The Five Dimensions of Money Attitudes and Their Link to Changes in Life Satisfaction Among Taiwanese Adolescents in Poverty

Abstract

The current study examined the factorial structure of money attitudes and the relationship between changes in money attitudes and life satisfaction (LS) by using confirmatory factor analysis and multiple regression analysis to analyze a 2-year longitudinal database. The representative samples consisted of 906 Taiwanese adolescents in poverty. Compared with other competing models, results provided support for the five-factor structure of the adapted money attitude scale (MAS). Findings revealed that the relationship between changes in MAS power/prestige and LS was negative, whereas the association between changes in MAS quality and LS was positive. The results also showed that changes in MAS retention/time did not relate to changes in LS. The present study contributes to the understanding of the association between poor adolescents’ money attitudes and their LS in a Confucian context from the perspective of upward social comparison. The findings suggest that avoiding overemphasizing the importance of money and reducing comparison orientation may be the effective methods of improving LS for economically disadvantaged adolescents in Confucian culture.