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Money is Power: Monetary Intelligence—Love of Money and Temptation of Materialism Among Czech University Students

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Abstract

In this study, we develop a theoretical model of monetary intelligence (MI), explore the extent to which individuals’ meaning of money is related to the pursuit of materialistic purposes, and test our model using the whole sample and across college major and gender. We select the 15-item love of money (LOM) construct—Factors Good, Evil (Affective), Budget (Behavioral), Achievement, and Power (Cognitive)—from the Money Ethic Scale and Factors Success and Centrality and two indicators—from the Materialism Scale. Based on our data collected from 330 university students in Czech Republic, we provide the following findings. First, our formative models are superior to our reflective models. Second, for the reflective model, money represents Power, Good, Achievement, and not Evil, in the context of materialism. Our formative model suggests that those who pursuit materialism cherish Achievement (vanity) but Budget their money poorly. Third, multi-group analyses illustrate that humanities students (62.4 % female) consider money as Evil and Budget their money poorly, while those in natural sciences (37.6 % female) do not. Further, men are obsessed with Achievement, whereas women do not Budget their money properly, suggesting reflective temptation for males and impulsive temptation for females. Our novel discoveries shed new lights on the relationships between LOM and materialism and offer practical implications to the field of consumer behavior and business ethics.

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Notes

  1. We searched Web of Knowledge on September 16, 2013 and found no article using “money attitudes”, “materialism”, and “Czech Republic”. Among articles with the terms materialism and Czech Republic (Kment and Kocmankova 2012; Rabusic 2000; Wu and Huan 2010), none discussed “money attitudes” and “materialism” in the scope similar to ours.

  2. We used the following terms: the material values scale and materialism scale, interchangeably.

  3. Yet there is no end to all his toil, and riches do not satisfy his greed. (Ecclesiastes 4: 8).

  4. Take care to guard against all greed, for though one may be rich, one’s life does not consist of possessions. (Luke 12: 15).

  5. Of what use are they to the owner except to feast his eyes upon? (Ecclesiastes 5: 10, The Catholic Bible).

  6. To anyone who has, more will be given and he will grow rich; from anyone who has not, even what he has will be taken away. (Matthew 13, 12).

  7. Now the serpent was the most cunning of all the animals that the Lord God had made. The serpent asked the woman, “Did God really tell you not to eat from any of the trees in the garden?” The woman answered the serpent: “We may eat of the fruit of the trees in the garden; it is only about the fruit of the tree in the middle of the garden that God said, ‘You shall not eat it or even touch it, lest you die.’” But the serpent said to the woman: “You certainly will not die!” (Genesis 3: 1–4).

  8. All things are vanity. (Ecclesiastes 1: 2).

  9. In our theoretical measurement model of Materialism, one item (Item 4) was reverse scored (see Appendix).

  10. If we have food and clothing, we shall be content with that. (1 Timothy 6: 8).

  11. Whoever finds his life will lose it, and whoever loses his life for my sake will find it. (Matthew 10: 39).

  12. Do not store up for yourselves treasures on earth,…but store up treasures in heaven, where neither moth nor decay destroy, nor thieves break in and steal. For where your treasure is, there also will your heart be. (Matthew 16: 19–21).

  13. It is easier for a camel to pass through the eye of a needle than for one who is rich to enter the kingdom of God. (Matthew 19: 24).

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Acknowledgments

The authors acknowledge the financial support offered to Karel Lemr by the Operational Program Research and Development for Innovations-European Regional Development Fund (project CZ. 1.05/2.1.00/03.0058) and the Operational Program Education for Competitiveness-European Social Fund (project CZ. 1.07/2.3.00/20.0017) of the Ministry of Education, Youth and Sports of the Czech Republic. Thomas Li-Ping Tang would like to thank Middle Tennessee State University for the support of this research project and Fr. Mark Sappenfield and Fr. Mark Nolte for their inspiration and encouragement. The opinions expressed are those of the authors and do not represent views of the Ministry of Education, Youth and Sports of the Czech Republic.

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Authors and Affiliations

  1. Department of Psychology, Palacký University, Olomouc, Křížkovského 10, 771 80, Olomouc, Czech Republic

    Soňa Lemrová, Eva Reiterová & Renáta Fatěnová

  2. RCPTM, Joint Laboratory of Optics of Palacký University and Institute of Physics of Czech Academy of Sciences, Faculty of Science, Palacký University, Olomouc, 17, Listopadu 12, 772 07, Olomouc, Czech Republic

    Karel Lemr

  3. Department of Management and Marketing, Jennings A. Jones College of Business, Middle Tennessee State University, Murfreesboro, TN, 37132, USA

    Thomas Li-Ping Tang

Authors
  1. Soňa Lemrová
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  2. Eva Reiterová
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  3. Renáta Fatěnová
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  4. Karel Lemr
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Correspondence to Thomas Li-Ping Tang.

Appendix

Appendix

Scales and Items in the Theoretical Model of Monetary Intelligence (MI)

The Love of Money Scale (Money Ethic Scale)

Good

  1. 1.

    Money is attractive.

  2. 2.

    Money is important.

  3. 3.

    Money is an important factor in the lives of all of us

Evil

  1. 4.

    The love of money is the root of all evils.

  2. 5.

    Money is evil.

  3. 6.

    Money is shameful.

Budget

  1. 7.

    I use my money very carefully.

  2. 8.

    I budget my money very well.

  3. 9.

    I pay my bills immediately in order to avoid interest or penalties.

Achievement

  1. 10.

    Money is a symbol of success.

  2. 11.

    Money represents one’s achievement.

  3. 12.

    Money will help you express your competence and abilities.

Power

  1. 13.

    Money gives you autonomy and freedom.

  2. 14.

    Money means power.

  3. 15.

    Money makes people respect you in the community.

  4. 16.

    (Money can give you the opportunity to be what you want to be.)* Not used in this study.

  5. A.

    Two Outcomes of MI (Factors Success and Centrality of Materialism)

  6. B.

    Two Outcomes/Indicators of MI (Items 3 and 2 of Factor Success, Materialism):

  7. 17.

    I like to own things that impress people.

  8. 18.

    The things I own say a lot about how well I’m doing in life.

The Material Value Scale (Materialism)

Factor Success

  1. 1.

    I admire people who own expensive homes, cars, and clothes.

  2. 2.

    The things I own say a lot about how well I’m doing in life.

  3. 3.

    I like to own things that impress people.

Centrality

  1. 4.

    I try to keep my life simple, as far as possessions are concerned. (Reverse Scored)

  2. 5.

    Buying things gives me a lot of pleasure.

  3. 6.

    I like a lot of luxury in my life.

Happiness

  1. 7.

    My life would be better if I owned certain things I don’t have.

  2. 8.

    I’d be happier if I could afford to buy more things.

  3. 9.

    It sometimes bothers me quite a bit that I can’t afford to buy all the things I’d like.

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Lemrová, S., Reiterová, E., Fatěnová, R. et al. Money is Power: Monetary Intelligence—Love of Money and Temptation of Materialism Among Czech University Students. J Bus Ethics 125, 329–348 (2014). https://doi.org/10.1007/s10551-013-1915-8

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  • DOI: https://doi.org/10.1007/s10551-013-1915-8

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