Money Psychology Articles And More

1. Journal of Economic Psychology
Volume 13, Issue 1, March 1992, Pages 5–18

Compulsive buying: An exploration into self-esteem and money attitudes
Alice Hanley, Mari S. Wilhelm
University of Arizona, Tucson, USA
Abstract
The purpose of the current study was to explore differences between a group of self-reported compulsive spenders (n = 43) and a group of ‘normal’ consumers (n = 100) on their self-esteem and on their money attitudes. Rosenberg’s Self-Esteem Scale and Furnham’s Money Beliefs and Behavior Scale were used to measure the variables of interest. Hotelling’s T2 and discriminant function analysis were performed on these variables to determine differences between the two groups of consumers. Findings support the theoretical model that compulsive spenders have relatively lower self-esteem than ‘normal’ consumers and that compulsive spenders have beliefs about money which reflect its symbolic ability to enhance self-esteem.

2. Journal of Economic Psychology
Volume 14, Issue 1, March 1993, Pages 161–173

Self-concept, money beliefs and values
Melvin Prince
Fordham University, New York, USA
Abstract
The psychology of money includes such domains as self-concept (status-seeker, distrustful, prudent …), and money attitudes. Money attitudes include beliefs (e.g., rich people are vulgar; hard work is the key to success), and values (e.g., expensive clothes are important; spend and enjoy now).

This research explores through canonical analysis the interrelations of broad dimensions and specific variables in a comprehensive set of money psychology test items.

Self-concept variables are related to two money attitude components. Specifically, the self-concept of money envy is found to be linked to negative beliefs about other people and their money, as well as to personal values expressing norms of possessiveness.

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