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Furnham, Adrian and Fenton-O'Creevy, Mark
(2024).
DOI: https://doi.org/10.1142/S2282717X24500014
Abstract
This study was concerned with the correlates of attitudes to, and habits surrounding money, particularly budgeting. It involved a secondary analysis of a representative (UK) sample of adults who completed a questionnaire that enquired into such things as their saving and spending habits, and investments. We drew on data from 1767 participants and looked specifically at demographic correlates (age, gender, income), as well as money attitudes, spending habits and their self-rated financial literacy. Our central interest was how specific beliefs about money, impulsive spending, and financial literacy are related to regular saving, spending and investment. Through correlation and regression analyses, we were able to show that household income was a major correlate of these behaviors, as were participant gender and age. We paid particular attention to the money attitude variable which suggested that those who saw money primarily as a source of security tended to be savers rather than investors and had more disposable cash. Implications of the findings and limitations of the study are discussed, including implications for detecting and advising those with money-related issues.
Plain Language Summary
A large survey study of attitudes and habits related to money found as expected regular saving is related strongly to income. The study also shows that gender differences persist with women saving and investing less and more likely to run out of money by the end of the month, suggesting they have less discretionary income. We found that those who associated money with security (rather than power, freedom or love) were more likely to save, but less likely to invest in risk bearing assets.
CORE (COnnecting REpositories)
CORE (COnnecting REpositories)
