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Article
Publication date: 12 June 2009

Dongjin Li, Ying Jiang, Shenghui An, Zhe Shen and Wenji Jin

The purpose of this paper is to investigate how young Chinese consumers' money attitudes influence their compulsive buying behavior.

Abstract

Purpose

The purpose of this paper is to investigate how young Chinese consumers' money attitudes influence their compulsive buying behavior.

Design/methodology/approach

In total, 303 undergraduate students from Tianjin and Ningbo (two major cities in coastal China) answered a self‐administered questionnaire.

Findings

Money attitudes were found to significantly affect young Chinese consumers' compulsive buying behaviour. Specifically, the Retention‐Time dimension significantly affected both male and female consumers' compulsive buying. However, the Power‐Prestige dimension only affected male consumers' compulsive buying. Finally, the Quality dimension had a greater impact on male than on female consumers' compulsive buying.

Research limitations/implications

The data were collected in two major cities in the coastal region of China. Given the differences between coastal and inland China, caution must be taken when generalizing the research results to young consumers from inland China.

Practical implications

The discussion of the relationships between young Chinese consumers' money attitudes and their compulsive buying will help marketers and policy makers to better understand these consumers' spending behaviour. Thus, marketers can identify new market opportunities and form marketing strategies to target young consumers in China. On the other hand, policy makers can also form more effective education strategies to help young consumers to spend wisely.

Originality/value

Different from previous research in money attitudes and compulsive behaviour, the research provides an in‐depth overview of how male and female young Chinese consumers perceive money and how their beliefs about money affect their spending.

Details

Young Consumers, vol. 10 no. 2
Type: Research Article
ISSN: 1747-3616

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Article
Publication date: 20 February 2019

Asli Elif Aydin and Elif Akben Selcuk

Financial literacy has a strong influence on financial well-being, and it is a concept especially important for college students who start to develop their financial…

Abstract

Purpose

Financial literacy has a strong influence on financial well-being, and it is a concept especially important for college students who start to develop their financial habits. The purpose of this paper is to examine the relationship between financial literacy, money attitudes and time preferences among Turkish university students.

Design/methodology/approach

Data were collected from 1,443 university students from 14 campuses in Turkey. Structural equation modeling methodology is employed to test the hypotheses.

Findings

The results suggest that students with higher financial knowledge scores have more favorable financial attitudes and exhibit more desirable financial behaviors. It is also demonstrated that financial attitude is positively related to financial behavior. Furthermore, a significant and negative relationship between the affective dimension of the money ethic construct and financial behavior is found. In contrast, the relationship between the behavioral dimension of money ethic and financial behavior is positive. It is further demonstrated that a present orientation leads to more negative financial attitudes.

Originality/value

This study will reveal the interrelationships among dimensions of financial literacy, money ethics and time preferences in an emerging economy with a relatively little experience with formal financial systems and unstable macroeconomic conditions.

Details

International Journal of Bank Marketing, vol. 37 no. 3
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 17 September 2019

Jane E. Workman and Seung-Hee Lee

The purpose of this paper is to examine differences among fashion trendsetting groups in money attitudes and consumer tendency to regret (CTR).

Abstract

Purpose

The purpose of this paper is to examine differences among fashion trendsetting groups in money attitudes and consumer tendency to regret (CTR).

Design/methodology/approach

Students completed questionnaires containing demographic items and scales measuring money attitudes (power/prestige, quality, anxiety and distrust), CTR (CTRpurchase, CTRnot purchase) and trendsetting. Data analysis included descriptive statistics, Cronbach’s α, M/ANOVA and SNK post hoc test.

Findings

Participants lowest in trendsetting scored lower in power/prestige than earlier adopters. Trendsetters scored higher in quality and anxiety than later adopters. Trendsetters scored higher in CTRnot purchase but not in CTRpurchase. Participants higher (vs lower) in CTRpurchase scored higher in power/prestige, distrust and anxiety but not in quality. Participants higher (vs lower) in CTRnot purchase scored higher in power/prestige, quality and anxiety but not in distrust.

Research limitations/implications

Generalization of results is limited because the college student sample was not representative of the general population of consumers.

Practical implications

Many retailer sales tactics are designed to pressure consumers to buy and buy now – thus raising consumers’ level of anxiety. Retailers might benefit from strategies to reduce consumers’ negative emotions (e.g. anxiety, distrust) and to encourage attention to positive social or personal benefits of products.

Originality/value

Results extend cognitive dissonance theory and the post-purchase evaluation model by finding differences among fashion trendsetter groups in post-purchase evaluation and money attitudes. No prior research has explored CTR and money attitudes among fashion trendsetter groups.

