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The Meaning of Money, The Money Ethic Scale, and Money Profiles: Part 5

The Meaning of Money, The Money Ethic Scale, and Money Profiles: Part 5. Thomas Li-Ping Tang, Ph.D. Middle Tennessee State University Presented at University of Nantes. Middle Tennessee Residents. Williamson County 18 Brentwood 10 Franklin 8 Davidson County 36

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The Meaning of Money, The Money Ethic Scale, and Money Profiles: Part 5

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  1. The Meaning of Money, The Money Ethic Scale, and Money Profiles: Part 5 Thomas Li-Ping Tang, Ph.D. Middle Tennessee State University Presented at University of Nantes

  2. Middle Tennessee Residents Williamson County 18 Brentwood 10 Franklin 8 Davidson County 36 Nashville 36 Rutherford County 42 Murfreesboro 34 Smyrna 8

  3. Williamson Davidson Rutherford 1 2 3 Age 51.11 46.59 41.25 3<1 Sex (M=1) .61 .71 .78 ns Education 15.00 14.19 14.29 Income 85,083.33 51,272.73 67,750.00 House 112,083.33 84,285.71 143,171.43 Children 1.67 1.60 1.69

  4. Williamson Davidson Rutherford 1 2 3 Year Built 1983 1966 1981 2<3<1 Bedrooms 3.67 3.19 3.59 Bathrooms 2.61 1.87 2.68 Home $ 218,750.00 210,880.00 208,864.86 ns Size (ft2) 2,618.61 1,997.12 2,644.95 Lot (A) 1.17 1.91 1.82 Yard Bud 2,136.36 1,096.43 1,733.06 ns

  5. Official Statistics Brentwood Nashville M’boro Cost of Living 81 76 61 Median Income 74,736 34,009 35,633 2000 ft2 Home 202,000 166,000 138,000 --------------------------------------------------------------- Income 85,083 51,273 67,750 Household 112,083 84,286 143,171 Home $ 218,750 210,880 208,865

  6. Williamson Davidson Rutherford 1 2 3 I-Relatives 3.47 3.06 2.33 3<2,1 I-Highways 3.56 3.73 2.62 3<1,2 I-Malls 4.07 2.88 2.60 3,2<1 I-Medical 4.06 3.18 3.25 2<1 I-Prestige 3.87 2.70 2.85 2,3<1 S-My Work 4.07 4.22 3.62 3<2 S-Pay Adm. 3.60 2.82 2.39 3<1 S-Life 3.50 4.29 3.64 3<2

  7. Importance in Choosing Your Home Location Item Factor Loading Factor 1: Location Beautiful Subdivision .90 Beautiful Houses .86 Prestige of the Subdivision .66 Nice Neighbors .58

  8. Importance in Choosing Your Home Location Item Factor Loading Factor 2: DailyActivities Close to My Work .83 Close to Spouse’s Work .78 Close to Children’s School(s) .73

  9. Importance in Choosing Your Home Location Item Factor Loading Factor 3: Social Activities Close to Parks/Lakes/Recreation Areas .83 Close to Church .76 Close to Interstates and Major Highways .46

  10. Importance in Choosing Your Home Location Item Factor Loading Factor 4: Quality Services Close to Shopping Malls/Stores .85 Close to Medical Facilities .62

  11. Satisfaction Item Factor Loading Factor 1: Home My Landscape .89 My Effort (My Yard) .83 My Lawn .82 My House .59 My Contractor’s Work .54

  12. Satisfaction Item Factor Loading Factor 2: Pay Pay Administration .81 Raises .80 Pay .77 Benefits .54

  13. Satisfaction Item Factor Loading Factor 3: Life My Life as a Whole .88 My Personal/Family Life .86 My Work .71

  14. MES Budget, 2 items Motivator, 2 items Success, 2 items Evil, 2 items Equity, 3 items

  15. Cluster Analysis (K-Means) 4-Cluster Solution F (3, 86) p Budget 92.22 .000 Motivator 27.83 .000 Success 25.19 .000 Evil 5.34 .002 Equity 1.64 .185.

  16. Four Money Profiles Money Apathetic Careless Achieving Repeller Money Money Money Handler Admirer Worshiper 31 15 16 28 34.44% 16.67% 17.78% 31.11% MT --------------------------------------------------------------- 26.37% 16.08% 19.83% 37.62% W 24.41% 9.57% 20.57% 45.45% US 30.39% 27.45% 15.69% 26.47% S USA, Spain

  17. Four Money Profiles Money Apathetic Careless Achieving Repeller Money Money Money Handler Admirer Worshiper Sex 1 2 3 4 --------------------------------------------------------------- Male 19 10 11 23 Female 11 3 5 4

  18. Four Money Profiles Money Apathetic Careless Achieving Repeller Money Money Money Handler Admirer Worshiper 1 2 3 4 Budget 2.92 4.77 (2.09) 4.68 3<1<4,2 Motivator 3.35 2.73 4.44 4.59 2<1<3,4 Success 2.40 2.33 4.25 3.80 2,1<4,3 Evil 3.18 2.27 2.16 2.54 3,2< 1 Equity 3.44 3.80 3.48 3.24

  19. Four Money Profiles Money Apathetic Careless Achieving Repeller Money Money Money Handler Admirer Worshiper 1 2 3 4 Age 43.59 45.62 42.29 46.30 ns Edu. 14.20 14.31 14.62 14.54 ns Income 60,304 56,000 79,000 64,684 ns House 158,954 80,636 107,000 103,900 ns Children 1.55 2.00 1.75 1.57 ns

  20. Four Money Profiles Money Apathetic Careless Achieving Repeller Money Money Money Handler Admirer Worshiper 1 2 3 4 Lands 2.65 3.73 2.75 3.25 1<2 Effort 2.97 4.00 3.00 3.61 1<2 Contract 2.63 3.00 3.25 3.56 1<4 My Work 3.65 4.40 (3.25) 4.21 3<4,2 Pay 2.58 3.47 3.00 3.48 1<4 Family 3.72 4.67 (3.06) 3.81 3,1<2 Life 3.63 4.47 (3.38) 4.00 3<2

  21. Landscape Budget Variable R2 c F c p Beta Size (ft2) .276 17.16 .000 .446 Budget .093 6.45 .015 -.317 Evil .068 5.22 .027 -.267 R = .661, R2 = .437

  22. Income Mean: 65,042.25 Median: 45,000.00 Percentiles: 25% 40,000 50% 45,000 75% 66,000

  23. Income: 4 Groups <40K 40-45K 45-66K 66K + Age 40.48 46.64 47.39 43.94 ns Sex .60 1.00 .89 .76 Edu 12.96 13.64 14.44 17.53 123<4 Income 34,560 43,818 55,833 133,353 123<4 House I 57,869 56,181 77,352 284,823 1<4 Home $ 191,318 121,090 266,555 259,812

  24. One Case Income: $437,000 Household Income: $2,200,000 Value of Home: $1,810,000 Bedrooms: 13 Bathrooms: 12 Size of House 11,540 ft2

  25. Conclusion We can consistently classify people into 4 clusters (Achieving Money Worshipers, Careless Money Admirers, Apathetic Money Handlers, and Money Repellers) based on the Money Ethic Scale (30-item MES, or 15-item MES), across several cultures (Macedonia, Spain, and USA). Future research should test this Model in different occupations and cultures.

  26. Thank You Danke Dankeshen Grazie Merci Muchas Gracias

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