The Meaning of Money Scale:
Development and Validation
Keywords:
Meaning of money scales, Psychology of money, Economic psychologyAbstract
The lack of reliable measurement tools has delayed the development of psychological research about money
and related phenomena. The aim of this study was to develop and validate a Meaning of Money Scale. To develop the scale,
preliminary data were collected using a heterogeneous sample of 61 subjects and organised through procedure including
content, combinatory, semantic, by judges, and based on social sciences theoretical analysis. This resulted in a 10 factors
hypothetical model. The scale was validated in a heterogeneous sample with 1464 subjects from all Brazilian regions. Results
pointed to an orthogonal multifactorial structure, separately confirmed to men and women, and composed by 9 components:
Cronbach alpha ranged from 0,70 to 0,88 to 6 components, and the others were 0,66, 0,67 and 0,57. Comparing to previous
studies, this scale presents advances and generates new possibilities to psychological research about money related subjects.
Downloads
Download data is not yet available.
References
Allison, J. (1983). Behavioral economics. New York: Preger Publisher.
Babin, B.J., Darden, W.R. & Griffm, M. (1994). Work and/or fun:
Measuring hedonic and utilitarian shopping value. Journal of
Consumer Research, 20(4), 644-656.
Baker, W.E. & Jimerson, J.B. (1992). The sociology of money.
American Behavioral Scientist, 35(6), 678-693.
Baron, R.M. & Kenny, D.A. (1986). The moderator-mediator variable
distinction in social psychological research: Conceptual,
strategic, and statistical considerations. Journal of Personality
and Social Psychology, 51, 1173-1182.
Belk, R.W. (1991). The ineluctable mysteries of possessions. Special
issue: To have possessions: A handbook on ownership and
property. Journal of Social Behavior & Personality, 6(6), 17-
55.
Brandstaetter, E. & Brandstaetter, H. (1996). What's money worth?
Determinants of the subjective value of money. Journal of Economic
Psychology, 77(4), 443-464.
Burgoyne, C.B. (1995). Financial organization and decision-making
within western households. Journal of Economic Psychology,
76(3), 421-430.
Cowherd, D.M. & Levine, D.I. (1992). Product quality and pay
equity between lower-level employees and top management:
An investigation of distributive justice theory. Special issue-
Process and outcome-Perspectives on the distribution of rewards
in organizations. Administrative Science Quarterly, 57(2), 302-
320.
Dalton, G. (1971). Economic theory and primitive society. American
Anthropologist, 63, 1-25.
Diener, E. & Fujita, F. (1995). Resources, personal strivings, and
subjective well-being: A nomothetic and idiographic approach.
Journal of Personality & Social Psychology, 68(5), 926-935.
Dodd, N. (1997). A sociologia do dinheiro - Economia, razão e a
sociedade contemporânea (W.M. Portinho, Trad.). Rio de
Janeiro: Fundação Getúlio Vargas Editora. (Trabalho original
publicado em 1994)
Doyle, K.O. (1992). Money and the behavioral sciences. American
Behavioral Scientist, 35(6), 641-657.
Etzioni, A. (1988). Normative-afective factors: toward a new decision-
making model. Journal of Economic Psychology, 9, 125-
150.
Freud, S. (1977). Charater and anal eroticism (J. Strachey, Trad.).
Em A. Richards (Org.), On sexuality - Three essays on the theory
of sexuality and other works (Vol. 7, pp. 205-215). Harmondsworth:
Penguin Books. (Trabalho original publicado em 1908)
Freud, S. (1977). On transformations of instinct as exemplified in
anal eroticism (J. Strachey, Trad.). Em A. Richards (Org.), On
sexuality - Three essays on the theory of sexuality and other
works (Vol. 7, pp. 293-320). Harmondsworth: Penguin Books.
(Trabalho original publicado em 1917)
Furby, L. (1991). Understanding the psychology of possession and
ownership: A personal memoir and an appraisal of our progress.
Special issue: To have possessions: A handbook on ownership
and property. Journal of Social Behavior & Personality, 6(6),
457-463.
Furnham, A. (1983). Inflation and the estimated sizes of notes.
Journal of Economic Psychology, 4(4), 349-352.
Furnham, A. (1984). Many sides of the coin: The psychology of
money usage. Personality & Individual Differences, 5(5), 501-
509.
