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Money Attitudes, Credit Card Use, and Compulsive Buying Among American College Students

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The consumer culture has evolved into one of the most powerful forces shaping individuals and societies (Roberts and Sepulveda 1999 a, b). The desire to become a member of the consumer culture appears to be universal (Droge and Mackoy 1995). Changing attitudes toward money are an important catalyst behind the spread of the consumer culture. Money is important—especially to American college students who have been raised in a credit card society where debt is used freely (Ritzer 1995). Schor (1998) believes that access to easy credit is one of the causes of overspending. Using a causal modeling approach, the present study investigated the role money attitudes and credit card use play in compulsive buying within a sample of American college students (see Figure 1). Findings suggest that the money attitudes powerprestige, distrust, and anxiety (Yamauchi and Templer 1982) are closely related to compulsive buying and that credit card use often moderates these relationships. Study results have important public policy, marketing, and research implications.
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WINTER
2001
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JAMES
A.
ROBERTS AND
ELI
JONES
Money Attitudes, Credit Card Use, and
Compulsive Buying among American College Students
The consumer culture has evolved into one of the most powerful forces
shaping individuals and societies (Roberts and Sepulveda 1999 a, b).
The desire to become a member of the consumer culture appears to be
universal (Droge and Mackoy 1995). Changing attitudes toward
money are an important catalyst behind the spread of the consumer
culture. Money is important-especially to American college students
who have been raised in a credit card society where debt is used freely
(Ritzer 1995). Schor (1998) believes that access to easy credit is one of
the causes of overspending. Using a causal modeling approach, the
present study investigated the role money attitudes and credit card use
play in compulsive buying within
a
sample of American college stu-
dents (see Figure 1). Findings suggest that the money attitudes power-
prestige, distrust, and anxiety (Yamauchi and Templer 1982) are
closely related to compulsive buying and that credit card use often
moderates these relationships. Study results have important public
policy, marketing, and research implications.
The
U.S.
is at
the
vanguard of consumption, and the consumer culture
is its progeny. The consumer culture is defined as a culture
in
which the
majority of consumers avidly desire, pursue, consume, and display goods
and services that are valued
for
nonutilitarian reasons, such as status
(power), envy provocation, and pleasure seeking (Belk 1988). The con-
sumer culture has evolved into one of the most powerful forces shaping
individuals and societies (Roberts and Sepulveda 19994. The desire to
become a member of the consumer culture appears to be nearly universal
(Droge and Mackoy 1995).
Changing attitudes toward money are an important catalyst behind the
spread of the consumer culture. The
U.S.
has gone from cherishing sav-
ings to revering spending (Ritzer 1995; Zuckerman
2000).
American con-
sumers remained on a buying binge during the first quarter of 1999.
For
the first three months of 1999, consumer spending increased at an annu-
alized rate of
6.7
percent. Purchases of durable goods, nondurable goods,
and services all registered healthy gains. During the same period, savings
James A. Roberts
is
Associate Professor, Department
of
Marketing, Baylor University, Waco,
TX
and Eli Jones is Assistant Professor, Department
of
Marketing, University of Houston,
TX.
The Journal
of
Consumer Affairs, Vol.
35,
No.
21,
2001
Copyright
2001
by The American Council on Consumer Interests
0022-007810002-
I
1.5012
I3
214
THE
JOURNAL.
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AITAIKS
reached an all-time low of -0.5 percent. Consumer spending has now
exceeded disposable income. This situation is made possible by individ-
uals spending a portion of their stock market gains (Shoesmith 1999).
Money is important-especially to college students who are members
of a generation that has been raised in a credit card society. They have
grown
up
with debt and use
it
freely (Ritzer 1995). Credit cards are a
symbol of this age. Schor
(1
998) believes that easy credit is one of the
causes of overspending. Compelling evidence of college students’ preoc-
cupation with money comes from
the
UCLA/American Council on Edu-
cation Annual Survey of nearly a quarter of a million entering college stu-
dents. Three
of
every
four students asserted that a “very important”
reason for going to college was to make more money. One of two students
expressed the same sentiment
in
197
1.
Becoming “very well off finan-
cially” was “very important or essential” to
74
percent of college students
in
1996. This is up from 39 percent who responded similarly in 197
1.
