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Trust in money: hard, soft and idealistic factors in Euro, gold and German community currencies

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  • Erhard Theophil Wonneberger
  • Harald A. Mieg

Abstract

In this article, we want to prepare the grounds for a psychology of trust in money, trust being key to sustainable money systems. On the basis of an analysis of functional money characteristics, we constructed 12 scales for trust-related money aspects: liquidity, fungibility, stability, backing, credibility of the issuers, system security, image, manageability and idealistic aspects. In an online study ( N = 394) comprising a sub-sample of 97 users of community currencies in Germany, we tested the scales for three currencies: Euro, gold and community currencies. We could confirm the hypothesis of a divide between a hard, economic factor and a soft factor of trust in money. In addition, we found a third, idealistic factor in community currencies. The three currencies significantly differed with regard to the 12 trust-related functional aspects and specific uses: Euro is preferred for purchase and investing and gold for storage and community currencies for donations. The discussion centres on the concept of trust applied to money.

Suggested Citation

  • Erhard Theophil Wonneberger & Harald A. Mieg, 2011. "Trust in money: hard, soft and idealistic factors in Euro, gold and German community currencies," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 1(3-4), pages 230-240, October.
    • Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:230-240
    DOI: 10.1080/20430795.2012.655891
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