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International Journal of Economics, 
Commerce and Research (IJECR) 
ISSN(P): 2250-0006; ISSN(E): 2319-4472 
Vol. 5, Issue 1, Feb 2015, 17-20 
© TJPRC Pvt. Ltd. 




■ Journal Publications ■ Research Consultancy 



STELLAR 




MONEY ATTITUDE AMONG PROFESSIONAL STUDENTS 



MAMTA SHARMA 1 , ANJANA SHARMA 2 & VANDANA MITTAL 3 



'HOD, Department of Humanities, Hindustan College of Science & Technology, Farah, Mathura, Uttar Pradesh, India 



Money attitudes play a pivotal role in the lives of emerging adults as they finish secondary school, begin leaving 
home, prepare to manage their own homes, and start their own families. Despite its potential importance, money attitudes 
and their relationships to financial behaviors have remained relatively unexplored in family scholarship, even in the social 
psychology literature which has extensive attitude-behavior research. The purpose of this paper is to explore dimensions in 
money attitude among professional students. Sample consisted of 500 (300 engineering and 200 management) students and 
data were collected by using questionnaire of money attitude based on Yamauchi & Templer money attitude scale 
(Likert's five point scale). Sample was selected from different Engineering and Management Colleges of Agra city. 
After scoring, results indicate that professional students view money as a tool of power, use money to either impress or 
dominate people and money is regarded as a source of anxiety as well as a source of protection from anxiety. 

KEYWORDS: Potential Importance, Explore Dimensions 

INTRODUCTION 

Studies of financial issues revealed that attitude to money play an important role in determining a person's 
financial management and level of financial well being (Joo and Grable, 2004). Money attitudes play a pivotal role in the 
lives of emerging adults as they finish secondary school, begin leaving home, prepare to manage their own homes, and 
start their own families. They enter a time of life that is not just "a brief period of transition into adult roles but [is] a 
distinct period of the life course, characterized by change and exploration of possible life directions" (Arnett, 2000, p. 469). 
For most youth from industrialized counties, the late teens to mid 20's are times of profound change and importance. 
Attitudes towards money and the meaning of money have also become important topics for research in the area of 
economic and consumer psychology (Tang, 1995). A number of studies have reported that there is a relationship between 
money attitudes and level of financial problems (Hayhoe & Wilhelm, 1998; Lea et al, 1995; Lim, Teo & Loo, 2003; 
Tokunaga, 1993) and financial satisfaction (Tang, 1995; Wilhelm, Varcoe, & Fridrich, 1993) in adults. A notable exception 
is the applied work of the advertising and marketing industry. This industry has become increasingly sophisticated and 
aggressive in their solicitations on college campuses because new college students tend to be particularly susceptible to 
credit card marketing scheme (Hayhoe, Leach, Allen, & Edwards 2005). This research represented an opportunity to learn 
about money attitudes as a precursor to money behavior. Because certain money attitudes may signal deleterious money 
behavior that arise in adolescents or emerging adults, parents can observe indicators of such behavior and forestall anguish 
in their child's life by influencing and encouraging their child to adopt healthy money behaviour. 



2.3 



Assistant Professor, Department of Humanities, Hindustan College of Science & Technology, 



Farah, Mathura, Uttar Pradesh, India 



ABSTRACT 



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Mamta Sharma, Anjana Sharma & Vandana Mittal 



Tsai's (2008) research pointed out that different individual and family factors have different effects on the money 
attitude and spending behaviors of teenagers, showing also a correlation among peer relationship, money attitude and the 
spending behaviors of teenagers, and that consumer behaviors render some predictive power over individual and family 
factors, peer relationship and money attitude. Therefore, the differences in money attitude often result from the influences 
of the family, peers and the environment. Different backgrounds will also generate different views on money, which will in 
turn exert certain influences on personality development. 

The present study considers the following objective: 

• To explore money attitude (labeled: Power, Retention and anxiety) among professional students. 

• To examine relationship among Power and prestige, Retention and Anxiety 

RESEARCH METHODOLOGY 

The primary data was collected through a questionnaire of money attitude based on Yamauchi & Templer money 
attitude scale (Likert's five point scale). 

Sample 

The survey methodology was used to explore the money attitude 500 students (300 engineering students and 200 
management students) from Engineering and Management Colleges of Agra were selected for the study. 

