Attitudes Toward Money Essay

Attitudes Toward Money Essay-38
57 completed questionnaires were obtained using this method. They were asked to fill out the questionnaire and return it to class two days later. Students were approached on campus and asked to complete the questionnaire. 200 completed questionnaires were obtained using this method.42 completed questionnaires were obtained using this method. A total of 380 questionnaires were distributed and 299 completed questionnaires were received, a response rate of 79%.

57 completed questionnaires were obtained using this method. They were asked to fill out the questionnaire and return it to class two days later. Students were approached on campus and asked to complete the questionnaire. 200 completed questionnaires were obtained using this method.42 completed questionnaires were obtained using this method. A total of 380 questionnaires were distributed and 299 completed questionnaires were received, a response rate of 79%.

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However, when Richins and Dawson (1992) measured material values in a broader cross-section of the population they found a strong relationship between materialism and desired income; the income deemed necessary to satisfy needs was about 50 percent higher for consumers high in materialism than for consumers low in materialism.

Based on these findings, it could be inferred that people with high levels of materialism may be more likely (i.e., may find it "necessary") to borrow money in order to achieve their material desires. The use of materialism as an explanatory variable in the study of debt is consistent with other research in the area.

Consequently, if individuals had a high income relative to their reference group, they would be likely to save the surplus; if they had a relatively low income, they would be likely to accrue debts (WSrneryd 1989).

With respect to materialism, Richins (1992) has suggested that people with high levels of materialism use people from a higher socioeconomic status (i.e., upward comparison) as referents.

When estimating a model of indebtedness, one demographic variable (age), one psychological variable (attitude toward debt), and one economic behavior (entertainment) were significant.

Attitudes Toward Money Essay Business Plan For Farming And Agriculture

Materialism was not a significant variable in the final regression equation for indebtedness.

Duesenberry proposed a theory that included social comparison as a central process in consumption decisions.

He suggested that people consumed goods according to their perceptions of what was normal for their reference group.

In order for people with high levels of materialism to satisfy their strong acquisitive desires, they may be more willing to take on debt (Richins and Rudmin 1994) and may therefore be more likely to have a positive attitude towards debt than non-materialistic people.

This hypothesis is also supported by Duesenberry’s (1949) theory of consumption.

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