. Gladstone (2017, May). “The Consumption Consequences of Couples Pooling Financial Resources,” Poster presented at the Boulder Summer Conference on Consumer Financial Decision Making, Boulder, CO.
Garbinsky, Emily N., and Joe J. Gladstone (2017, February). “The Consumption Consequences of Couples Pooling Financial Resources,” Paper presented at the Society for Consumer Psychology Conference, San Francisco, CA.
Garbinsky, Emily N., and Joe J. Gladstone (2017, February). “The Consumption Consequences of Couples Pooling Financial Resources,” Paper presented at the Academic Research Colloquium for Financial Planning and Related Disciplines, Arlington, VA.
Matz, S. C., & Gladstone, J. (2017, January). "Nice Guys Finish Last: Agreeableness is Linked to Negative Financial Outcomes in Low-Income Individuals". Paper presented at the 18th Annual Meeting of the Society for Personality and Social Psychology, San Antonio.
Garbinsky, Emily N., and Joe J. Gladstone (2016, December). “The Consumption Consequences of Couples Pooling Financial Resources,” Poster presented at the Consumer Financial Protection Bureau Research Conference, Washington, D.C.
Matz, S. C., Gladstone, J., & Stillwell, D. (2016, July). "Money Buys Happiness if Spending Fits our Personality". Paper presented at the 18th European Conference on Personality, Timisoara, Romani.
Garbinsky, Emily N., and Joe J. Gladstone (2016, May). “The Consumption Consequences of Joint Bank Accounts,” Paper presented at the Association for Psychological Science Conference, Chicago, IL.
Ruberton, P. M., Gladstone, J., & Lyubomirsky, S. (2016, January). How your bank balance buys happiness: The importance of “cash on hand” to life satisfaction. Poster session presented at the meeting of the Society for Personality and Social Psychology, San Diego, CA.
"Why it doesn't pay to be Mr Nice Guy", Daily Mail
"Do Nice People Fare Worse Financially?", Forbes
"Seven ways to relieve your financial stress", Guardian
"Why you should keep a joint bank account", Washington Post
"Can Money Buy Happiness After All?", Brain World Magazine
"No more Mr Nice Guy, It's the Road to Bankruptcy", The Times
"Do disagreeable people make the best CFOs?", San Antonio Express News
"Nice guys really DO finish last", Daily Mail
"Nice People have Emptier Wallets", Scientific American
"Poor extroverts spend proportionately more on buying status", The Economist.
"How to buy happiness", The Atlantic
"The investing upside of having more cash on hand than you need", CNBC
"Stash Away Some Cash As Part Of Your Wealth Management Plan", Forbes
"Yes, Numbers Matter in Money Decisions, but So Do Emotions", New York Times
"The More Cash People Have, the Happier They Are", The Wall Street Journal
"Money can buy happiness — if you know how to use it", Washington Post
"Money really CAN buy happiness - but only if you spend it on items that match your personality", Daily Mail
"Money CAN buy happiness - if you spend in the right way", The Telegraph
"Money Can Buy Happiness", Time Magazine
"Here's How Money Could Actually Buy Happiness", Yahoo News
Can Psychological Traits Be Inferred from Spending? Evidence from Transaction Data
Psychological Science (2019)
The automatic assessment of psychological traits from digital footprints allows researchers to study psychological traits at scale and in settings of high ecological validity. In this research, we investigate whether spending records – a ubiquitous and universal form of digital footprint – can be used to infer psychological traits. We apply an ensemble machine-learning technique (Random Forest) to a dataset combining two million spending records from bank accounts with survey responses from the account holders (N = 2,193). Our predictive accuracies are modest for the Big Five personality traits (r = 0.15, corrected ρ = 0.21), but provide higher precision for specific traits, including Materialism (r = 0.33, corrected ρ = 0.42). We compare the predictive accuracy of these models with alternative digital behaviors used in past research, including those observed on social media platforms, and show that the predictive accuracies are relatively stable across socio-economic groups and over time.
Love, Lies, and Money: Financial Infidelity within Romantic Relationships
Journal of Consumer Research (2019)
Romantic relationships are built on trust, yet when it comes to money, partners are not always honest about their financial behaviors—partners may hide spending, debt, and savings from one another. We introduce the concept of financial infidelity, which we define as “engaging in any financial behavior that is expected to be disapproved of by one’s romantic partner and intentionally failing to disclose this behavior to them.” We develop and validate the Financial Infidelity Scale (FI-Scale) to measure individual variation in consumers’ financial infidelity proneness. In ten lab studies, one field study, and analyses of real bank account data collected in partnership with a couples’ money-management mobile application, we demonstrate that the FI-Scale has strong psychometric properties, is distinct from conceptually related scales, is not an inherent individual trait, but rather a joint product of an individual within a relationship, and predicts actual financial infidelity among married consumers. Importantly, the FI-Scale predicts a broad range of consumption-related behaviors (e.g., spending despite spousal disapproval, preferences for discreet payment methods and non-descript packaging, and concealing bank account information). Our work is the first to introduce, define, and measure financial infidelity in a reliable and succinct manner, and examine its antecedents and consequences.
The Consumption Consequences of Couples Pooling Finances
Journal of Consumer Psychology (2019)
When couples decide to share their lives, they must also decide how to pool their finances. In this article, we ask: Does the type of bank account from which one spends (joint vs. separate) affect the type of products one chooses to buy (utilitarian vs. hedonic)? Real‐world evidence from analyzing bank transaction records (study 5), as well as data collected from experiments in the field (studies 1 and 2) and lab (studies 3 and 4), converge to support the hypothesis that couple members who spend from a joint bank account are more likely to choose utilitarian (vs. hedonic) products, than those who spend from a separate bank account. We find that these different spending patterns are driven by an increased need to justify spending to one's partner that is experienced when money is pooled together. If a hedonic product becomes easier to justify (study 4), the effect of account type on spending patterns disappears. These findings have important theoretical and practical implications for better understanding financial decision‐making within romantic couples.