A Gendered Study of Attitude Towards Money in Delhi NCR

Abstract

Money Attitude determines the financial behavior of an individual. Both males and females are expected to demonstrate different money attitude due to difference in socialization and childhood orientations. This preliminary study attempts to determine the contrast in money attitude of males and females in Delhi and National Capital Region and present a comparative analysis in terms of their spending and saving habits. Data from 117 male respondents and 126 female respondents was collected. Money attitude was measured by adopting four sub-dimensions of Money Attitude Scale (MAS) developed by Yamauchi & Templer (1982). Descriptive analysis and independent t-test has been devised to test the dissimilarity in money attitude between male and female in Delhi NCR. The results bring about contrast across gender in terms of the four sub-dimensions of MAS. The research has implications for marketers, sociologist, economists, psychologists, and financial planners. The further research can be extended in terms of demographic factors.

Is psychology of money a gendered affair? A scoping review and research agenda

“…Past research also suggests that money is sometimes perceived as incongruent with the idea of femininity, having a detrimental effect on cognitive performance (Allen & Gervais, 2017). Nevertheless, it is worth pointing out that a few exceptions also exist in this case: Bonsu (2008), Lim et al (2003) and Rimple (2020) found a higher tendency to feel anxiety and a lower sense of confidence in relation to money, respectively, in Ghanaian, Singaporean, and Indian males than in their female counterparts. The less positive attitude toward money expressed by women can be also observed in the context of pay satisfaction: women have a lower tendency to compare their own pay with others, and they also tend to be less willing to reveal pay dissatisfaction (Davison, 2014; Tang et al, 2005).…”

“…The vast majority of studies investigating money attitude in its multi‐dimensionality found that men tend to approach money as a symbol of power and prestige, in both developing (Bonsu, 2008; Doğan et al, 2018; Lim et al, 2003; Rimple, 2020; Tumendemberel et al, 2020) and developed countries (Baker & Hagedorn, 2008; Fenton‐O'Creevy & Furnham, 2021; Furnham et al, 2012; Furtner, 2020; Furtner et al, 2021; Hanashiro et al, 2004; Lay & Furnham, 2018; Oleson, 2004; Pereira & Coelho, 2019; Watson et al, 2004). Indeed, men are more likely to use money to show off supremacy, as a status symbol, and as a way to exert control and influence over other people.…”

“…On the one hand, several studies found that women are more likely to view money as a source of anxiety and worries (Bandelj et al, 2021; Furnham & Grover, 2020; Furtner et al, 2021; Hayhoe et al, 2012; Oleson, 2004; Pereira & Coelho, 2019; Rimple, 2020; Simanjuntak, 2016). Indeed, women more frequently express distress and worry over money‐related matters and tend to express frustration when talking about it (Falahati & Paim, 2012; Prince, 1993; Rinaldi & Giromini, 2002; Tomek et al, 2013; Wernimont & Fitzpatrick, 1972).…”

Psychological Determinants of Household Financial Sustainability: The Perspective of Employees in Manufacturing Sector of Malaysia

“…Individuals achieve life fulfillment when they set fruitful life goals, and attempted to support the connection between FS and life satisfaction. Furthermore, Rimple et al (2020) discovered a positive relationship between financial attitude and university students in their research. Various studies in the field of economic psychology, particularly in recent years, have looked at people's attitudes and beliefs about money.…”

Estilos de consumo, actitudes hacia el dinero, y materialismo en adolescentes chilenos y ecuatorianos

“…En esta explicación, la hegemonía que el hombre ha mantenido en virtud de su género habría condicionado su rol en el plano económico y en su valía en el mundo con base en su poder adquisitivo, su representación como sostenedor del grupo familiar y figura capaz de sostenerse económicamente a él y a los miembros de su familia, rol que transmite y refuerza mediante prácticas socializadoras diferenciadas por género (Hayhoe et al, 2000;Newcomb & Rabow, 1999;Shim et al, 2010). Acerca de esto, los hombres desde la infancia manejan dinero con mayor prevalencia que las mujeres, y es más aceptable y valorado socialmente que puedan comenzar a desarrollar actividades remuneradas a edades más tempranas, más aún entre los jóvenes de sectores populares (Olavarría, 2000;Gutter et al, 2009;Rimple, 2020). Por ello y a pesar de los cambios sociales paulatinos en los roles tradicionales de género que han experimentado nuestras sociedades, la masculinidad sigue definiéndose en un contexto cultural, económico y sociohistórico donde están insertos los varones, por lo que es una construcción cultural en la que el dinero significa distinto para los hombres, lo que se reproduce socialmente y muestra que la variable de género es clave en esta problemática (Olavarría, 2017).…”