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Sex Differences in Money Pathology in the General Population
Adrian Furnham1, Sophie von Stumm2, Mark Fenton-O'Creevy3
1Psychology, University College London, London, UK ; Norwegian Business School, Oslo, Norway.
Social Indicators Research
|August 29, 2015
Summary
This study found significant sex differences in money beliefs and behaviors among over 100,000 British adults. Females exhibited higher "money pathology," while men associated money more with autonomy, power, and security.
Area of Science:
- Psychology
- Behavioral Economics
- Sociology
Background:
- Understanding sex differences in financial psychology is crucial for financial education and intervention.
- Previous research suggests potential gendered patterns in attitudes towards money, but large-scale studies are needed.
Purpose of the Study:
- To investigate sex differences in money beliefs and behaviors.
- To analyze associations between money and emotional types across genders.
Main Methods:
- Online survey administered to over 100,000 British participants.
- Utilized measures for "money pathology" and four "money types" based on emotional associations.
Main Results:
- Significant sex differences were observed across most measures with medium to large effect sizes.
- Females reported higher "money pathology" than males.
- Men scored lower on generosity (money as love) and higher on autonomy, power, and security compared to women.
- Men were more likely to be "Hoarders," while women engaged in more emotional regulatory purchasing.
Conclusions:
- Substantial gender disparities exist in money beliefs and behaviors.
- These findings highlight the need for gender-sensitive approaches in financial psychology and consumer behavior research.
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