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1、MP RAMunich PersonalRePEc ArchiveTheRelationshipof IncomeAndMoneyAttitudesTo SubjectiveAssessmentofFinancialSituationGasiorowska,AgataInstitute of Organization and Management, WroclawUniversity of Technology06. September2008Online at http:/mpra.ub.uni-muenchen.de/18746/MPRA Paper No. 18746,posted 19
2、. November 2009/ 17:23名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 1 页，共 19 页 - - - - - - - - - The Relationship of Income And Money Attitudes To Subjective Assessment of Financial Situation Agata G?siorowska Institute of Organisation and Management, Wroclaw Univer
3、sity of Technology, Wyb. Wyspia skiego 27, 50-37 Wroclaw, PolandAbstractThis paper examines a model of economic status satisfaction (money satisfaction) that controls attitudes toward money, income level and gender. Money attitudes were measured with SPP scale (G?siorowska, 2003), fully developed in
4、 Polish environment, and better adjusted to Polish conditions than other money attitudes scales. In the first study, path analysis showed that gender is the strong moderator of money attitudes - money satisfaction relationship. Money attitudes presented by females do not influence significantly thei
5、r economic status satisfaction, while in case of males, financial anxiety and power connected with money explained 13% of variance of dependent variable. In the second study, in addition to the previous, income data were also collected. In the group of females, income was found to be a better predic
6、tor of financial situation assessment than money attitudes, and the anxiety dimension of money attitudes was slightly mediating income - financial situation relationship. In the group of males, the effect of money attitudes in predicting financial assessment is primarily additive to the effect of in
7、come. Keywords : Consumer psychology; income level; money attitudes PsycINFO classi?cation : 3920, 2229 JEL classi?cation : D12, D13, D31 The majority of the research on financial satisfaction has focused on the causal relationship between objective indicators, like income, assets or the level of de
8、bt, and ultimate satisfaction (see Wilhelm, Varcoe, Huebner Fridrich, 1993). The results of these studies clearly indicate that relationship between actual money and evaluations of financial satisfaction does exist, but definitely is not perfect. For example, the correlation between income level and
9、 satisfaction with ones financial situation and income satisfaction in the biggest Polish research on social condition varies between 0.313 and 0.370 (based on the data from Czapi ski, Panek, 2007). On the other hand, the average net income in Poland between 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - -
10、- - - - - - - - 名师精心整理 - - - - - - - 第 2 页，共 19 页 - - - - - - - - - year 2000 and 2007 increased by 17% in real terms (without inflation effect), and the indicator of financial satisfaction also increased by this number, while the amount of people who declared that they could not afford fulfilling t
11、heir basing needs decreased from 45.5% to 31.6% (Czapi ski, Panek, 2007). Czapi ski and Panek (2007) present also data on objective and subjective assessment of ones poverty. According to these data, the percentage of their respondents who experienced objective poverty decreased between 2005 and 200
12、7 by 3.2%, but, at the same time, the percentage of respondents who experienced subjective poverty increased by 8.75%. These data might be quite puzzling if we do not take into consideration some psychological factors that might influence our perception of money we have. As it was noted by Tang and
13、his colleagues “Rich or poor is a state of mind. People may be ?nancially poor but psychologically rich and vice versa ” (Tang, Luna-Arocas, Sutarso, Tang, 2004, p.119). In other words, some people are happy with the money they earn, even if they are not very rich, some people have a lot of money, b
14、ut they are still not satisfied with it. Factors influencing money satisfaction There is no doubt that some psychological factors must moderate the relationship between objective indicators of welfare and its subjective assessment. One factor may be connected with temperamental traits, as some peopl
15、e have disposition leading to more positive evaluations of the reality (e.g., Lykken, Tellegen, 1996). Also, positive emotional experiences in certain domain may lead to higher satisfaction. Nevertheless, the most popular theory of satisfaction with life domains is the relative standards model, sugg
16、esting that people evaluate their success in each domain on the base of standards such as social comparisons, desires, and comparisons with the past (Solberg et al., 2002). Study conducted by Solberg et al. (2002) showed, that relation between income and subjective evaluation of this income depends