Furnham, A. (1985). The perceived value of small coins. Journal
of Social Psychology, 125(5), 571-575.
Furnham, A. & Argyle, M. (1998). The psychology of money. London
New York: Routledge.
Galbraith, J.K. (1989). O pensamento econômico em perspectiva -
Uma história crítica (CM., Trad.). São Paulo: Livraria Pioneira
Editora. (Trabalho original publicado em 1987)
Goldberg, H. & Lewis, R. (1978). Money madness: The psychology
of saving, spending, loving and hating money. London:
Springwood.
Greenland, E.A.G., Bloem, J.G. & Kuylen, A.A.A. (1996).
Prototypicality and structure of the saving concept for consumers.
Journal of Economic Psychology, 17, 691-708.
Hanley, A. & Wilhelm, M.S. (1992). Compulsive buying: An exploration
into self-esteem and money attitudes. Journal of Economic
Psychology, 13(1), 5-18.
Hofstede, G. (1994). Cultures and organizations: Software of the
mind. London: HarperCollins Publishers.
Kagitcibasi, C. (1997). Individualism and collectivism. Em J.W.
Berry, M.H. Segall & C. Kagitcibasi (Orgs.), Handbook of crosscultural
psychology - Social behavior and applications (2nd
ed., Vol. 3, pp. 1-49). Boston: Allyn and Bacon.
Katona, G. (1975). Psychological economics. New York: Elsevier.
Kirchler, E. (1993). Spouses joint purchase decisions - Determinants
of influence tactics for muddling through the process.
Journal of Economic Psychology, 14(2), 405-438.
Kirchler, E. (1995). Studying economic decisions within private
households - A critical- review and design for a couple experiences
diary. Journal of Economic Psychology, 16(3), 393-419.
Kirchler, E. (1997). The burden of new taxes: Acceptance of taxes
as a function of affectedness and egoistic versus altruistic orientation.
Journal of Socio Economics, 26(4), 421-437.
Lamb, M.L. (1992). Theology and money: Rationality, religion,
and economics. American Behavioral Scientist, 35(6), 735-755.
Lea, S.E.G., Tarpy, R.M. & Webley, P. (1987). The individual in
the economy: A textbook of economic psychology. Cambridge,
England: Cambridge University Press.
Lea, S.E.G., Webley, P. & Walker, C. (1995). Psychological-factors
in consumer debt - Money management, economic socialization,
and credit use. Journal of Economic Psychology, 16(3),
681-701.
Lewis, A., Webley, P. & Furnham, A. (1995). The new economic
mind. Hemel Hempstead: Harvester Wheatsheaf.
Livingstone, S. & Lunt, P. (1993). Savers and borrowers: Strategies
of personal financial management. Human Relations, 46(8),
963-985.
Lynn, R. (1991). The secret of the miracle economy. London: S AU.
Lynn, R, (1993). Sex differences in competitiveness and the valuation
of money in twenty countries. Journal of Social Psychology,
133(4), 507-511.
Marx, K. (1984). Elementos fundamentals para la critica de la
economia politica (Crundisse) (Volume 1,13 ed.). (P. Scaron,
Trad.) Madrid: Siglo XXI. (Trabalho original publicado em
1858)
Maslow, A.H. (1954). Motivation and personality. New York:
Harper.
Medina, J.F., Saegert, J. & Gresham, A. (1996). Comparison of
Mexican-American and Anglo-American attitudes toward
Money. Journal of Consumer Affairs, 50(1), 124-145.
Myerson, J. & Green, L. (1995). Discounting of delayed rewards -
Models of individual choice. Journal of Experimental Analysis
of Behavior, 64, 263-276.
Pahl, J. (1995). His money, her money - Recent research on financial
organization in marriage. Journal of Economic Psychology,
16(3), 361-376.
Pasquali, L. (1996). Teoria e métodos de medida em ciências do
comportamento. Brasília: UnB-INEP.
Pasquali, L. (1999). Testes referentes a construtos: teoria e modelo
de construção. Em L. Pasquali (Org.), Instrumentos psicológicos:
manual prático de elaboração. Brasília: LabPAM/IBAPP.
Politano, J. & Lester, D. (1997). Self-destructiveness and credit
card debt. Psychological Reports, 81(2), 634.
