Book excerpt: Who makes financial decisions in a household and how do the characteristics of the decision-maker affect subsequent financial choices? I use the Health and Retirement Study to directly identify the CFO of the family and consider the effects of personality traits on financial decisions above and beyond cognitive abilities, risk aversion, time preference and economic factors. Several findings are reported. First, I show that cognitive as well as non-cognitive abilities of both spouses matter for taking responsibility over financial decisions in the household. Second, I document an age-related shift: for elder households, non-cognitive abilities matter substantially more than for younger households. This difference becomes particular pronounced in risky financial choices: while for elder households, personality traits are among the most significant predictors of stock ownership as well as higher share of wealth invested in stocks, for younger households the effects of personality traits are negligible.