Of
nineteen listed objectives, becoming “very well-off financially” now
ranks number one.
It
outranks developing a life philosophy, becoming an
authority
in
one’s field, helping others, and raising a family. Clearly, to
young Americans in the 1990s, money matters (Clapp 1998).
Why should one expect today’s young adults to exhibit high levels of
compulsive buying? There is a widespread view that attitudes about debt
have changed dramatically during the twentieth century-from a general
abhorrence of debt to acceptance of credit as part of a modern consumer
society (Lea et al. 1995; Zuckeman
2000).
Lea et al. (1993) point out the
growth of
a
“culture of indebtedness.” They found that an important
factor
in
predicting debt status was whether respondents know other
people around them who areiwere
in
debt, and how they thought these
people would react if they knew
the
respondent was in debt.
A
commu-
nity
of debtors creates an environment that reinforces one’s beliefs, atti-
tudes, and personal norms that overspending and excess buying is accept-
able. Over time, social norms and attitudes may be modified to reflect this
dysfunctional orientation.
A
likely negative outcome of such a culture of indebtedness or con-
sumer culture is compulsive buying. Compulsive buying has been
described as “chronic, repetitive purchasing that becomes a primary
response to negative events or feelings” (O’Cuinn and Faber 1989,
155).
Recent research by Roberts
(
1998) has found, as hypothesized, elevated
levels of compulsive buying among U.S. college students. Compulsive
buying has potentially severe consequences for the individual affected,
others around
him
or her, and society at large. Depression, anxiety, and
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low self-esteem affect the compulsive buyer and his
or
her personal rela-
tionships. Compulsive buying in the
U.S.
has contributed to a record
number of personal bankruptcy filings and credit card debt. Personal
bankruptcies reached an all-time high of 1.38 million in 1998 (Adler
2000).
Credit card debt is a significant portion of debt for many individ-
uals seeking protection under the bankruptcy code (Moss 1999).
The increase in personal financial problems among those under thirty-
five years of age is even more dramatic. Nearly 9 percent of people under
thirty-five years of age are at least sixty days behind
in
their payments of
all kinds of debt. In 1996, 8.7 percent of personal bankruptcy filers were
under the age of twenty-five.
A
few years earlier this figure was closer to
I
percent (McBride 1997).
This compulsion to buy also may have dire consequences for the nat-
ural environment. A culture of consumption discourages the assignment
of value to environmental concerns and detracts people from involvement
in
public domain issues (Droge and Mackoy
1995).
The production, sale,
consumption and disposal of an increasing amount of consumer products
will contribute to the deterioration of the environment. The spread
of
a
worldwide consumer culture will hasten this deterioration of
the
natural
environment (Roberts and Sepulveda 1999b). It is apparent that compul-
sive buying affects all members of society.
STUDY OBJECTIVES
The primary objective of the present study is to investigate the role
money attitudes and credit card use play in compulsive buying among
U.S. college students. Which money attitude dimensions are most impor-
tant in helping better understand compulsive buying? Does credit card
use moderate the money attitude-compulsive buying relationship? See
Figure
1
for a diagram of the model to be tested.
A
second objective is
to
discuss the implications of this study’s find-
ings for public policy makers and researchers.
An
improved understand-
ing of the relationship between money attitudes, credit card use, and
compulsive buying
in
a college student population will provide direction
from which to formulate policy as
it
relates to credit cards on college
campuses. Additionally, from a research perspective, many questions still
remain as to the role credit cards play
in
the purchase process.
Figure
1
Money Attitudes and Compulsive Buying:
The
Moderating
Effect
of
Credit
Card
Usage
Power
Q
c-------->
Credit Card
Usage
HYPOTHESES DEVELOPMENT
Money Attitudes
Several attempts have been made to develop a scale to measure money
attitudes (Forman 1987; Fumham 1984; Tang 1992; Yamauchi and Tem-
pler 1982; Wernimont and Fitzpatrick 1972).
The
above studies demon-
strated that attitudes toward money are multidimensional. Forman’s
(1987) Money Madness Scale was found
in
need of further work to
improve its reliability and validity (Fumham
1996).
