An Exploratory Study on Money Attitudes and Life Satisfaction among Malaysian Adolescents
Soo-Cheng Chuah, Nurul Ainun Ahmad Atory, Afiza Azura Mohamad Arshad, Zarina Binti Denan, Azitadoly Mohd Ariffin
Department of Economics and Financial Studies, University Teknologi
MARA
Abstract
Individual’s attitudes towards money are developed through the socialisation process in the growing process. Money attitudes may reflect an individual’s perception towards life satisfaction (LS). This study explores the association between money attitudes and LS among Malaysian adolescents. This study examines the relationship of the six dimensions of money attitudes and LS. The six dimensions of money attitudes are anxiety, power/prestige, retention, distrust, entitlement, and conscientiousness. By applying a purposive sampling method, a sample of 399 secondary school students aged between 13 and 19 in the Klang Valley was collected. Using the structural equation modeling, PLS-SEM, the study found that the adolescents’ LS was related to money attitudes. The money attitudes dimensions of retention, distrust, and conscientiousness were found to be significantly positively related with LS, while the dimensions of anxiety, entitlement, and power were negatively related with LS. The findings suggest that putting less value on the importance of money may effectively improve LS.
Keywords: Money attitudes, Life satisfaction, Adolescents
