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Attitudes to money in a random sample of adults: Factor analysis of the MAS and MBBS scales, and correlations with demographic variables

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  • Baker, Paul Morgan
  • Hagedorn, Robert B.

Abstract

A factor analysis of the two major scales measuring attitudes toward money (Yamauchi and Templer's MAS, and Furnham's MBBS), using a random sample of 200 adults in a large Canadian city, showed the MAS to be remarkably invariant in its factor structure: power-prestige, planning-saving, frugality-distrust, and anxiety seem to be the four most important underlying dimensions of attitudes and reported behaviors. The MBBS did not replicate: the original factors did not emerge, and other analyses did not yield interpretable results. A factor analysis of items from the MAS and MBBS combined produced a reliable and meaningful four-factor solution nearly identical to the MAS scale. Correlations with age, sex, income, and education were mostly consistent with previous research: income was negatively correlated with frugality and anxiety, and positively related to planning. Age had the strongest correlations with the four factors.

Suggested Citation

  • Baker, Paul Morgan & Hagedorn, Robert B., 2008. "Attitudes to money in a random sample of adults: Factor analysis of the MAS and MBBS scales, and correlations with demographic variables," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(5), pages 1803-1814, October.
    • Handle: RePEc:eee:soceco:v:37:y:2008:i:5:p:1803-1814
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    1. Epley, Nicholas & Gneezy, Ayelet, 2007. "The framing of financial windfalls and implications for public policy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(1), pages 36-47, February.
    2. Hanley, Alice & Wilhelm, Mari S., 1992. "Compulsive buying: An exploration into self-esteem and money attitudes," Journal of Economic Psychology, Elsevier, vol. 13(1), pages 5-18, March.
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    1. Tsui-Yii Shih & Sheng-Chen Ke, 2014. "Determinates of financial behavior: insights into consumer money attitudes and financial literacy," Service Business, Springer;Pan-Pacific Business Association, vol. 8(2), pages 217-238, June.
    2. Helen Inseng Duh & Hong Yu & Yuefeng Ni, 2021. "Chinese Millenials' happiness and materialism: Explanations from two life‐course theories, self‐esteem, and money‐attitudes," Journal of Consumer Affairs, Wiley Blackwell, vol. 55(4), pages 1306-1332, December.
    3. Helen I Duh, 2014. "Application of the Human Capital Life-Course Theory to Understand Generation Y South Africans’ Money Attitudes," Journal of Economics and Behavioral Studies, AMH International, vol. 6(12), pages 974-985.

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    Attitudes Money Measurement;

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