Tang’s (1992) Money
Ethic Scale also displayed marginal reliabilities for five of its six sub-
scales (Tang and Gilbert 1995). The most common ground among the
above money attitude scales was found between Yamauchi and Templer’s
(1982) Money Attitude Scale and Fumham’s
(1
984) Money Beliefs and
Behavior Scale (MBBS). Both scales produced dimensions relating to
money as a
tool
of power, budgetinghetaining money, anxiety regarding
money, and money obsession. Obsession with money was
a
component of
the power-prestige dimension
of
the Yamauchi and Templer scale. Furn-
hani’s
(1984)
MBBS included a sixth factor, which measured the sub-
jects’ perspective
on
how closely one’s efforts are tied to his or her finan-
cial well-being. Yamauchi and Templer’s Distrust Dimension (Factor
3),
which appears
to
measure the
subjects
feelings
of
competency as a con-
sumer, shares similar items with Fumham’s (1984) retention, security,
and inadequacy dimensions. Given the multidimensional nature of money
attitudes, the overlap between the two scales
is
encouraging.
The present study used the Yamauchi and Templer (1982) scale for
several reasons. First, the lack of information as to the psychometric
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properties of the Furnham (1984) scale
as
well
as
its
reportedly low inter-
nal reliability (Furnham, Kirkcaldy, and Lynn 1996) detracted from using
it.
Second, Yamauchi and Templer’s (1982) scale has been used across
ethnically diverse samples and has shown a stable factor structure and
acceptable Cronbach Alphas for each of its subscales (Medina, Saegert,
and Gresham 1996; Roberts and Sepulveda 1999 a, b). Third, the
Yamauchi and Templer scale is approximately half the length of Fum-
ham’s scale (29 items versus 60 items).
Yamauchi and Templer’s (1982) Money Attitude Scale
Yamauchi and Templer
(
1982) identified four dimensions of money
attitudes:
(
1)
power-prestige,
(2)
retention-time,
(3)
distrust, and
(4)
anx-
iety. Subsequent uses of Yamauchi and Templer’s (1982) MAS scale
(Gresham and Fontenot 1989; Medina et al. 1996) resulted
in
factor load-
ings that were “remarkably similar to those reported in previous findings”
(Medina
et
al. 1996, 136). Recent research by Roberts and Sepulveda
(1999
a,
b) found that the MAS scale maintained much of its original
structure
in
studies that used Mexican consumers.
The present study will investigate only
the
power-prestige, distrust, and
anxiety dimensions of the MAS scale. Several items
of
the retention-time
dimension
(“I
save now to prepare for my old age” and
“I
do financial
planning for the future”) were deemed inappropriate for college students.
Power-Prestige
The power-prestige dimension of the MAS scale was the first factor to
emerge (Yamauchi and Templer 1982). Persons scoring high on this
factor use money
as
a tool to influence and impress others and as
a
symbol of success. To many people, money means power.
It
is not used
so
much to purchase cars, clothes, houses,
or
food as
it
is to buy status,
domination, and control (Goldberg and Lewis 1978). Wherc money is
involved, its primary value is its usefulness in removing obstacles that
stand in
the
way of the person seeking power. Money represents a com-
mand over goods and services necessary to advance the self-interest of an
individual in
a
free enterprise economy (Walker and Garman 1992).
For many people, money is a status symbol. Status consumption, the
second factor to emerge, has been described as a “form of power that con-
sists of respect, consideration, and envy from others and represents the goals
of a culture” (Csikszentmihalyi and Rochberg-Halton 1981, 39). Modem
218
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AFFAIRS
culture revolves around attempts to signal our comparative degree of social
power through what Veblen (1 899) referred to as conspicuous consumption.
Consumers demonstrate their social power by displaying their material
wealth because wealth is the best indicator of power in modem society (Bell
1998). Today, status is seen more through ownership of status products than
through personal, occupational, or family reputation (Eastman et al. 1997).
Pursuing materialistic ideals is a competitive and comparative process.
To achieve a position
of
social power or status, one must exceed the exist-
ing community norm.
As
long as others are also attempting to signal their
social power through possessing and displaying material goods, the level
of
goods required to make a powerful social statement continually rise.