17、on one s material desires if these desires are fulfilled, person is more satisfied with 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 3 页，共 19 页 - - - - - - - - - his or her income. In other words, peoples satisfaction with their income and material goods depends on
18、 the discrepancies between what they possess and what they desire (Solberg at al., 2002). The size of such a discrepancy might be related to trait materialism (Richins, 1994; Richins, Dawson, 1992), which, in turn, is related to money attitudes (Shafer, 2000; G?siorowska, 2003). Furthermore, money a
19、ttitudes seem to have stronger association with income and financial satisfaction than materialism, which is more connected to possessions than to earnings. Measurement of Money Attitudes In the area of economic psychology, quite a few research studies that have been done intended to obtain some est
20、imate of peoples attitudes or beliefs about money. The literature on money attitudes really consists of three general categories (see Mickel, Mitchell, Danin, Gray, 2002). The first category is composed of measures based on money utility or marginal utility, as it is understood in prospect theory (e
21、.g. Brandst?tter, Brandst?tter, 1996). The second category consists of “idiosyncratic” scales, that were used only once, constructed without appropriate theoretical background, not anchored with the state of art in psychology of money, and of unknown psychometric background (e.g. Wernimont, Fitzpatr
22、ick, 1972; Prince, 1993; Rubinstein, 1981). The third category of measures consists of scales that have been developed more carefully and used more systematically. Three scales may be included in this category, that is Money Attitude Scale by Yamauchi and Templer (1982), Money Beliefs and Behaviour
23、Scale by Furnham (1984) and Money Ethic Scale by Tang (1992), recently transformed into the Love of Money Scale (Tang, 2007; Tang, Chiu, 2003; Luna-Arocas, Tang, 2004). These scales were developed in specific cultural contexts, and perform rather poorly in Polish conditions (see G?siorowska, 2003).
24、As a consequence of lack of scales fitting Polish cultural context, two original Polish scales were developed and successfully used for research in this cultural environment: Attitudes Towards Money Scale (W?sowicz-名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 4 页，共
25、 19 页 - - - - - - - - - Kiry ? o, 2008) and SPP Money Attitudes Questionnaire (G?siorowska, 2003; Bajcar, G?siorowska, 2004; G ?siorowska, 2008). SPP has satisfactory internal validity and reliability and is better adjusted to Polish conditions than other money attitudes scales, like MAS (Yamauchi,
26、Templer, 1982) or MES (Tang, 1995). SPP consists of 63 items grouped in seven subscales: - Control and planning (Cronbach s from 0.80 to 0.88): thriftiness, carefulness and prudence in situations and decisions connected with money, and a kind of conservative attitude in money management, high financ
27、ial planning and budgeting. It concerns both present and future financial decisions. Nevertheless the study conducted by Bajcar and Gasiorowska (2004) showed that among young people it is more connected with current monitoring of finances than with farsighted, effective money management. This factor
28、 is broader that Retention/time from Yamauchi and Templers MAS (1982, see Gasiorowska, 2002), but more closer to Security/Conservative from Furnahms MBBS (1984). -Power (Cronbach s from 0.78 to 0.85): people scoring high on this factor perceive and use money as a tool for making impression on influe
29、ncing others, tool of power, prestige and respect, and a measure of life success. Also, they believe than money ensures appropriate time organisation, particularly in the situation of time pressure, control of reality and social influence. This dimension seems to be determined partly biologically an
30、d temperamentally (Bajcar, Gasiorowska, 2004), and partly learnt from parents (Gasiorowska, 2008). -Anxiety (Cronbach s from 0.74 to 0.8): hesitation, distrust, suspiciousness and doubt in situation connected with money, anxiety and negative emotion associated with money, caused mainly by ones cogni
31、tive activity and low determination together 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 5 页，共 19 页 - - - - - - - - - with intolerance for ambiguity. People scoring high on this scale often believe that money means power and is evil at the same time. -Debt aversio
32、n (Cronbach s from 0.64 to 0.72) reluctance to borrowing money. High scorers do not like assuming financial obligations, no matter if it comes from family, friends or financial institutions, and when they are forced to do so, they want to repay them as soon as possible. People with debt aversion per
33、ceive this attitude as very reasonable and cautious. -Occasion seeking inclination to search for and exploit special occasions connected with money, especially with earning money. It is related to effective planning and organisation of ones activity, that allows for monitoring and exploiting sudden,
