“Money, money, money - must be funny - in the rich man's world.
All the things I could do - if I had a little money.”
This famous lyric points out that being in the possession of money opens up a wide range of possibilities due to the fact that money can be used as a means of payment for any products or services as well as a store of purchasing power. However, money has a different meaning for every person which is why people’s spending and saving behavior is highly diverse (Mitchell & Mickel, 1999). In the field of economic psychology it is of high interest to ana-lyze the roots and determinants of these individual differences in money management. The reason for this concern is the overall importance of economic activities for personal life satis-faction as well as its far reaching impact on markets and institutions (Antonides, 1996). How people view money and thus how they use it can be seen as a function of many variables of which attitudes, gender and age are some of the most relevant ones. Consequently this paper aims at shedding light on the following question: to what extent does money meaning and money management differ among people of unequal sex, age and attitude?
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Attitudes towards money management
- Demographic differences in money management
- Age
- Gender
- Discussion
- Summary
- References
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to analyze individual differences in money management and explore the extent to which money meaning and money management differ among people of unequal sex, age, and attitude. The study delves into the influence of attitudes, gender, and age on individuals' financial behavior.
- The role of attitudes and emotions in economic decision-making.
- The influence of demographic factors like age and gender on money management styles.
- The relationship between money attitudes and personal values.
- The impact of social norms and self-monitoring on financial behavior.
- The role of cognitive dissonance in money management.
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: The introductory chapter sets the context by highlighting the diverse meanings and management styles of money among individuals. It underscores the importance of understanding these differences within the field of economic psychology and highlights the focus on attitudes, gender, and age as key variables.
- Attitudes towards money management: This chapter examines the role of attitudes and emotions in economic decision-making. It contrasts traditional economic models based on rational choices with a psychological perspective that emphasizes the influence of attitudes and emotions. The chapter explores the various functions of attitudes and how they influence behavior, including the cognitive dissonance theory and its implications for financial decisions.
- Demographic differences in money management: This chapter analyzes the impact of demographic factors on money management styles, focusing on age and gender. It discusses how these factors influence financial attitudes, behaviors, and decision-making processes. The chapter provides insights into the specific characteristics of money management associated with different age groups and genders.
Schlüsselwörter (Keywords)
This paper explores the field of economic psychology, focusing on individual differences in money management. Key themes include attitudes towards money, cognitive dissonance, demographic influences (age and gender), and the impact of social norms and self-monitoring on financial behavior. The study draws on research methodologies like the Money Ethic Scale and the Money Belief and Behavior Scale to analyze money attitudes and their relationship to personal values and financial decision-making.
- Quote paper
- Barbara Bilyk (Author), 2010, Individual differences in money management, Munich, GRIN Verlag, https://www.grin.com/document/164621