The result is that there is no end
to
our wants and little improvement
in
our satisfaction, despite an ever increasing consumption of goods (Bell
1998). The process of moving ahead materially without any real gain
in
satisfaction has been termed
the
treadmill of consumption (Bell 1998).
Status consumption is best viewed as a consumer value (Richins and
Dawson
1992).
Values play an important role for individuals, “guiding
actions, attitudes, judgement, and comparisons across specific objects”
(Rokeach 1973, 18). The value consumers’ place on particular posses-
sions is made
in
terms of personal values. The possessions people hold
as
important are a reflection of their values (Richins 1994).
It
is clear that
patterns of consumption will be the result of consumer values.
Research by d’ Astous and Trembly (1989) found that compulsive
buyers were more
likely
to associate buying with social status. This is
consistent with the more recent findings of Roberts (1 998) and Roberts
and Martinez (1997) who found
a
positive relationship between the social
status associated with buying and compulsive buying both
in
the
U.S.
and
Mexico. Hanley and Wilhelm (1992) found compulsive spenders to be
preoccupied with money
as
a solution to problems and as a means
of
comparison. Compulsive spenders were more likely to report the need to
spend money in such a way as to reflect power and status. Elliot (1994)
found that one
of
the primary functions
of
compulsive buying is to
increase the compulsive buyer’s ability to match his or her subjective per-
ceptions of socially desirable or required appearances.
Status consumption allows consumers to feel socially powerful. How-
ever, status consumption is a competitive and comparative process, which
requires consumers to continually increase their conspicuous signals of
wealth and power (Bell 1998). Clearly, the use of money as a tool of
power and prestige has the potential to lead to compulsive buying. Thus,
the following hypothesis
is
offered:
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HI:
The perception of money as a tool of power and prestige (status)
increases compulsive buying.
Distrust (Price Sensitivity)
The third factor of the MAS scale to emerge was labeled
distrust.
Yamauchi and Templer
(1
982) describe persons scoring high on this factor
as hesitant, suspicious, and doubtful regarding situations involving money.
The authors contend that high scores on this dimension also reflect a lack
of faith in one’s ability to make efficient purchase decisions. A better label
for this factor may be
price
sensitivity
because the items focus on the con-
sumer’s sensitivity to the price paid for goods and services. Clearly, con-
sumers who obsess over price are less
likely
to be compulsive buyers.
Additionally, heavy credit users have been found to be less price conscious
(Tokunga 1993). Deshpande and Krishnan (1980) found that credit card
possession was related to buying higher priced items. Research by Roberts
(1
998) and Roberts and Martinez (1 997) has documented a positive rela-
tionship between credit card use and compulsive buying. Based upon the
above, the following hypothesis will be tested:
H2:
Price sensitivity (distrust) decreases compulsive buying.
Anxiety
The fourth (and last) factor of the MAS scale to emerge was labeled
anxiety
(Yamauchi and Templer 1982). Persons scoring high on
this
factor
see money as a source of anxiety as well as a source of protection from
anxiety. Compulsive buyers react to stress with higher levels of anxiety
than do non-compulsive buyers (Edwards 1993; Valence
et
al. 1988).
Compulsive buying is viewed as a quick fix for anxiety. Valence et al.
(1988) conceptualized a model of compulsive buying where anxiety is
the
central factor of
the
conceptualization “because
it
provokes a sponta-
neous action arid pushes the consunier to reduce
the
tension” (424). As
predicted by the authors, a positive and significant relationship was found
between anxiety and compulsive buying. Escape from anxiety is thought
to
be
the
primary motivation of persons exhibiting addictive or compul-
sive behaviors. Compulsive buyers use the shopping and buying activity
as a means of relieving stress and its associated anxiety (Desarbo and
Edwards 1996). Compulsive buyers repeatedly use shopping and spend-
ing to reduce anxiety, especially during stressful periods. Based upon the
above, the following hypothesis will be tested:
220
‘ITIF
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CONS1JMEK AFMIRS
H3:
Anxiety regarding money increases compulsive buying.
Credit Card Use and Compulsive Buying
A
series of experiments conducted by Berkowitz and LePage (1967)
may have provided insight into the impact credit cards have on consumer
spending. Labeled the weapons effect, Berkowitz and LePage found that
being exposed to an aggressive stimulus (e.g., a gun) led to aggressive
behavior.