Porter, N.M. & Garman, E.T. (1992). Money as part of a measure
of financial well-being. American Behavioral Scientist, 35(6),
820-826.
Rubinstein, W.D. (1981). Survey report on money. Psychology Today,
5, 24-44.
Smith, P.B. & Bond, M.H. (1998). Social psychology across cultures
(2a ed.). London: Prentice Hall Europe.
Snelders, H.M., Hussein, G., Lea, S.E. & Webley, P. (1992). The
polymorphous concept of money. Journal of Economic Psychology,
73(1), 71-92.
Sorauf, F.K. (1992). Politics and money. American Behavioral Scientist,
35(6), 725-734.
Tabachnick, B.G. & Fidell, L.S. (1996). Using multivariate statistics
(3a ed.). New York: HarperCollins College Publishers.
Tang, T.L.P. (1992). The meaning of money revisited. Journal of
Organizational Behavior, 13(2), 197-202.
Tang, T.L.P. & Gilbert, P.R. (1995). Attitudes toward money as
related to intrinsic and extrinsic job satisfaction, stress and workrelated
attitudes. Personality and Individual Differences, 19(3),
327-332.
Thierry, H. (1992). Payment: Which meanings are rewarding?
American Behavioral Scientist, 35(6), 694-707.
Triandis, H.C. (1995). individualism & collectivism. Boulder, CO,
US: Westview Press.
Tversky, A. & Kahneman, D. (1974). Judgment under uncertainty:
Heuristics and biases - Biases in judgments reveal some heuristics
of thinking under uncertainty. Science, 185, 1124-1131.
Wernimont, P.F. & Fitzpatrick, S. (1972). The meaning of money.
Journal of Applied Psychology, 56, 218-226.
Wheeler, L., Reis, H.T. & Bond, M.H. (1997). Collectivism and
individualism in everyday social life: The middle Kingdom and
the Melting Pot. Em L.A. Peplau & S.E. Taylor (Orgs.), Sociocultural
perspectives in social psychology - current readings
(pp. 297-313). New Jersey: Prentice Hall.
Yamauchi, H., Lynn, R. & Rendell, I. (1994). Gender differences
in work motivations and attitudes in Japan and Northern Ireland.
Psychology: An International Journal of Psychologia in
the Orient, 37(A), 195-198.
Yamauchi, K.T. & Templer, D.I. (1982). The development of a
money attitude scale. Journal of Personality Assessment, 46(5),
522-528.
Babin, B.J., Darden, W.R. & Griffm, M. (1994). Work and/or fun:
Measuring hedonic and utilitarian shopping value. Journal of
Consumer Research, 20(4), 644-656.
Baker, W.E. & Jimerson, J.B. (1992). The sociology of money.
American Behavioral Scientist, 35(6), 678-693.
Baron, R.M. & Kenny, D.A. (1986). The moderator-mediator variable
distinction in social psychological research: Conceptual,
strategic, and statistical considerations. Journal of Personality
and Social Psychology, 51, 1173-1182.
Belk, R.W. (1991). The ineluctable mysteries of possessions. Special
issue: To have possessions: A handbook on ownership and
property. Journal of Social Behavior & Personality, 6(6), 17-
55.
Brandstaetter, E. & Brandstaetter, H. (1996). What's money worth?
Determinants of the subjective value of money. Journal of Economic
Psychology, 77(4), 443-464.
Burgoyne, C.B. (1995). Financial organization and decision-making
within western households. Journal of Economic Psychology,
76(3), 421-430.
Cowherd, D.M. & Levine, D.I. (1992). Product quality and pay
equity between lower-level employees and top management:
An investigation of distributive justice theory. Special issue-
Process and outcome-Perspectives on the distribution of rewards
in organizations. Administrative Science Quarterly, 57(2), 302-
320.
Dalton, G. (1971). Economic theory and primitive society. American
Anthropologist, 63, 1-25.
Diener, E. & Fujita, F. (1995). Resources, personal strivings, and
subjective well-being: A nomothetic and idiographic approach.
Journal of Personality & Social Psychology, 68(5), 926-935.
