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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