In
the realm of consumer behavior, credit cards can certainly be
construed as promoting spending by making the transaction simpler or by
removing the immediate need for money. In a variation on the theme,
Feinberg
(
1986) found that college students who were exposed to
a
credit
card logo were more likely to purchase, decide to purchase quicker, and
spend more than students who were exposed to the same products with-
out the presence of a credit card logo. Feinberg concluded that the stu-
dents have been conditioned to associate credit cards and spending.
Credit card use stimulates spending, and, when compared to cash,
credit cards lead to greater imprudence. For example, the introduction of
credit cards into fast-food restaurants resulted
in
more sales and transac-
tions that are
SO
to
100
percent larger than cash transactions (Ritzer
1995). To many, the money involved in credit card transactions
is
abstract
and unreal. College students have been raised in
a
credit card society;
they grew
up
with debt and use credit freely (Ritzer 1995).
It
may be more than coincidence that
the
problem of compulsive buying
has increased with the rapid expansion in the bankcard industry. Credit
cards are easily accessible to college students and are marketed aggres-
sively to the college student population (Coulton 1996; Mannix 1999;
Schembari
2000).
Twenty percent of college students are estimated to have
four or more credit cards (TERI 1998). Credit card debt has grown more
rapidly than other debt for decades; however, in the mid 1990s
it
increased
even more rapidly. This is mainly attributable to the increased marketing
efforts
of
banks and credit card issuers.
In
1996, credit card issuers mailed
2
billion solicitations-twenty per every household in the U.S. (Direct
Selling Education Foundation 1997). Credit cards are
so
profitable that
banks and lenders have been eager to give more credit to people who are
less able to pay (Direct Selling Education Foundation 1997). The esti-
mated
12
to
IS
million undergraduate students are viewed as potential life-
long prospects (Coulton 1996). Estimates of credit card ownership among
college students range from
60
percent to a high
of
82
percent (Dunn
1993; Hayhoe et al.
2000;
Ritzer 1995; Schembari
2000).
Most cards can
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I
be obtained with a signature and student identification card (Jennings
1995).
Students with no jobs, income, credit history,
or
parental cosigner
are being offered credit cards (Fickenscher
1994).
Earlier research has shown that compulsive consumers are likely to
own more credit cards than other consumers (O’Guinn and Faber
1989)
and carry larger credit cards balances (Ritzer
1995).
In
addition
to
the
number of credit cards owned, d’ Astous
(1
990)
found that the extent of
irrational credit card usage was strongly associated with compulsive
buying. Credit cards eliminate the immediate need for money
to
buy
something and
likely
accelerate the development of compulsive buying
(d’Astous
1990).
Clinical diagnostic interviews by McElroy
et
al.
(1
994)
found that most patients reported having access
to
credit cards triggered
or increased their compulsive buying. Some patients reported that to con-
trol their spending they either gave their credit cards to family members
for safe keeping or destroyed them.
The present study conceptualizes credit card use as a moderating vari-
able between money attitudes and compulsive buying. A moderator
is
a
variable that affects
the
direction and/or strength of
the
relation between
an independent or predictor variable and a dependent or criterion variable
(Baron and Kenny
1986).
Heavy credit card users have been found to be
less price conscious (Tokunga
1993).
Deshpande and Krishnan
(1980)
found that credit card possession was related to buying higher priced
items. Based upon the above, the following hypotheses will be tested to
examine the moderating role of credit card use on the money
attitude(s)-compulsive buying relationship:
H4:
The relationship between
the
power-prestige
dimension of the
MAS Scale and compulsive buying is moderated by college stu-
dents’ credit card use. The relationship between the
power-pres-
tige
dimension and compulsive buying will be stronger among
students scoring higher on the credit card use measure than stu-
dents who score lower on the credit card use measure.
H5:
The relationship between the
price-sensitivity
(distrust) dimension
of
the MAS Scale and compulsive buying is moderated by college
students’ credit card use. The relationship between the
price-sensi-
tivity
dimension and compulsive buying will be stronger among
students scoring lower on the credit card use measure than students
who score higher on the credit card use measure.
