The Importance of Money Scale (IMS): A new instrument to measure the importance of material well-being

Franzen, Axel; Mader, Sebastian (2022). The Importance of Money Scale (IMS): A new instrument to measure the importance of material well-being. Personality and individual differences, 184, p. 111172. Elsevier 10.1016/j.paid.2021.111172

[img]
Preview
Text
Franzen_Mader_2022.pdf - Published Version
Available under License Creative Commons: Attribution-Noncommercial-No Derivative Works (CC-BY-NC-ND).

Download (1MB) | Preview

A fundamental assumption in the social sciences is that humans are motivated by the concern for material wellbeing. However, despite its central importance for many behavioral areas (e.g. consumption, labor market decisions, participation in education), there is no satisfying survey instrument to measure the importance of material well-being. In this paper, we suggest a short 8-item scale to measure the importance of money. In study 1, we test the new scale in a sample of 510 students with respect to its reliability, construct validity, and external validity using the multitrait-multimethod approach first suggested by Campbell and Fiske (1959). In study 2, we test the scale in a random population sample (N = 2914) with respect to its external validity. Our results suggest that the new importance of money scale (IMS) has high reliability and validity, and outperforms comparable measures with respect to its external and predictive validity.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Social Sciences > Institute of Sociology

UniBE Contributor:

Franzen, Axel, Mader-Eiler, Sebastian

Subjects:

300 Social sciences, sociology & anthropology

ISSN:

0191-8869

Publisher:

Elsevier

Language:

English

Submitter:

Sebastian Mader-Eiler

Date Deposited:

21 Sep 2021 14:42

Last Modified:

05 Dec 2022 15:53

Publisher DOI:

10.1016/j.paid.2021.111172

Uncontrolled Keywords:

Material well-being Physical well-being Importance of money Multitrait-multimethod approach External validity

BORIS DOI:

10.48350/159142

URI:

https://boris.unibe.ch/id/eprint/159142

Actions (login required)

Edit item Edit item
Provide Feedback