Correlates of money attitudes among Portuguese people

Abstract

This study examined the psychometric features of the New Money Attitudes Questionnaire (NMAQ) in a Portuguese population and the relations between money attitudes, participant demographics, well‐being, and personality factors. The sample comprised 241 participants aged between 18 and 66 years. They completed the NMAQ and measures of financial well‐being, loneliness, and personality. The results of a CFA displayed a good fit for the five‐factor model of the NMAQ, and adequate reliability. Men scored significantly higher than women in Power and Status, and women scored significantly higher than men in Mindful and Responsible. The effect of age on money attitudes was not significant. Participants with lower educational levels scored significantly greater than those with higher educational level in Power and Status and Financial Literacy Worries. Well‐being and personality factors explained a significant amount of variance regarding money attitudes.