Dodd, N. (1997). A sociologia do dinheiro - Economia, razão e a
sociedade contemporânea (W.M. Portinho, Trad.). Rio de
Janeiro: Fundação Getúlio Vargas Editora. (Trabalho original
publicado em 1994)
Doyle, K.O. (1992). Money and the behavioral sciences. American
Behavioral Scientist, 35(6), 641-657.
Etzioni, A. (1988). Normative-afective factors: toward a new decision-
making model. Journal of Economic Psychology, 9, 125-
150.
Freud, S. (1977). Charater and anal eroticism (J. Strachey, Trad.).
Em A. Richards (Org.), On sexuality - Three essays on the theory
of sexuality and other works (Vol. 7, pp. 205-215). Harmondsworth:
Penguin Books. (Trabalho original publicado em 1908)
Freud, S. (1977). On transformations of instinct as exemplified in
anal eroticism (J. Strachey, Trad.). Em A. Richards (Org.), On
sexuality - Three essays on the theory of sexuality and other
works (Vol. 7, pp. 293-320). Harmondsworth: Penguin Books.
(Trabalho original publicado em 1917)
Furby, L. (1991). Understanding the psychology of possession and
ownership: A personal memoir and an appraisal of our progress.
Special issue: To have possessions: A handbook on ownership
and property. Journal of Social Behavior & Personality, 6(6),
457-463.
Furnham, A. (1983). Inflation and the estimated sizes of notes.
Journal of Economic Psychology, 4(4), 349-352.
Furnham, A. (1984). Many sides of the coin: The psychology of
money usage. Personality & Individual Differences, 5(5), 501-
509.
Furnham, A. (1985). The perceived value of small coins. Journal
of Social Psychology, 125(5), 571-575.
Furnham, A. & Argyle, M. (1998). The psychology of money. London
New York: Routledge.
Galbraith, J.K. (1989). O pensamento econômico em perspectiva -
Uma história crítica (CM., Trad.). São Paulo: Livraria Pioneira
Editora. (Trabalho original publicado em 1987)
Goldberg, H. & Lewis, R. (1978). Money madness: The psychology
of saving, spending, loving and hating money. London:
Springwood.
Greenland, E.A.G., Bloem, J.G. & Kuylen, A.A.A. (1996).
Prototypicality and structure of the saving concept for consumers.
Journal of Economic Psychology, 17, 691-708.
Hanley, A. & Wilhelm, M.S. (1992). Compulsive buying: An exploration
into self-esteem and money attitudes. Journal of Economic
Psychology, 13(1), 5-18.
Hofstede, G. (1994). Cultures and organizations: Software of the
mind. London: HarperCollins Publishers.
Kagitcibasi, C. (1997). Individualism and collectivism. Em J.W.
Berry, M.H. Segall & C. Kagitcibasi (Orgs.), Handbook of crosscultural
psychology - Social behavior and applications (2nd
ed., Vol. 3, pp. 1-49). Boston: Allyn and Bacon.
Katona, G. (1975). Psychological economics. New York: Elsevier.
Kirchler, E. (1993). Spouses joint purchase decisions - Determinants
of influence tactics for muddling through the process.
Journal of Economic Psychology, 14(2), 405-438.
Kirchler, E. (1995). Studying economic decisions within private
households - A critical- review and design for a couple experiences
diary. Journal of Economic Psychology, 16(3), 393-419.
Kirchler, E. (1997). The burden of new taxes: Acceptance of taxes
as a function of affectedness and egoistic versus altruistic orientation.
Journal of Socio Economics, 26(4), 421-437.
Lamb, M.L. (1992). Theology and money: Rationality, religion,
and economics. American Behavioral Scientist, 35(6), 735-755.
Lea, S.E.G., Tarpy, R.M. & Webley, P. (1987). The individual in
the economy: A textbook of economic psychology. Cambridge,
England: Cambridge University Press.
Lea, S.E.G., Webley, P. & Walker, C. (1995). Psychological-factors
in consumer debt - Money management, economic socialization,
and credit use. Journal of Economic Psychology, 16(3),
681-701.
Lewis, A., Webley, P. & Furnham, A. (1995). The new economic
mind. Hemel Hempstead: Harvester Wheatsheaf.
Livingstone, S. & Lunt, P. (1993). Savers and borrowers: Strategies
of personal financial management. Human Relations, 46(8),
963-985.
