The Impact of Money Attitudes on the Relationship Between Income and Financial Satisfaction

Abstract

Prior research has showed that the subjective perception of objective wealth might be affected by various individual difference variables, such as one’s love of money, level of desires, or materialistic inclinations. This paper examines an impact of attitudes towards money on the relation between personal net income and household income, and its subjective evaluation, measured as financial satisfaction and subjective economic well-being. The results of two studies revealed that the affective dimension of money attitudes (assigning the symbolic meaning to money) partially mediated the relationship between income and financial satisfaction. Moreover, the instrumental dimension of attitude towards money (individuals’ attitude toward money management) moderated this relationship: The relationship between the two was stronger for individuals highly concentrated on money management than for those with low scores on this factor.

The influence of money attitude, financial practices, self-efficacy and emotion coping on employees’ financial well-being

“…Particularly in recent years, various studies in the area of economic psychology observed individual's beliefs or attitudes about money. According to the cross-sectional investigations, there is a positive association between money attitude, and FWB (Gasiorowska, 2015). Therefore, we can develop a hypothesis in the accompanying manner.…”

Strategy For Financial Wellbeing Among Public Servants In Malaysia

“…The condition of individual financial wellbeing is related to the individual attitude toward financial management (Gasiorowska, 2015). Therefore, financial wellbeing could be considered as a financial objective that are achievable and under controlled of each individual.…”

“…Another main stream of literature focuses on more objective variables such as data on income, debt, asset and total wealth in predicting financial wellbeing. Despite the latter approach revealed the relationship between objective financial data and subjective financial wellbeing, the literature on this is not free from critics such as findings of studies are varies across different economic region and financial wellbeing should not be limitedly defined as equal to total financial wealth (Gasiorowska, 2015). Instead, financial wellbeing is a psychological condition of individual that are happy and satisfy with their financial condition at a various amount of money due to different in person's values, needs and wants (Gasiorowska, 2015).…”

“…Despite the latter approach revealed the relationship between objective financial data and subjective financial wellbeing, the literature on this is not free from critics such as findings of studies are varies across different economic region and financial wellbeing should not be limitedly defined as equal to total financial wealth (Gasiorowska, 2015). Instead, financial wellbeing is a psychological condition of individual that are happy and satisfy with their financial condition at a various amount of money due to different in person's values, needs and wants (Gasiorowska, 2015). While the latter approach is more specific to financial data, the first research stream focuses on the attitude of person that may have an impact on their financial wellbeing.…”

“…Investigating the financial wellbeing of public servant is not only a relevant subject to the individual but the organization too as Gasiorowska (2015) reviewed the literature and concluded that the literature had well addressed the impact of individual financial wellbeing on job productivity. In other words, individual with financial problem may tend to create untoward work related problem to their organization.…”