Attitudes to money in a random sample of adults: Factor analysis of the MAS and MBBS scales, and correlations with demographic variables

A factor analysis of the two major scales measuring attitudes toward money (Yamauchi and Templer's MAS, and Furnham's MBBS), using a random sample of 200 adults in a large Canadian city, showed the MAS to be remarkably invariant in its factor structure: power-prestige, planning-saving, frugality-distrust, and anxiety seem to be the four most important underlying dimensions of attitudes and reported behaviors. The MBBS did not replicate: the original factors did not emerge, and other analyses did not yield interpretable results. A factor analysis of items from the MAS and MBBS combined produced a reliable and meaningful four-factor solution nearly identical to the MAS scale. Correlations with age, sex, income, and education were mostly consistent with previous research: income was negatively correlated with frugality and anxiety, and positively related to planning. Age had the strongest correlations with the four factors.