Excerpt from “Money types, money beliefs, and financial worries: An Australian study”

To examine correlates of beliefs about money in Australia. The focus of this study was on correlates of individual money types, which looks at the extent to which money was associated with Freedom, Love, Power, and Security.

Research results show factor analysis of the different measures yielded an interpretable factor structure. Those who associated money with Power and Freedom tended to be less satisfied with many aspects of their life (finances, friends, family life) while those who associated money with Security were more happy with their finances and health. Those who saw money as Love were happy with most aspects of their life, particularly their family life. The Money Mindset questionnaire factored into four clear factors labelled Security, Politics, Openness, and Trust of which the former was related to all of the four money types. There were also money type gender differences in who participants talked to about their financial situation. Implications and limitations are discussed.

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