By Greg Argos

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PHILADELPHIA (CBS) – When it comes to money management research shows being nice is similar to investing in a bear market, it could financially ruin you.

New research from Columbia Business School and the University College School of Management shows kinder individuals are more prone to financial hardships, even to the point of bankruptcy.

Researchers found a simple explanation, money and it’s management just isn’t that important to nicer people.

“They don’t take advantage of the opportunities placed in front of them,” said one woman.

The study looked at data from more than 3 million participants and found the nicer, happier folks were 50 percent more likely than their grouchier counterparts to file for bankruptcy.

Doctor Maggie Baker, the author of “Crazy About Money,” is a clinical psychologist who specializes in financial therapy. She says nicer people are often focused on other passions, like hobbies or their families.

“Money kind of slips to the back,” said Baker.

She says keeping tabs on the checkbook doesn’t become a priority until it’s too late.

“You can be a warm and accommodating and nice person, but you can also be vigilant. You don’t have to be entirely one thing,” added Baker.

Baker suggests talking about financial problems like debt with friends or family and if you are nice, don’t forget to be a little shrewd every once in a while.