Money profiles: the love of money, attitudes, and needs

Abstract

Purpose

To develop money profiles based on money attitudes and investigate differences in work‐related attitudes across money profiles.

Design/methodology/approach

Data from 564 university students in the USA were collected and four money profiles based on the Love of Money Scale (LOMS) were identified using cluster analysis.

Findings

Achieving money worshipers (23.22 percent) have the highest scores on factors good, respect, achievement, and power. Careless money admirers (30.16 percent) have the lowest scores on factors budget and evil. Apathetic money managers (31.08 percent) have the lowest scores on factors respect and achievement and the highest on budget. Money repellent Individuals (15.54 percent) have the lowest scores on factors good and power and the highest on factor evil. Achieving money worshipers have the highest level of organization‐based self‐esteem (OBSE), the protestant work ethic (PWE), intrinsic and extrinsic job satisfaction, and satisfaction with social and self‐actualization needs, whereas money repellent individuals have the lowest. Apathetic money managers have the highest level of satisfaction with physiological and safety needs.

Research limitations/implications

This convenience sample does not represent the national population in general or student population in particular. Self‐reported data from the same source at one time can inflate relationships between variables and do not provide the cause‐and‐effect relationship.

Practical implications

Researchers and managers understand that people in different money profiles have different work‐related attitudes and importance and satisfaction of human needs and that they may identify human resource strategies to predict and control behavior in organizations.

Originality/value

The four money profiles, replicated in this study, are valid across several cultures.

Citation

Li‐Ping Tang, T., Shin‐Hsiung Tang, D. and Luna‐Arocas, R. (2005), "Money profiles: the love of money, attitudes, and needs", Personnel Review, Vol. 34 No. 5, pp. 603-618. https://doi.org/10.1108/00483480510612549