The link between parent’s basic human values and their monetary attitudes. Person’s values considered as the criteria for the process of evaluation of different people, actions and events. The link between monetary attitudes of parents and their children.
Аннотация к работе
Thus, money plays a crucial part in person’s life. Every single day a person meets different situations where he should use his finance knowledge. As a result financial decisions become more complex day by day. There is a variety of choices for borrowing, spending, saving, and investing money. Thus, the significance and importance of studying money and monetary attitudes is also growing up. According to Kowalczyk and Chudzian (2015) monetary attitude is a complex of stable tendencies to evaluate money, as well as emotionally reply to them. As Jorgensen and Savla (2010) found out that the majority of young people have partial financial knowledge and monetary attitudes, we decided to focus not only on adults but on parents and their children. In 2005 Burgess has studied the link between values and monetary attitudes. He used the five-factor MAS structure proposed by Yamauchi and Templer (1982) for measuring monetary attitudes and 29-item PVQ (Schwartz, Lehmann and Roccas, 1999) on a six-point scale for measuring basic human values. The six-point scale consists of ‘not at all like me’, ‘not like me’, ‘a little like me’, ‘somewhat like me’, ‘like me’, ‘very much like me’ items. First of all, he studied the factorial structure of monetary attitudes. The received results were the same as Yamauchi and Templer’ results. The five-factor of MAS, such as “Anxiety”, “Distrust”, “Power/Prestige”, “Quality”, “Retention/Time” was supported. The second and the last step in Burgess’s study was a regression analysis of monetary attitudes and basic human values. In 2011 Klontz et al. developed a new instrument for measuring monetary attitudes. As this instrument is more modern than MBBS or MAS, we use it in our own research. The new instrument was named Klontz-Money Script Inventory or Klontz MSI. The first version of this questionnaire consisted of eight hypothesized money factors: money is bad, money mistrust/openness, money worship, anti-rich, money anxiety, frugality/fiscal responsibility, money is unimportant. However, after factor analysis Klontz et al. have left only four: money avoidance, money worship, money status, and money vigilance. The explanation of all of these four factors we give below. People who have money avoidance attitude consider money as something bad; they perceive rich people as greedy people and they think they do not deserve money. People who have money worship attitude believe that money brings power as well as happiness and love; they think that money can help to solve all their problems. However, there will never be enough money for such people. People who have money status attitude convince that self-worth is the same as net worth. Moreover, they try to buy only new and the best things. Money avoidance, money worship, and money status are associated with poorer financial health and lower income. However, in contrast, the last one monetary attitude is money vigilance attitude contains frugality on the part of people, the importance of saving money, restraint about how much money a person should have or make. It’s worth noting that Burgess (2005) has explored the relationship between human basic values and monetary attitudes, so we will consider his study as the foundation for our research because we will also explore the relationship between human basic values and monetary attitudes. Thus, if a person has MAS-anxiety attitude, he views money as a source of anxiety and tries to defense from it. According to Klontz (2011) if a person has “money avoidance” attitude, he thinks that he does not deserve money because money is bad.