An exploratory investigation into the moneymax profile as predictor of optimal financial attitudes and behaviour

[摘要] ENGLISH ABSTRACT: Financial independence is what most people strive for; however, world trendsindicate that it eludes the majority of the population. In South Africa, financialindependence figures, especially at retirement, range disconcertingly between 6%and 10%. Numerous factors contribute to and influence financial independence, suchas the current economic climate, personality characteristics and attitudes andbehaviour. In an attempt to understand the complexity of the interplay betweenfinance and psychology, this research explores a commercial product, theMoneymax Profile (MMP), and endeavours to relate it to scientific literature that willcontribute to the understanding of how personality characteristics and attitudes andbehaviours toward money will influence financial independence.An ex post facto correlational research design was employed in this exploratoryquantitative study (n = 67). The Financial Independence Scale (FIScale) wasconstructed for the purposes of the study. The concept of optimal financial attitudesand behaviour (OFAB) was developed and defined as measurable attitudes andbehaviour that maximise the likelihood that individuals will experience financialsecurity or independence. OFAB was measured by subscales of personality (locus ofcontrol, Type A/B personality, time orientation) and financial attitudes and behaviour(for example budgeting, social referents, financial discipline, control of investments).Results indicated that locus of control, time orientation, budgeting, social referentsand control of investment were reliable measures of OFAB. The Moneymax traitswith a moderate correlation that contributed significantly to OFAB were pride,emotionality, confidence, contentment, spending and trust. The traits of involvement,power and risk taking were significant, but the relationship with OFAB was weak.The remaining traits of altruism, work ethic, self-determination and reflectivity heldlittle statistical value. The principle contributors to an individual's financial habits andcurrent status were noted to be education level, unexpected circumstances andtrusting others.The lack of available psychometric properties for the MMP and the small samplewere major limitations of this study. The disciplines of economics and psychologywould do well to continue working together in an effort to comprehend money andmoney personality.

[发布机构] Stellenbosch University