Financial distress and money attitudes

Fenton-O'Creevy, Mark and Furnham, Adrian (2021). Financial distress and money attitudes. Journal of Neuroscience, Psychology, and Economics, 14(3) pp. 138–148.

DOI: https://doi.org/10.1037/npe0000143

Abstract

This study was concerned with the construction and validation of a Financial Distress Index (FDI). A stratified (UK) sample of 2000 adults completed the new measure as well as measures of financial anxiety, general stress and money attitudes. The FDI correlated highly with general stress and financial anxiety, establishing concurrent validity. For the FDI, men scored lower than women, there was an inverse association with age and FDI was lower for the highest income bands. A unit increase in seeing money as security was associated with a reduction in the FDI of 16%, whereas unit increases in money as generosity, freedom, or power and status were associated with an increase in the FDI of, respectively 21%, 24% and 19%. Implications and limitations are discussed.

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About

• Item ORO ID
• 78880
• Item Type
• Journal Item
• ISSN
• 1937-321X
• Extra Information
• This paper is not the copy of record and may not exactly replicate the authoritative document published in the Journal of Neuroscience, Psychology and Economics. Please do not copy or cite without author's permission. The final article is available, upon publication, at: https://doi.org/10.1037/npe0000143
• Keywords
• financial well-being; financial distress; financial anxiety; stress; money attitudes
• Academic Unit or School
• Faculty of Business and Law (FBL) > Business > Department for People and Organisations
  Faculty of Business and Law (FBL) > Business
  Faculty of Business and Law (FBL)
• Copyright Holders
• © 2021 American Psychological Association
• Related URLs
• • https://doi.apa.org/record/2021-91176-00...
• Depositing User
• Mark Fenton-O'Creevy