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Financial Motivation as a multi-dimensional construct: A positive psychology approach

Financial Motivation as a multi-dimensional construct: A positive psychology approach. Dan Stone, 2008 Synopsis: Colin Onita. Justification. Theories of external motivation do not properly explain human behavior Biological and anthropological theories – interpersonal relationship motivation

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Financial Motivation as a multi-dimensional construct: A positive psychology approach

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  1. Financial Motivation as a multi-dimensional construct: A positive psychology approach Dan Stone, 2008 Synopsis: Colin Onita

  2. Justification • Theories of external motivation do not properly explain human behavior • Biological and anthropological theories – interpersonal relationship motivation • Positive Psychology – intrinsic motivators – self development, self mastery • Hedonic utility

  3. Ecological view • Motivation as a ecological, holistic view • Financial motivations • Accounting and organizational controls • Intrinsic motivation • Social motivators • Relational motivators

  4. Main theories • Self-determination Theory- goals influence well being based on their contribution to psychological needs • Autonomy • Competence • Relatedness • Hedonic Utility

  5. Main constructs • Materialism – is a motivation for obtaining money and wealth as a means of attaining position and status • Financial self efficacy – the belief that one is capable of successfully managing the financial events of one’s life • Financial Autonomy – the belief that one’s financial decisions are volitional choices that reflect one's interests, beliefs and values.

  6. Main constructs • Financial community – the belief that financial resources are creating and sustaining community and interpersonal relationships • Gratitude – not defined

  7. Hypotheses • H1: Materialism will negatively predict happiness • H2: Positive financial attitudes will positively predict happiness • H3: One or more PFAs will moderate the negative effect of materialism on happiness. Specifically higher levels of PFAs will increase happiness more among high than low materialism individuals

  8. Hypotheses • H4: Gratitude will fully mediate the effect of materialism on happiness • H5: Gratitude will partially mediate the effect of PFAs on happiness

  9. Methodology • Survey using various scales (MES FA, possession defined success, Emmons & McCullogh scales) • 688 participants – undergraduate and graduate accounting students • General linear modeling • Structural equation modeling

  10. Results • All hypotheses supported by both GLM and SEM • Statistical results: • Reliabilities of scales – all about 7.5 • Not much discussion of divergent and convergent validities • Excellent fit coefficients for SEM

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