Money Disorders and Locus of Control: Implications for Assessment and Treatment

Taylor, Colby D.; Klontz, Bradley T.; Lawson, Derek R.

doi:10.4148/1944-9771.1121

Cited by 7 publications

(4 citation statements)

References 30 publications

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“…This psychosocial phenomenon is a continuum with two extremes – internal and external. The internal control relates to the beliefs that the outcomes of personal actions are results of their own abilities (Taylor et al ., 2017). With this in mind, they believe hard work will yield positive outcomes/returns.…”

Section: Literature Reviewmentioning

confidence: 99%

Personal finance behaviour: a reasoned action approach

Sam

Frimpong

Kendie

2022

IJSE

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PurposeThis study sought to examine the impact of financial knowledge, financial attitude, locus of control and income on financial behaviour.Design/methodology/approachThe study employed the reasoned action approach framework by Fishbein and Ajzen (2010), with formal sector workers in three districts of Ghana as the population. Questionnaires were used to collect data and analysed using partial least squares structural equation model (PLS-SEM).FindingsThe results of the study revealed that perceived financial knowledge, financial attitude and locus of control had a significant positive relationship with financial behaviour intention. The assertion that actual financial knowledge and income influence actual financial behaviour was not supported by the findings. However, income moderated significantly the intention–actual financial behaviour relationship.Practical implicationsThe findings imply that having financial knowledge or earning a higher income in itself does not guarantee the good financial behaviour of people. It is recommended that financial education must focus on developing good financial attitudes and beliefs to enhance the needed behavioural change.Originality/valueTo the best of the researcher's knowledge, there is no study of financial behaviour that adopts the methodology and variables used in this research in Ghana.

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Section: Literature Reviewmentioning

confidence: 99%

Personal finance behaviour: a reasoned action approach

Sam

Frimpong

Kendie

2022

IJSE

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“…This psychosocial phenomenon has internal and exterior extremes, making it a continuum. Internal control pertains to the conviction that one's talents account for the repercussions of their actions (Taylor et al, 2017). Considering this, many think working hard will pay off in the long run.…”

Section: Locus Of Controlmentioning

confidence: 99%

Determinant of Ethical Financial Behavior Among Under Undergraduate Students: A Conceptual Framework

Rahim¹,

Rasool²,

Hasbullah³

et al. 2023

ASS

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The university years will experience a significant transitional moment in which parental monitoring and oversight are diminished, and the students attain a degree of financial independence. When entering college, many students face their first financial obligations, such as paying bills, budgeting, and establishing credit. University students are also more vulnerable to making unwise financial management. Poor financial management can trigger financial problems and stress for university students. This study examines the impact of financial knowledge, money attitude, financial self-efficacy, and locus of control on ethical financial behavior among university students. The aim of this paper is to propose Ethical Financial Behavior Among Under Undergraduate Student. Methodology used by the study is based from the literature search and secondary data to come out with the suggested framework. The expected findings of the study are four segments of Ethical Financial Behavior Among Under Undergraduate Students. This study provides complementary insight regarding financial-related understanding and assists in developing financial management-associated ideas, which are beneficial not only to students but also to society.

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“…The present research uses the well-established Klontz Money Script Inventory (KMSI-R) measure, which has been validated in a number of papers (Lawson et al, 2015;Taylor et al, 2015aTaylor et al, , 2015bTaylor et al, , 2017. There is an overlap between the KMSI-R categories and those identified in other measures described below.…”

Section: Money Scriptsmentioning

confidence: 99%

Exploring the relationship between personality and money scripts while controlling for demography, ideology, and self‐esteem

Furnham,

Cuppello

2023

Fin Plan Rev

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Financial planners seek to learn more about their clients' personalities and money scripts due to the significant influence these factors have on financial behavior and decision‐making. This study surveyed 288 adults with a personality assessment (HPTI: High Potential Trait Indicator), and their money scripts (KMSI‐R: Klontz Money Script Inventory) while controlling for demography (sex, age, and education), ideology (religious, political beliefs, and optimism), and self‐esteem (measurements of personal ratings on a variety of scales). The results indicated that each of the six traits measured by the HPTI (Conscientiousness, Adjustment, Curiosity, Risk Approach, Ambiguity Acceptance, and Competitiveness) related to the four money scripts measured by the KMSI‐R (avoidant, worship, status, and vigilance). More Adjustable individuals were less likely to have Money Avoidance scripts, whereas more Competitive people had higher Money Worship and Money Status scripts. The study underlined the role of personality variables in understanding money beliefs.

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Money Disorders and Locus of Control: Implications for Assessment and Treatment

Abstract: Research has implicated locus of control (LOC) as a factor in the development

Cited by 7 publications

References 30 publications

Personal finance behaviour: a reasoned action approach

Personal finance behaviour: a reasoned action approach

Determinant of Ethical Financial Behavior Among Under Undergraduate Students: A Conceptual Framework

Exploring the relationship between personality and money scripts while controlling for demography, ideology, and self‐esteem

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