Details

International Journal of Retail & Distribution Management, vol. 47 no. 11
Type: Research Article
ISSN: 0959-0552

Keywords

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Article
Publication date: 23 March 2010

Srinivas Durvasula and Steven Lysonski

China is undergoing a radical change as the forces of industrialization and modernization transform its society. Money is taking on an increasingly important role…

Abstract

Purpose

China is undergoing a radical change as the forces of industrialization and modernization transform its society. Money is taking on an increasingly important role, particularly among young Chinese, as the Western ideals of individualism and hedonism thrive. The goal of this research is to understand attitudes towards money in China and how these attitudes affect elements of consumer behavior such as materialism and vanity.

Design/methodology/approach

The paper uses a well‐accepted scale (with several dimensions) to explore attitudes towards money. Research questions examine how the dimensions of attitudes towards money affect materialism and achievement vanity. The sample comprises 127 young Chinese consumers. Statistical results based on confirmatory factor analysis as well as path analysis are reported.

Findings

The findings clearly show that attitudes towards money in China are not monolithic; instead there are variations among young Chinese. Materialism is affected by the power‐prestige and anxiety dimensions, but unaffected by the distrust dimension of money attitudes. Achievement vanity is affected by the power‐prestige dimension of money attitudes.

Research limitations/implications

Future research could examine other developing countries and other generational consumer segments. Another future research topic is to develop a comprehensive model of money attitudes, materialism, vanity, compulsive buying, and their possible antecedents or moderators.

Practical implications

These findings offer insight into the mindset of young Chinese. Beliefs that money permits one to attain not only status and possessions, but also power and control over others are contributing to increased materialism and expressions of vanity among young Chinese. For marketers, the results imply that positioning products based on the possession of money and the use of this money to indulge hedonism may resonate well with young Chinese consumers. However, some of the relationships we found may cause concern to ethicists and consumer watchdogs because of the associated problems of compulsive buying and other problems which are prevalent in consumer societies.

Originality/value

So far, no study has examined whether money attitudes drive materialism and achievement vanity, especially among younger consumers in developing countries such as China.

Details

Journal of Consumer Marketing, vol. 27 no. 2
Type: Research Article
ISSN: 0736-3761

Keywords

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Article
Publication date: 8 August 2016

Gregory M. Rose, Aysen Bakir and Elodie Gentina

This paper examines adolescent’ money attitudes in the USA and France. It introduces and validates an 18-item scale for assessing adolescent money attitudes, explores the…

Abstract

Purpose

This paper examines adolescent’ money attitudes in the USA and France. It introduces and validates an 18-item scale for assessing adolescent money attitudes, explores the symbolic values that American and French teens attach to money, identifies the major segments of teens based on their attitudes toward money and assesses the importance that these groups place on price, novelty and brand name.

Design/methodology/approach

Twenty-eight in-depth interviews were initially conducted to explore adolescent’ money attitudes, assist in the development of measures and provide a context for interpreting subsequent results. Exploratory factor analysis (among 90 French and 70 American adolescents), followed by confirmatory factor analysis (among 332 French and 273 American adolescents) indicated that six dimensions captured money meanings. These dimensions were used in a subsequent cluster analysis to group teens into segments.

Findings

Six dimensions (worry, achievement, status, security, budget and evil) captured teenage money attitudes among French and American adolescents. A cluster analysis based on these dimensions yielded three groups: no worries, success and security. These three groups varied in their attitudes toward money and the importance that they placed on price, brand and novelty in purchasing.

Practical implications

This study provides measures for assessing adolescent money meanings and presents a preliminary segmentation of USA and French adolescents based on their attitudes toward money.

Originality/value

The results explore the impact of money attitudes on adolescent consumption preferences, demonstrate the utility of measuring adolescent’ money attitudes and segmenting adolescents based on these attitudes and emphasize the importance of both cultural and individual differences.

Details

Journal of Consumer Marketing, vol. 33 no. 5
Type: Research Article
ISSN: 0736-3761

Keywords

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Article
Publication date: 29 May 2019

Helen Duh and Teichert Thorsten

Young consumers globally are susceptible to becoming compulsive shoppers. Having negative consequences and considering that compulsive shopping may originate from past…

Abstract

Purpose

Young consumers globally are susceptible to becoming compulsive shoppers. Having negative consequences and considering that compulsive shopping may originate from past family life experiences, this study aims to use human capital life-course and positive-activity theories to suggest a socio-psychological pathway for prevention. It also examined the mediating influence of happiness and money attitude.

Design/methodology/approach

University students in South Africa (N = 171) and in Germany (N = 202) were surveyed. Structural equation modelling (SEM) was used to test relationships and multi-group analysis (MGA) assessed cross-cultural differences.

Findings

Emotional family resources received during childhood positively impacted happiness at young adulthood, which was found to be a positive driver of budget money attitude. Budget money attitude in turn limited compulsive shopping for German young consumers but not for South Africans. Cross-cultural differences are also observed in mediating effects of happiness and budget money attitude.

