IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v15y2022i10p483-d949601.html
   My bibliography  Save this article

Money Attitude and Spiritual Well-Being

Author

Listed:
  • Hok-Ko Pong

    (Department of Business Management, Technological and Higher Education Institute of Hong Kong, Hong Kong, China)

Abstract

This study seeks to explore the relationship between money attitude and spiritual well-being amongst Chinese youths in Hong Kong. Cross-sectional data (N = 501) were obtained from 249 Chinese university students in 2021 and 252 Chinese university students in 2022, aged between 19–23 years old. The participants were instructed to answer the Spiritual Well-being Questionnaire (SWBQ) to measure their spiritual well-being in the personal-communal, environmental and transcendental domains. The respondents were then asked to complete the Money Attitude Scale (MAS) to assess their attitudes and beliefs regarding money in three dimensions: power-prestige, anxiety and distrust. Results show that a negative correlation exists between the three dimensions of money attitude and the three domains of spiritual well-being. In addition, the power–prestige dimension of money attitude was the most accurate predictor of spiritual well-being. A stepwise regression analysis unveiled that the power-prestige dimension of students’ money attitudes explained 6.2%, 15.4% and 27.6% of the variance in their sense of spiritual well-being across the personal-communal, environmental and transcendental domains, respectively. Adopting healthy perspectives and attitudes towards money are vital for the development of the youths’ (spiritual) well-being. Thus, financial education and knowledge are crucial for adolescents.

Suggested Citation

  • Hok-Ko Pong, 2022. "Money Attitude and Spiritual Well-Being," JRFM, MDPI, vol. 15(10), pages 1-16, October.
  • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:10:p:483-:d:949601
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/15/10/483/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/1911-8074/15/10/483/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Silke Boenigk & Marcel Lee Mayr, 2016. "The Happiness of Giving: Evidence from the German Socioeconomic Panel That Happier People Are More Generous," Journal of Happiness Studies, Springer, vol. 17(5), pages 1825-1846, October.
    2. Azwadi Ali & Mohd Rahman & Alif Bakar, 2015. "Financial Satisfaction and the Influence of Financial Literacy in Malaysia," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 120(1), pages 137-156, January.
    3. Ed Diener & Robert Biswas-Diener, 2002. "Will Money Increase Subjective Well-Being?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 57(2), pages 119-169, February.
    4. M. Sirgy, 1998. "Materialism and Quality of Life," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 43(3), pages 227-260, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gagandeep Kaur & Manjit Singh & Sanjay Gupta, 2023. "Analysis of key factors influencing individual financial well-being using ISM and MICMAC approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(2), pages 1533-1559, April.
    2. Fuzhong Chen & Xin Du & Wenting Wang, 2023. "Can FinTech Applied to Payments Improve Consumer Financial Satisfaction? Evidence from the USA," Mathematics, MDPI, vol. 11(2), pages 1-17, January.
    3. Maneka Jayasinghe & Eliyathamby A. Selvanathan & Saroja Selvanathan, 2020. "The Financial Resilience and Life Satisfaction Nexus of Indigenous Australians," Economic Papers, The Economic Society of Australia, vol. 39(4), pages 336-352, December.
    4. Grace B. Yu & Dong-Jin Lee & M. Joseph Sirgy & Michael Bosnjak, 2020. "Household Income, Satisfaction with Standard of Living, and Subjective Well-Being. The Moderating Role of Happiness Materialism," Journal of Happiness Studies, Springer, vol. 21(8), pages 2851-2872, December.
    5. Chack Wong & Ka Wong & Bong Mok, 2006. "Subjective Well-Being, Societal Condition and Social Policy – The Case Study of a Rich Chinese Society," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 78(3), pages 405-428, September.
    6. Michael S. W. Lee & Christie Seo Youn Ahn, 2016. "Anti-consumption, Materialism, and Consumer Well-being," Journal of Consumer Affairs, Wiley Blackwell, vol. 50(1), pages 18-47, March.
    7. Chau-kiu Cheung & Kwan-kwok Leung, 2007. "Relating social welfare to life satisfaction in the postmodern era of Hong Kong," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 84(1), pages 53-70, October.
    8. Chau-kiu Cheung & Kwan-kwok Leung, 2008. "Retrospective and prospective evaluations of environmental quality under urban renewal as determinants of residents’ subjective quality of life," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 85(2), pages 223-241, January.
    9. Rojas, Mariano, 2011. "Poverty and psychological distress in Latin America," Journal of Economic Psychology, Elsevier, vol. 32(2), pages 206-217, March.
    10. De Neve, Jan-Emmanuel & Oswald, Andrew J., 2012. "Estimating the influence of life satisfaction and positive affect on later income using sibling fixed-effects," LSE Research Online Documents on Economics 51523, London School of Economics and Political Science, LSE Library.
    11. Kamer Karakurum-Ozdemir & Melike Kokkizil & Gokce Uysal, 2019. "Financial Literacy in Developing Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(1), pages 325-353, May.
    12. Young Ho Yun & Ye Eun Rhee & Eunkyo Kang & Jin-ah Sim, 2019. "The Satisfaction with Life Scale and the Subjective Well-Being Inventory in the General Korean Population: Psychometric Properties and Normative Data," IJERPH, MDPI, vol. 16(9), pages 1-10, April.
    13. Wookjae Heo & John E. Grable & Barbara O’Neill, 2017. "Wealth Accumulation Inequality: Does Investment Risk Tolerance and Equity Ownership Drive Wealth Accumulation?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 133(1), pages 209-225, August.
    14. Hong, Yan-Zhen & Su, Yi-Ju & Chang, Hung-Hao, 2023. "Analyzing the relationship between income and life satisfaction of Forest farm households - a behavioral economics approach," Forest Policy and Economics, Elsevier, vol. 148(C).
    15. Rémi Yin & Anthony Lepinteur & Andrew E Clark & Conchita d'Ambrosio, 2021. "Life Satisfaction and the Human Development Index Across the World," Working Papers halshs-03174513, HAL.
    16. OSHIO Takashi & INAGAKI Seiichi, 2014. "Does Initial Job Status Affect Midlife Outcomes and Mental Health? Evidence from a survey in Japan," Discussion papers 14025, Research Institute of Economy, Trade and Industry (RIETI).
    17. Yoko Mimura, 2023. "Save Today for a Happier Tomorrow: Associations Between Happiness and Financial Preparation in Japan," Journal of Happiness Studies, Springer, vol. 24(3), pages 1261-1281, March.
    18. Soo Tan & Siok Tambyah & Ah Kau, 2006. "The Influence of Value Orientations and Demographics on Quality-of-Life Perceptions: Evidence from a National Survey of Singaporeans," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 78(1), pages 33-59, August.
    19. Daniel S. Hamermesh & Jungmin Lee, 2007. "Stressed Out on Four Continents: Time Crunch or Yuppie Kvetch?," The Review of Economics and Statistics, MIT Press, vol. 89(2), pages 374-383, May.
    20. Richard A. Burns, 2019. "The Utility of Between-Nation Subjective Wellbeing Comparisons Amongst Nations Within the European Social Survey," Journal of Happiness Studies, Springer, vol. 20(3), pages 683-705, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:15:y:2022:i:10:p:483-:d:949601. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.