A New Money Attitudes Questionnaire
Abstract
Abstract. This study reports on the development and validation of a new questionnaire to measure money attitudes and beliefs. In all, 268 participants from diverse backgrounds, who were recruited online, completed a 30-item questionnaire. Exploratory and confirmatory factor analyses verified a five-factor model. The factors were labeled: Achievement and Success, Power and Status, Mindful and Responsible, Saving Concerns, and Financial Literacy Worries. Results showed that demography (sex, age, and education), ideology (politics and religious practices), and self-rated happiness, success, and adjustment were related to all five factors, particularly the first two. Worries about Financial Literacy is an important and neglected factor in money attitudes research, which has implications for consumer well-being and protection. Limitations and implications are noted.
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