H6:
The relationship between the
anxiety
dimension of the MAS Scale
222
‘UIE JOURNAL
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CONSIJMER
AFFAIRS
and compulsive buying is moderated by college students’ credit
card use. The relationship between the
anxiety
dimension and
compulsive buying will be stronger among students scoring
higher on the credit card use measure than students who score
lower on the credit card use measure.
METHODOLOGY
A
self-report survey was conducted to collect the needed information
in
the spring of 1998. A convenience sample of college students was selected
from a private university with an enrollment of 13,000 students in Texas.
The questionnaire was pretested with both student groups and faculty to
ensure the clarity of the questions and that few ambiguities existed. While
there is an ongoing debate over the use of student samples (Wells 1993), a
college student sample was deemed appropriate for several reasons. First,
the primary objective of the present study was to assess the role money
attitudes and credit card use play
in
compulsive buying among
U.S.
col-
lege students. Much has been written that suggests members of Genera-
tions
X
and
Y
(those born after 1976) are highly materialistic (Dunn 1993;
Mitchell 1995; Roberts and Manolis 2000; Spiers 1992). This study will
contribute to an improved understanding of the consumer behavior of an
important sector of society-college students. College students of today
have been raised in an environment characterized by an increased market-
ing effort focused on young people as consumers, easy access to credit
cards, and changing attitudes toward debt. Second, earlier research by
Roberts
(
1998) hypothesized and found an elevated level of compulsive
buying in members of Generation
X.
It
is
the
present study’s contention
that money attitudes and credit card use play a pivotal role in this segment
of the population’s elevated levels of compulsive buying.
Descriptive statistics for the present sample can be found
in
Table
1.
The sample consisted of 406 college students of which approximately half
weIe
females (48.5%) and males (5 1.5%), with an average age
of
nineteen
years old, and 90 percent were either freshmen (66%)
or
sophomores
(24%). Approximately three-fourths of the respondents (77.6%) were Cau-
casian and family income was positively skewed. Sixty-two percent of the
respondents reported total family income of over $80,000 for the past year.
Compulsive Buying Measure
The seven-item clinical screener for compulsive buying developed by
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Table
1
Sample
Characteristics
(n=406)
Sex
Male
Female
Total
Family Income
<
$
10,000
$10,000- 19,999
$20,000-29,999
$30,000-39,999
$40,000-49,999
$50,000-59,999
$60,000-69,999
$70,000-79,999
Total
$80,000 plus
51.5
48.5
100.0
1.3
1.6
4.2
6.6
4.8
5.8
6.3
7.
I
62.2
100.0
Age
17
18
19
20
21
Total
Year
in
School
Freshman
Sophomore
Junior
Senior
Other
Total
Ethnicity
Caucasian
Mexican/Hispanic
African American
Asian
Other
Total
0.7
22.4
52.0
18.5
6.4
100.0
66.0
24.4
8.6
0.5
0.5
100.0
77.6
6.4
5.9
7.9
2.2
100.0
Faber and O’Guinn (1992) was used to gauge compulsive buying in the
present study. Compulsive buying is defined as “chronic, repetitive pur-
chasing that becomes a primary response to negative events or feelings
(O’Guinn and Faber 1989, 155). Rigorous scale development and valida-
tion by the authors found the scale to be highly reliable (alpha
=
.95), one-
dimensional, and valid. See Table 2 for a listing of scale items and scoring
equation.
A
subject who scores less than -1.34 is classified as a compulsive
buyer. This property of the Faber and O’Guinn
(
1992) scale will provide an
estimate of the number of compulsive buyers in the present sample.
Money Attitude Measure
A modified version of Yamauchi and Templer’s
(1
982) twenty-nine-
item money attitude scale (MAS) was used
to
measure respondent money
attitudes. Yamauchi and Templer (1 982) identified four money attitude
factors:
(
1)
power-prestige, (2) retention-time,
(3)
distrust, and
(4)
anxi-
ety. Nine items loaded highly on
the
first factor labeled power-prestige.
Table
2
Compulsive
Buying
Scalea
Items
N
N
P
Scoring equation
=
-9.69
+
(Qla
X
3.3)
+
(Q2a
X
21)
+
(Q2b
X
.50)
+
(Q2c
X
.47)
+
(Q2d
X
33)
+
(Q2e
X
38)
+
(Q2f
X .3
I
).
