Money attitude and spiritual well-being

• Published in: Journal of risk and financial management 2022-10, Vol.15 (10), p.1-16
• Main Author: Pong, Hok-Ko
• Format: Article
• Language: English
• Subjects: Anxiety; Attitudes; Donations; Emotions; financial education; money attitude; Power; Quality of life; Religion; spiritual well-being; Spirituality; Teenagers; youths and personal financial management
• ISSN: 1911-8074; 1911-8066; 1911-8074
• DOI: 10.3390/jrfm15100483

This study seeks to explore the relationship between money attitude and spiritual well-being 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 Spiritual Well-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.