The Importance and Motivational Content of Money Attitudes: South Africans with Living Standards Similar to Those in Industrialised Western Countries

Abstract

Long neglected in psychological research, money attitudes influence consumer decisionmaking and information processing, and may be active whenever consumers contemplate money situations or exchange relations. This study focused on the money attitudes of 221 urban South Africans whose standards of living are similar to those in industrialised Western countries. A recently developed pan-cultural theory on human values is used to gain insights into the fundamental motivations of money attitudes. The results suggest that money attitudes and value priorities have predictable and theoretically meaningful relations and provide evidence supporting the nomological validity of the revised Money Attitude Scale (MAS). Confirmatory analyses support the five-factor structure of the MAS scale and the hypothesised structure of the Portrait Values Questionnaire. Five new money attitudes are proposed for future research to broaden the scope of the MAS and refine its measurement.