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The development of a Money Attitude Scale
1California School of Professional Psychology--Fresno, USA.
Journal of Personality Assessment
|October 1, 1982
Summary
This study developed the Money Attitude Scale (MAS) to measure financial beliefs related to power, retention, and security. The MAS is a reliable tool for understanding individual money attitudes and their psychological correlations.
Area of Science:
- Psychology
- Behavioral Economics
Background:
- Existing literature on financial attitudes lacks a comprehensive measurement tool.
- Understanding money attitudes is crucial for financial behavior and psychological well-being.
Purpose of the Study:
- To develop and validate a scale measuring money attitudes based on clinical and theoretical literature.
- To identify key factors influencing financial beliefs and behaviors.
Main Methods:
- Generated 62 items across security, retention, and power-prestige domains.
- Utilized factor analysis to identify underlying dimensions.
- Developed a 29-item Money Attitude Scale (MAS) based on identified factors.
Main Results:
- Factor analysis revealed five key factors: power-prestige, retention-time, distrust, quality, and anxiety.
- The Money Attitude Scale (MAS) was developed using four of these factors.
- Reliability measures and correlations with personality and psychopathology were established.
Conclusions:
- The Money Attitude Scale (MAS) is a psychometrically sound instrument for assessing money attitudes.
- The MAS can be used to explore the relationship between financial beliefs and psychological characteristics.
- Further research can utilize the MAS to investigate financial decision-making.