Researchers have found that IQ and wealth have very little to do with each other, and being smart won’t keep you from falling into financial quagmires.
While the Ohio State University study found that people with higher IQs tend to generate higher incomes, it also found that financial success for most people is a combination of factors.
The study is based on data gathered from 7,403 Americans. Specifically the study found that people with higher IQs made between $202 to $616 more income per year per point increase in IQ scores. That means that a person who scores higher on an IQ test will make between $6,000 and $18,000 more per year than someone who scores in the normal range.
However, when the researchers looked for signs of total wealth, they found that average and below average folks were doing just fine when compared to those who tested as more intelligent.
Research scientist and author of the study Jay Zagorsky says this begs the question of how more intelligent people earn more but do not have more total wealth. He says more research needs to be done, but that his study suggests that those with high IQs are probably not saving as much as average people.
When it came to financial distress, people with an IQ of 75 or below came in at 7.7 percent for maxing out their credit cards. People with an IQ between 76 and 90 were maxed out at a rate of 12.1 percent. After that, the findings are irregular with those with IQs of 91 to 115 maxing out cards at a rate of 5.4 percent and rising again for those with an IQ of 116 or more.
Zagorsky says if you want to see proof of the findings of this theory—just look in the parking lot of the nation’s universities. “Professors tend to be very smart people,” he says. “But if you look at university parking lots, you don’t see a lot of Rolls Royces, Porsches or other very expensive cars. Instead, you see a lot of old, low-value vehicles.”
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