Tool 

For the purpose of survey, a questionnaire of money attitude was prepared. A 12-item questionnaire was 
developed, consisting three money attitude factors: power-prestige, retention time and distrust/anxiety. The computed 
Cronbach alpha score is 0.791. 

RESULTS AND DISCUSSIONS 

The objective of the study was to explore money attitude among professional students. The data was analyzed by 
using simple statistics. The results are presented in following table 



Table 1: Mean and SD Scores of Money Attitude among Professional Students 



Dimension of 


Engineering Students 


Management 
students (N=200) 


Total Money 
Attitude Score 


Power 


15.64 (2.71) 


16.51 (2.19) 


L 16.12(2.45) 


Anxiety 


11.42 (3.17) 


12.40 (2.84) 


11.90 (3.00) 


Retention 


10.14(2.91) 


11.77 (2.88) 


10.95 (2.89) 



The results indicate that professional students scored higher (M=16.12) in power dimension, which shows that 
they view money as a tool of power, use money to either impress or dominate people (Goldberg and Lewis, 1978). 
They exhibit their social power by buying material goods. Status consumption and accumulation of materialistic goods 
allow them to feel socially powerful. Roberts and Jones (2001) described power dimension as "status consumption". 
Crump (1981) also visualized money as a symbolic system that permits individuals to convert money into whatever "sacred 
symbols" it chooses. 



Impact Factor (JCC): 4.2234 



Index Copernicus Value (ICV): 3.0 



Money Attitude among Professional Students 



19 



Marketers can portray money's symbolism and power in the way lifestyles and possessions are featured 
(i.e, positioned) according to those who possess the money to live such lifestyles. These portrayals can serve as motivators 
for consumers to buy certain products as money contributes to the development and identification of the self (Doyle, 1999). 
Money permits one to attain not only status and possessions but power and control of others. In anxiety dimension the 
mean score is 1 1 .90, which shows that it received less importance than power. Money is regarded as a source of anxiety as 
well as a source of protection from anxiety (Yamauchi & Templer, 1982). Lack of money perceived as a threat leading to 
more anxiety and depression. DeSarbo and Edwards (1996) found that person who views money as a source of anxiety 
repeatedly shop and spend money to reduce anxiety. 

Table 2: Correlations for all Pairs of Data Series (Method=Pearson) 





Power 


Retention 


Anxiety 


Power 


1 


-0.017 


0.233 


Retention 


-0.017 


1 


0.202 


Anxiety 


0.233 


0.202 


1 



The result indicates that among all the dimensions of money attitude labeled: power and prestige, retention and 
anxiety Pearson's moment methods declare that power and prestige is positively related with anxiety while has very weak 
negative relation with retention. 

CONCLUSIONS AND SUGGESTION 

The paper concludes that professional students view money as a tool of power, use money to either impress or 
dominate people. Anxiety received less importance than power. Money is regarded as a source of anxiety as well as a 
source of protection from anxiety. "Anxiety" is also linked to feelings of regret after having or not having done something. 
Problems in financial matters can occur because people who score high on "Anxiety" are prone to withdrawing from 
actions they have taken. This indicates that "Anxiety" comprises two features which are difficult to manage in financial 
areas: procrastination and unstable preferences. 

Existing research suggests that those students who are likely to use money as a tool of power are likely to acquire 
material goods to demonstrate their social power. Students who scored high on the power dimension regarding money view 
money instrumentally as a means to influence and impress others and as a statement of their success. These students can 
use money for material acquisitions. Materialism represents the belief in the importance of material for one's identity, 
goals, and purpose in life and money enables one to fulfill materialistic impulses. There is anxiety over parting with money 
and the fear over being cheated, and on the other hand there is the enjoyment of holding money, tracking it, and perhaps 
watching it grow. 

REFERENCES 

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2. Furnham, A. (1984). Many side of the coin: the psychology of money usage. Personality and individual Dierences 
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Mamta Sharma, Anjana Sharma & Vandana Mittal 



3. Gresham, A. B & Fontenot, G. F. (1989). The differing attitudes of the sexes toward money: An application of the 
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7. Xiao, J. J, Noring, F. E, & Anderson, J. G. (1995). College students' attitudes towards credit cards. 
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Impact Factor (JCC): 4.2234 



Index Copernicus Value (ICV): 3.0