Money Attitude$ Acro$$ Culture$

Presented in Diversity Week, URI, 10/18/2000

Money _____________

I ___________ money

How to measure money attitudes

Dimensions of money attitudes

What affects money attitudes

male positively related to achievement / respect young likely to rate high on "evil" /low on "budget" low income rate high on "evil" and "budget"

high income rate high on "achievement"

Extroverts rate high on achievement, respect, freedom high work ethic rate high on evil, budget, freedom satisfied workers rate low on evil, achiev., freedom satisfied person rate low on achiev., budget, freedom
 
 

Cultural similarities and differences

Mexican more present-oriented

American more quality conscious

Japanese less concerned about saving for future

American likely to rate high on "respect" and "power"

American male more likely to report parent money talk

Young Americans worry more about finance

No gender and age differences in English sample

American (Taiwan.) young rate low (high) on budget Chinese less brand, but quite price/quality conscious

American likely confused by overchoice
 
 

Usefulness of Cross-cultural Money Attitudes Research

References

Bailey, W. C. & Lown, J. M. (1993). A cross-cultural examination of the aetiology of attitudes towards money. Journal of Consumer Studies and Home Economics, 17, 391-402.

Fan, J. X., & Xiao, J. J. (1998). Consumer decision-making Styles of Young-Adult Chinese. Journal of Consumer Affairs, 32(2), 275-294.

Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personal and Individual Differences, 5(5), 501-509.

Masuo, D. M., & Reddy, M. (1997). Comparison of students' 'money attitudes': A cross-cultural sampling of selected U.S. and Japan Universities. European Advances in Consumer Research, 3, 185-191.

Medina, J. F., Saegert, J., & Gresham, A. (1996). Comparison of Mexican-American and Anglo-American attitudes towards money. Journal of Consumer Affairs, 30(1), 124-145.

Tang, T. L. (1992). The meaning of money revisited. Journal of Organizational Behavior, 13, 197-202.

Tang, T. L. (1993). The meaning of money: Extension and exploration of the money ethic scale in a sample of university students in Taiwan. Journal of Organizational Behavior, 14, 93-99.

Yamauchi, K. & Templer, D. (1982). The development of a money attitude scale. Journal of Personality Assessment, 46, 522-528.

Money Attitude$ Acro$$ Culture$

Please rate following statements from 1 to 5:

1 = strongly disagree, 2=disagree, 3=neutral, 4=agree, 5=strongly agree

Rate based on your perception and judgement and there are no right or wrong answers.

a) I use money to influence other people to do things for me.

b) I must admit that I purchase things because I know they will impress others.

c) I do financial planing for the future.

d) I put money aside on a regular basis for the future

e) I argue or complain about the cost of things I buy.

f) It bothers me when I discover I could have gotten something for less elsewhere.

g) I buy top-of-the-line product.

h) I spend more to get the very best.

i) It's hard for me to pass up a bargain.

j) I am bothered when I have to pass up a sale.

Prepared by Jing J. Xiao, Family Financial Counseling and Planning Certification Program, HDFS Department. This presentation can be found at: http://www.uri.edu/hss/hdf/xiao