Research limitations/implications

This study is based on self-reported data from university students; this might limit the generalisability of findings.

Social implications

A positive relationship between happiness and desirable money attitude was confirmed. This study additionally contributes by showing that for South African and German young consumers, adequate childhood emotional family resources is a happiness’ driver. This thus exposes the multiplier effects of simple acts of showing love and attention to children and how these family emotional resources can progressively limit dysfunctional consumer behaviour in the future.

Originality/value

Unlike complex psychotherapeutical and psychopharmacological treatments of compulsive buying that are being suggested, this study borrows from family, consumer and economic–psychological disciplines to suggest simple preventive measures.

Details

Young Consumers, vol. 20 no. 1
Type: Research Article
ISSN: 1747-3616

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Article
Publication date: 30 May 2019

Urmatbek M. Tynaliev and Carolyn Erdener

The purpose of this study is to analyze the money attitudes among students at English-language business schools in the transitioning Central Asian nations of the former…

Abstract

Purpose

The purpose of this study is to analyze the money attitudes among students at English-language business schools in the transitioning Central Asian nations of the former USSR, namely, Kazakhstan, Kyrgyzstan and Uzbekistan.

Design/methodology/approach

The survey was carried out in 2017, using previously established measures of Love of Money survey questionnaire. Over 300 undergraduate students in English-language business degree programs in Kazakhstan, Kyrgyzstan and Uzbekistan participated in the survey. A few hypotheses were tested using three-way MANOVA to test the influence of three factors (country, gender and student years). In addition, post hoc analysis, and one- and two-way ANOVA methods were used for multiple comparisons.

Findings

The results showed evidence of increasing convergence among students who are farther along in the program. Some statistically significant differences were also found, mainly in regard to gender differences in money attitudes across countries and student levels. The results of statistical analysis suggest a need for further research on attitudes and values related to money in the modern nation states of Central Asia.

Originality/value

This study is one of first attempts to study the values and attitudes regarding money among the first generation of business students who were born and grew up after their respective countries gained independence. The findings imply the development of a relatively homogeneous labor pool for business organizations across regions that are characterized by increasing differentiation among countries within the region.

Details

Journal of International Education in Business, vol. 12 no. 2
Type: Research Article
ISSN: 2046-469X

Keywords

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Article
Publication date: 1 March 2001

Lee Soo Hoon and Vivien K.G. Lim

Examines the extent to which individuals’ attitudes towards money and work are affected by their country’s economic performance. A group of Singaporean youths’ attitudes

Abstract

Examines the extent to which individuals’ attitudes towards money and work are affected by their country’s economic performance. A group of Singaporean youths’ attitudes towards money and work before and after the July 1997 Asian economic crisis is examined. A group of Thai youths’ attitudes towards money and work following the start of the economic crisis were also examined and compared with those of the post‐crisis Singaporean youth sample. By contrasting the attitudes of the Thais and Singaporeans, the results allow an assessment of people’s attitudes towards money and work given the different level of severity in economic conditions faced by the countries in Southeast Asia. In conclusion, recommendations are made concerning how to manage Thais and Singaporeans in the face of negative catastrophic economic conditions.

Details

Journal of Managerial Psychology, vol. 16 no. 2
Type: Research Article
ISSN: 0268-3946

Keywords

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Article
Publication date: 1 June 2003

Bruce Kirkcaldy, Adrian Furnham and Terence Martin

Several hundred German parents completed a questionnaire to assess their attitudes towards pocket money and economic socialisation. In addition trait competitiveness and…

Abstract

Several hundred German parents completed a questionnaire to assess their attitudes towards pocket money and economic socialisation. In addition trait competitiveness and occupational stress were measured. Demographic variables were less predictive of competitiveness compared to psychological/attitudinal factors. The more competitive oriented parents displayed a distinct monetary attitude profile: they were less liberal, more structured and budget‐oriented. They used money significantly more as a reinforcer for educational purposes, e.g. educational or scholarly success, and as an instrument to teach autonomy. Subjectively perceived occupational stress was determined by diverse socio‐demographic variables, although the stress‐demographic relationship was moderated by gender. Older fathers and men from a poor social‐economic background (as children) tended to show greater job‐related stress. Conversely, mothers from “superior” SES, with more siblings, and fewer children of their own, reported more occupational stress.

Details

Journal of Managerial Psychology, vol. 18 no. 4
Type: Research Article
ISSN: 0268-3946

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Article
Publication date: 1 October 2005

Thomas Li‐Ping Tang, David Shin‐Hsiung Tang and Roberto Luna‐Arocas

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

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.

Details

Personnel Review, vol. 34 no. 5
Type: Research Article
ISSN: 0048-3486

Keywords

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