# ANOVA or Multiple Regression for Big 5 predicting criteria instead of SEM

I am working on a project where I am studying the relationship between personality and certain economic outcomes. Direct measures for the economics outcome is available, while for personality I am using a Big Five Inventory from here In many studies, I have seen SEM being used when such questions are asked, but there we need an a-priori structure. But I have no such apriori structure in mind. I wish to find if the economic outcome is different for different people based on their personalities.

I want to ask if alternative strategies can be used such as one way ANOVA or multiple linear regression.

1. Is it possible to use ANOVA for example, dividing people into extraverted vs non-extraverted, neurotic vs non-neurotic etc. by first calculating for each person the score for each factor by taking the arithmetic mean and then dividing the sample into two groups by median? So for example, each person would be in a category like Open-Conscientious-Non Extravert-Agreeable-Non Neurotic or Non Open-Conscientious-Extravert-Agreeable-Non Neurotic etc. And then use 2x2x2x2x2 ANOVA to see if there are statistically significant differences. Is it possible? Are there examples in the literature where psychometric scales like the Big 5 have been used in this manner?

2. Or can multiple linear regression be used by deriving the scores of each factor by simple arithmetic mean? I understand SEM also includes path analysis which is based on regression, but I am talking about the usual Multiple Regression, such as $$Y = \beta_0 + \beta_1 Openness + \beta_2 Conscientiousness + .... + \beta_5 Neuroticism$$.