Measuring consumer attitudes toward money

Abstract

The main objective of this study is to compare attitudes toward money amongst English, Afrikaans and Xhosa-speaking consumers in the Eastern Cape. Based on literature in the field, hypotheses were generated for four dimensions of a money attitude scale (MAS) developed by Yamauchi and Templer. The scale was modified and applied to a convenience sample (N=326) of respondents in the Port Elizabeth/Uitenhage area. Results showed significant differences between the various groups for three of the four dimensions of the scale. Results further suggest that the money attitude scale is a reliable instrument for measuring consumer attitudes toward money in South Africa. Implications are that more attention should be paid to educating consumers in the Eastern Cape on personal money management.