The meaning of money: The validation of a short money-types measure

Over 400 people from various backgrounds completed a short questionnaire that measured four emotional associations of money: security, freedom, power and love. Factor Analysis provided mixed evidence for the a priori classification though two clear factors emerged from the principal components and oblique rotation. Regression analyses were run on the a priori classification and the factor scores, the latter returning non-significant results. Findings showed that personal definitions of what it means to be ‘rich’ and participant gender were the most consistent predictors of the emotional underpinnings of money. Advanced educational attainment and a right-wing political orientation were significant predictors of freedom and power, emotional attachments. Results are discussed in terms of their implications for the limited literature in this area.

► This is the first study to devise a money types questionnaire.
► There was good evidence for two of the four types psychometrically.
► Correlates of the money types confirmed predictions.