IDEAS home Printed from https://ideas.repec.org/a/pfq/journl/v57y2012i3p286-297.html
   My bibliography  Save this article

Our Everyday Emotions and Finances – The role money-related attitudes and materialistic orienta-tion play in developing financial culture

Author

Listed:
  • Zsótér, Boglárka
  • Nagy, Péter

Abstract

Today’s economic and financial crisis calls for radical changes in the financial culture and consumption patterns we have had until now. Although it is regarded a young democracy, Hungary has previously made numerous top-down attempts to develop financial skills and to keep materialistic values at a healthy level. Those attempts, however, have met with little success as they failed to further broaden and strengthen the population’s financial culture. This study aims to analyse the phenomenon from the viewpoint of consumer socialisation through its two important components, i.e. the concepts of attitude to money and of materialistic orien-tation. Interestingly, the latest research has highlighted the role of emotions in financial behaviour. Based on that research work, we make a number of recommendations and emphasise that Hungarian financial culture cannot be developed without taking into con-sideration the specificities of emotional life and emotional control.

Suggested Citation

  • Zsótér, Boglárka & Nagy, Péter, 2012. "Our Everyday Emotions and Finances – The role money-related attitudes and materialistic orienta-tion play in developing financial culture," Public Finance Quarterly, Corvinus University of Budapest, vol. 57(3), pages 286-297.
    • Handle: RePEc:pfq:journl:v:57:y:2012:i:3:p:286-297
    as