34、 lucrative financial occasions, both expected and unexpected. Also, high scorers are quite satisfied with their financial success (if they reached it), and they treat searching for occasions as exciting and stimulating. This dimension is quite similar to bargain conscious/compulsive from modified MA
35、S (see Roberts, Sepulveda, 1999a, 1999b). -Money as evil (Cronbach s from 0.61 to 0.7) negative emotional aspects of money. Person scoring high on this factor perceives money as something useless, needless and coercible, as a root of all evil in everyday life, and believes that people concentrated o
36、n money are contemptible. This attitude is connected with closed, dogmatic perception of reality, including financial reality. -Cash (Cronbach s from 0.7 to 0.75) preference for liquid form of money. High score holders prefer cash than check-books or credit cards, and choosing storing money at home
37、then investing them in banks or other financial institutions. Money attitudes and money satisfaction This article focuses especially on how psychological and symbolical aspects of money 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 6 页，共 19 页 - - - - - - - - - contr
38、ibute to subjective assessment of ones financial situation. This area is rather unrecognized, as there are really only few studies concerning money attitudes and money satisfaction (Wilhelm, Varcoe, Huebner Fridrich, 1993). Most of them were performed by Tang and his colleagues (e.g. Tang, Tillary,
39、Lazarewski, Luna-Arocas, 2003; Tang, Luna-Arocas, Sutarso, Tang, 2004; Tang, Chiu, 2003; Tang, Tang, Homaifar, 2006). In these studies, assessment of financial situation was operationalized as pay satisfaction, one domain of work satisfaction. The results of these studies are quite puzzling. Tang, T
40、illary, Lazarewski, and Luna-Arocas (2003) found that high score on budget dimension is the only attitudinal factor associated with pay satisfaction. Tang, Luna-Arocas, Sutarso, and Tang (2004) found that in the sample of American and Spanish professors, the love of money serve as moderator of relat
41、ionship between income and pay satisfaction, i.e. this relation is stronger for people loving money than for people rejecting it. Also, in this study, the love of money is positively related to income and to pay satisfaction. Tang, Tang, and Homaifar (2006) found that income signi?cantly increased t
42、he importance of the love of money for African-Americans and females, but not for Caucasians and males. Also, this study showed that income was related to pay satisfaction for the whole sample, male and female employees, and Caucasians, but not for African-Americans, and that love of money was not r
43、elated to pay satisfaction. On the contrary, Tang, and Chiu (2003) found negative relations between the love of money and pay satisfaction and between income and the love of money among Chinese from Hong-Kong. Thus, the direction of influence is different in various samples. One reason of this resul
44、t may be the fact, that Tang uses various versions of his scale in these studies. Moreover, the fact that the love of money is treated as unidimensional construct is quite confusing, as the majority of researchers (including Tang in his earlier works, e.g. Tang, 1992, Tang, Gilbert, 1995; Tang, Kim,
45、 1999) are convinced it is multidimensional (e.g. Furnham, 1994; 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 7 页，共 19 页 - - - - - - - - - Yamauchi, Templer, 1982; Prince, 1993; Wernimont and Fitzpartick, 1972; Roberts, Sepulveda, 1999; Hanley, Wilhelm, 1992; W?sow
46、icz-Kiry ? o, 2008; Bajcar, G?siorowska, 2004; G?siorowska, 2003). The most complex study on how specific money attitudes influence the relation between income and financial satisfaction was performed by Wilhelm, Varcoe and Huebner Fridrich (1993). They found that the influence of the objective indi
47、cators on financial well-being is not mediated by money beliefs, but for both men and women money attitudes are significant contributors in predicting assessment of financial satisfaction. Men who reported that they put a lot of effort in earning money, who believe that they deserve what they earn,
48、and who are free from associating guilt when spending money, experienced higher level of financial satisfaction. For women, in addition to these relationships, the belief that money can be used to feel good was also increasing the money satisfaction (Wilhelm, Varcoe and Huebner Fridrich, 1993). Base
49、d on previously presented research the hypotheses for this study can be formulated as follows: H1. Subjective evaluation of financial situation depends on objective income level and on money attitudes H2: Gender moderates the relation between income and subjective evaluation of financial situation.
50、H3. Gender moderates the relation between money attitudes and subjective evaluation of financial situation. Participants The preliminary study has been conducted on the group of 349 participants (118 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 8 页，共 19 页 - - - - -