Lynn, R. (1991). The secret of the miracle economy. London: S AU.
Lynn, R, (1993). Sex differences in competitiveness and the valuation
of money in twenty countries. Journal of Social Psychology,
133(4), 507-511.
Marx, K. (1984). Elementos fundamentals para la critica de la
economia politica (Crundisse) (Volume 1,13 ed.). (P. Scaron,
Trad.) Madrid: Siglo XXI. (Trabalho original publicado em
1858)
Maslow, A.H. (1954). Motivation and personality. New York:
Harper.
Medina, J.F., Saegert, J. & Gresham, A. (1996). Comparison of
Mexican-American and Anglo-American attitudes toward
Money. Journal of Consumer Affairs, 50(1), 124-145.
Myerson, J. & Green, L. (1995). Discounting of delayed rewards -
Models of individual choice. Journal of Experimental Analysis
of Behavior, 64, 263-276.
Pahl, J. (1995). His money, her money - Recent research on financial
organization in marriage. Journal of Economic Psychology,
16(3), 361-376.
Pasquali, L. (1996). Teoria e métodos de medida em ciências do
comportamento. Brasília: UnB-INEP.
Pasquali, L. (1999). Testes referentes a construtos: teoria e modelo
de construção. Em L. Pasquali (Org.), Instrumentos psicológicos:
manual prático de elaboração. Brasília: LabPAM/IBAPP.
Politano, J. & Lester, D. (1997). Self-destructiveness and credit
card debt. Psychological Reports, 81(2), 634.
Porter, N.M. & Garman, E.T. (1992). Money as part of a measure
of financial well-being. American Behavioral Scientist, 35(6),
820-826.
Rubinstein, W.D. (1981). Survey report on money. Psychology Today,
5, 24-44.
Smith, P.B. & Bond, M.H. (1998). Social psychology across cultures
(2a ed.). London: Prentice Hall Europe.
Snelders, H.M., Hussein, G., Lea, S.E. & Webley, P. (1992). The
polymorphous concept of money. Journal of Economic Psychology,
73(1), 71-92.
Sorauf, F.K. (1992). Politics and money. American Behavioral Scientist,
35(6), 725-734.
Tabachnick, B.G. & Fidell, L.S. (1996). Using multivariate statistics
(3a ed.). New York: HarperCollins College Publishers.
Tang, T.L.P. (1992). The meaning of money revisited. Journal of
Organizational Behavior, 13(2), 197-202.
Tang, T.L.P. & Gilbert, P.R. (1995). Attitudes toward money as
related to intrinsic and extrinsic job satisfaction, stress and workrelated
attitudes. Personality and Individual Differences, 19(3),
327-332.
Thierry, H. (1992). Payment: Which meanings are rewarding?
American Behavioral Scientist, 35(6), 694-707.
Triandis, H.C. (1995). individualism & collectivism. Boulder, CO,
US: Westview Press.
Tversky, A. & Kahneman, D. (1974). Judgment under uncertainty:
Heuristics and biases - Biases in judgments reveal some heuristics
of thinking under uncertainty. Science, 185, 1124-1131.
Wernimont, P.F. & Fitzpatrick, S. (1972). The meaning of money.
Journal of Applied Psychology, 56, 218-226.
Wheeler, L., Reis, H.T. & Bond, M.H. (1997). Collectivism and
individualism in everyday social life: The middle Kingdom and
the Melting Pot. Em L.A. Peplau & S.E. Taylor (Orgs.), Sociocultural
perspectives in social psychology - current readings
(pp. 297-313). New Jersey: Prentice Hall.
Yamauchi, H., Lynn, R. & Rendell, I. (1994). Gender differences
in work motivations and attitudes in Japan and Northern Ireland.
Psychology: An International Journal of Psychologia in
the Orient, 37(A), 195-198.
Yamauchi, K.T. & Templer, D.I. (1982). The development of a
money attitude scale. Journal of Personality Assessment, 46(5),
522-528.
Downloads
Published
2012-09-18
How to Cite
Moreira, A., & Tamayo, Álvaro. (2012). The Meaning of Money Scale:: Development and Validation. Psicologia: Teoria E Pesquisa, 15(2). Retrieved from https://periodicos.unb.br/index.php/revistaptp/article/view/17385
Issue
Section
Artigos