    Download full text from publisher

    File URL: https://unipub.lib.uni-corvinus.hu/8978/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lan Nguyen Chaplin & Deborah Roedder John, 2007. "Growing up in a Material World: Age Differences in Materialism in Children and Adolescents," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 34(4), pages 480-493, June.
    2. John, Deborah Roedder & Whitney, John C, Jr, 1986. "The Development of Consumer Knowledge in Children: A Cognitive Structure Approach," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 12(4), pages 406-417, March.
    3. Richins, Marsha L, 1994. "Special Possessions and the Expression of Material Values," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 21(3), pages 522-533, December.
    4. Kooreman, P., 2007. "Time, money, peers, and parents : Some data and theories on teenage behavior," Other publications TiSEM 05026f0a-e418-4eb8-a483-7, Tilburg University, School of Economics and Management.
    5. Ward, Scott, 1974. "Consumer Socialization," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 1(2), pages 1-14, Se.
    6. Richins, Marsha L & Dawson, Scott, 1992. "A Consumer Values Orientation for Materialism and Its Measurement: Scale Development and Validation," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 19(3), pages 303-316, December.
    7. John, Deborah Roedder, 1999. "Consumer Socialization of Children: A Retrospective Look at Twenty-Five Years of Research," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 26(3), pages 183-213, December.
    8. Richins, Marsha L, 1994. "Valuing Things: The Public and Private Meanings of Possessions," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 21(3), pages 504-521, December.
    9. Sunil Bhardwaj & Kaushik Bhattacharjee, 2010. "Modeling Money Attitudes to Predict Loan Default," The IUP Journal of Bank Management, IUP Publications, vol. 0(1 & 2), pages 12-20, February .
    10. John, Deborah Roedder & Cole, Catherine A, 1986. "Age Differences in Information Processing: Understanding Deficits in Young and Elderly Consumers," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 13(3), pages 297-315, December.
    11. Peter Kooreman, 2007. "Time, money, peers, and parents; some data and theories on teenage behavior," Journal of Population Economics, Springer;European Society for Population Economics, vol. 20(1), pages 9-33, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Boglarka Zsoter & Erzsebet Nemeth, 2018. "Characterisation of Young People According to Their Financial Attitudes and Behaviours - A Survey on the Financial Behaviour and Attitudes of Students in Higher Education," Applied Finance and Accounting, Redfame publishing, vol. 4(1), pages 31-40, February.
    2. Boglárka Zsótér, 2018. "The Aspects Of Financial Culture Among Young Adults," Ekonomske ideje i praksa, Faculty of Economics and Business, University of Belgrade, issue 30, pages 51-71, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. F. Ziesemer & A. Hüttel & I. Balderjahn, 2021. "Young People as Drivers or Inhibitors of the Sustainability Movement: The Case of Anti-Consumption," Journal of Consumer Policy, Springer, vol. 44(3), pages 427-453, September.
    2. Liselot Hudders & Mario Pandelaere, 2012. "The Silver Lining of Materialism: The Impact of Luxury Consumption on Subjective Well-Being," Journal of Happiness Studies, Springer, vol. 13(3), pages 411-437, June.
    3. Jie Lou & Nianlong Han & Dong Wang & Xi Pei, 2022. "Effects of Mobile Identity on Smartphone Symbolic Use: An Attachment Theory Perspective," IJERPH, MDPI, vol. 19(21), pages 1-20, October.
    4. Afzaal Ali & Guo Xiaoling & Adnan Ali & Mehkar Sherwani & Farhan Muhammad Muneeb, 2019. "Customer motivations for sustainable consumption: Investigating the drivers of purchase behavior for a green‐luxury car," Business Strategy and the Environment, Wiley Blackwell, vol. 28(5), pages 833-846, July.
    5. M. Joseph Sirgy & Eda Gurel-Atay & Dave Webb & Muris Cicic & Melika Husic-Mehmedovic & Ahmet Ekici & Andreas Herrmann & Ibrahim Hegazy & Dong-Jin Lee & J. Johar, 2013. "Is Materialism All That Bad? Effects on Satisfaction with Material Life, Life Satisfaction, and Economic Motivation," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 110(1), pages 349-366, January.
    6. Heleen van der Meulen & Rinaldo Kühne & Suzanna J. Opree, 2018. "Validating the Material Values Scale for Children (MVS-c) for Use in Early Childhood," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 11(4), pages 1201-1216, August.
    7. Sundie, Jill M. & Pandelaere, Mario & Lens, Inge & Warlop, Luk, 2020. "Setting the bar: The influence of women’s conspicuous display on men’s affiliative behavior," Journal of Business Research, Elsevier, vol. 120(C), pages 569-585.
    8. Elodie Gentina & L. J. Shrum & Tina M. Lowrey & Scott J. Vitell & Gregory M. Rose, 2018. "An Integrative Model of the Influence of Parental and Peer Support on Consumer Ethical Beliefs: The Mediating Role of Self-Esteem, Power, and Materialism," Journal of Business Ethics, Springer, vol. 150(4), pages 1173-1186, July.
    9. M. Sirgy & Eda Gurel-Atay & Dave Webb & Muris Cicic & Melika Husic & Ahmet Ekici & Andreas Herrmann & Ibrahim Hegazy & Dong-Jin Lee & J. Johar, 2012. "Linking Advertising, Materialism, and Life Satisfaction," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 107(1), pages 79-101, May.
    10. Hsiao-Ching Lee & Chung-Yu Wang & Ruei-Sia Hong, 2013. "The factors influencing adolescents’ purchase intentions of state-of-the-art cell phones in Taiwan," Service Business, Springer;Pan-Pacific Business Association, vol. 7(4), pages 713-734, December.
    11. Jaspers, Esther, 2018. "Opening up on consumer materialism," Other publications TiSEM a21cb1c8-5af1-46cc-9ea0-a, Tilburg University, School of Economics and Management.
    12. Rares MOCANU, 2013. "Brand Image as a Function of Self-Image and Self-Brand Connection," Management Dynamics in the Knowledge Economy, College of Management, National University of Political Studies and Public Administration, vol. 1(3), pages 387-408, December.
    13. Clinton Gudmunson & Sharon Danes, 2011. "Family Financial Socialization: Theory and Critical Review," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 644-667, December.
    14. Michael Gutter & Zeynep Copur & Selena Garrison, 2009. "Which Students Are More Likely to Experience Financial Socialization Opportunities? Exploring the Relationship between Financial Behaviors and Financial Well-Being of College Students," NFI Working Papers 2009-WP-07, Indiana State University, Scott College of Business, Networks Financial Institute.
    15. Samuel Guillemot, 2018. "Intergenerational transmission in consumer behaviour: An integrative conceptual framework and future research directions," Post-Print hal-02466675, HAL.
    16. Gil, Luciana A. & Kwon, Kyoung-Nan & Good, Linda K. & Johnson, Lester W., 2012. "Impact of self on attitudes toward luxury brands among teens," Journal of Business Research, Elsevier, vol. 65(10), pages 1425-1433.
    17. Guillard, Valérie, 2009. "La tendance de certains consommateurs à tout garder," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/5480 edited by Pinson, Christian.
    18. Danielle J. Brick & Tanya L. Chartrand & Gavan J. Fitzsimons, 2017. "The Effects of Resources on Brand and Interpersonal Connection," Journal of the Association for Consumer Research, University of Chicago Press, vol. 2(1), pages 78-92.
    19. Sandra Camus, 2004. "Proposition d'échelle de mesure de l'authenticité perçue d'un produit alimentaire," Post-Print hal-01706969, HAL.
    20. Wang, Wangshuai & Yi, Yanxi & Li, Jie & Sun, Gong & Zhang, Mo, 2022. "Lighting up the dark: How the scarcity of childhood resources leads to preferences for bright stimuli," Journal of Business Research, Elsevier, vol. 139(C), pages 1155-1164.

    More about this item

    Keywords

    onsumer socialisation; financial culture; attitudes to money; materialistic orientation; emotional control;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pfq:journl:v:57:y:2012:i:3:p:286-297. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Adam Hoffmann (email available below). General contact details of provider: https://edirc.repec.org/data/bkeeehu.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.