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

Nashville 36

Rutherford County 42

Murfreesboro 34

Smyrna 8

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

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

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

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

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

Importance in Choosing Your Home Location

Item Factor Loading

Factor 2: Daily Activities

Close to My Work .83

Close to Spouse’s Work .78

Close to Children’s School(s) .73

Importance in Choosing Your Home Location

Item Factor LoadingFactor 3: Social Activities Close to Parks/Lakes/Recreation

Areas .83Close to Church .76Close to Interstates and Major

Highways .46

Importance in Choosing Your Home Location

Item Factor Loading

Factor 4: Quality Services

Close to Shopping Malls/Stores .85

Close to Medical Facilities .62

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

Satisfaction

Item Factor Loading

Factor 2: Pay

Pay Administration .81

Raises .80

Pay .77

Benefits .54

Satisfaction

Item Factor Loading

Factor 3: Life

My Life as a Whole .88

My Personal/Family Life .86

My Work .71

MES

Budget, 2 items

Motivator, 2 items

Success, 2 items

Evil, 2 items

Equity, 3 items

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.

Four Money Profiles

Money Apathetic Careless Achieving Repeller Money Money Money Handler Admirer Worshiper

31 15 16 2834.44% 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

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

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<4,2Motivator 3.35 2.73 4.44 4.59 2<1<3,4Success 2.40 2.33 4.25 3.80 2,1<4,3Evil 3.18 2.27 2.16 2.54 3,2< 1Equity 3.44 3.80 3.48 3.24

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 nsEdu. 14.20 14.31 14.62 14.54 nsIncome 60,304 56,000 79,000 64,684 nsHouse 158,954 80,636 107,000 103,900 nsChildren 1.55 2.00 1.75 1.57 ns

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<2Effort 2.97 4.00 3.00 3.61 1<2Contract 2.63 3.00 3.25 3.56 1<4My Work 3.65 4.40 (3.25) 4.21 3<4,2Pay 2.58 3.47 3.00 3.48 1<4Family 3.72 4.67 (3.06) 3.81 3,1<2Life 3.63 4.47 (3.38) 4.00 3<2

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

Income

Mean: 65,042.25

Median: 45,000.00

Percentiles: 25% 40,000

50% 45,000

75% 66,000

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

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

ConclusionWe 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.

Thank YouDanke

Dankeshen

Grazie

Merci

Muchas Gracias