Money Attitude and Spiritual Well-Being

Authors

Joe Pong, Faculty of Management and Hospitality, Technological and Higher Education Institute of Hong Kong, Vocational Training CouncilFollow

Staff Page Link

Dr PONG Joe

Document Type

Journal Article

Publication Date

2022

Keywords

money attitude; spiritual well-being; financial education; youths and personal financial management

DOI

https://doi.org/10.3390/ jrfm15100483

Abstract

This study seeks to explore the relationship between money attitude and spiritual wellbeing amongst Chinese youths in Hong Kong. Cross-sectional data (N = 501) were obtained from 249 Chinese university students in 2021 and 252 Chinese university students in 2022, aged between 19–23 years old. The participants were instructed to answer the SpiritualWell-being Questionnaire (SWBQ) to measure their spiritual well-being in the personal-communal, environmental and transcendental domains. The respondents were then asked to complete the Money Attitude Scale (MAS) to assess their attitudes and beliefs regarding money in three dimensions: power-prestige, anxiety and distrust. Results show that a negative correlation exists between the three dimensions of money attitude and the three domains of spiritual well-being. In addition, the power–prestige dimension of money attitude was the most accurate predictor of spiritual well-being. A stepwise regression analysis unveiled that the power-prestige dimension of students’ money attitudes explained 6.2%, 15.4% and 27.6% of the variance in their sense of spiritual well-being across the personal-communal, environmental and transcendental domains, respectively. Adopting healthy perspectives and attitudes towards money are vital for the development of the youths’ (spiritual) well-being. Thus, financial education and knowledge are crucial for adolescents.

Source Publication

Journal of Risk and Financial Management

Volume Number

15

Issue Number

10

Recommended Citation

Pong, J. (2022). Money Attitude and Spiritual Well-Being. Journal of Risk and Financial Management, 15 (10). http://dx.doi.org/https://doi.org/10.3390/ jrfm15100483