If score
5
-1.34,
subject is classified
as
a compulsive buyer.
I.
Please indicate how much you agree
or
disagree with each
of
the statements belom. Place
an
X
on the line which best indicates how you feel about each
statement.
neither
strongly somewhat agree nor somewhat strongly
agree agree disagree disagree disagree
(1)
(2)
(3)
(4)
(5)
a.
If
I
have any money left at the end of the pay period,
I
just have to spend it.
- -
2.
Please indicate how often you have done each of the following things by placing an
X
on the appropriate line.
a.
Felt others would be horrified if they knew of my
spending habits.
b. Bought things even though
I
couldn't afford them.
c. Wrote
a
check when
I
hem,
I
didn't have enough
very Some-
Often Often times
(1)
(2)
(3)
Rarely Never
(4)
(5)
h
v
7
money in the bank to cover
it.
- -
Bought myself something in order
to
mahe myself
feel better.
2
%
z
d.
e. Felt anxious
or
nervous on days
I
didn't go shopping.
f. Made only the minimum payments on my credit cards.
g
-
-
rr
;o
-
- -
Scale designed by Faber and O'Guinn
(
1992).
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Someone scoring high on this factor uses money
to
influence and impress
others. The present study dropped two items from this factor and the
entire retention-time factor because the items were deemed not appropri-
ate for college students. The third factor identified was labeled distrust.
Seven items loaded highest on this factor and represent a hesitant, suspi-
cious, and doubtful attitude toward situations involving money. The
fourth factor uncovered by Yamauchi and Templer
(I
982) was labeled
anxiety. Six items loaded highly on this factor and suggest that money can
be seen as a source of anxiety. Responses
to
all items were recorded on
seven-point Likert-type scales, which ranged from always
to
never. Table
3
contains the final money attitude items and factors retained for use
in
the present study.
Credit Card Use Measure
The credit card use measure was developed for the present study. All
responses were recorded on a five-point Likert scale, which ranged from
strongly agree to strongly disagree. Someone scoring high
on
this scale
could be viewed as using credit cards irresponsibly; items three, eight,
ten, and eleven were reverse scored to reflect
this
coding scheme. See
Table
4
for a listing of scale items. An extant measure
of
irrational credit
card use developed by d'Astous (1990) was found to be unreliable in sev-
eral studies that used college student samples (Roberts and Martinez
1997; Roberts 1998). Scale items for
the
present study were developed
after nine focus groups were held with college students who were asked
to discuss how they handle their financial affairs, which included a
detailed discussion
of
credit card
use.
The focus groups and subsequent
literature search resulted in twelve items being included
on
the final scale.
The scale was pretested on a sample of college students (n
=
188)
and
exhibited good internal consistency (alpha
=
.8
I).
All
twelve items were
retained for use in the final scale.
RESULTS
An important finding of the present research was the estimate gener-
ated of the incidence of compulsive buying. Roberts
(1
998) forecasted an
increasing level of compulsive buying with each successive generation.
It
was expected that increased levels of compulsive buying would be found
with members
of
Generation
Y
compared with earlier studies that studied
compulsive buying
in
members of Generation
X
(those born between
226 THE
JOURNAL,
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CONSUMER
AFFAIKS
Table
3
MAS
Scale
Items
and
Factors
Factors
Price
Power- Sensitivity
Prestige Anxiety (Distrust)
I.
3.
3.
4.
5.
6.
7.
X.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Although
I
should judge the success
of
people
by their deeds,
I
am more influenced by the
People
I
know tell me that
I
placc too much
emphasis on the amount
of
money a person has
as a
sign of success.
I
use money
to
influence other people to do
things for me.
X
I
seem to find that
I
show more respect to people
with more money than
I
have.
X
1
behave as
if
money were the ultimate symbol
of
success.
X
I
must adrnit that
I
purchase things because
I
how
they will impress others.
X
In
all honesty,
I
own nice things
in
order to
impress others.
X
I
show signs
of
nervousness when
I
don’t have
enough money.
I
show worrisome behavior when
it
comes
to
money.
I
worry that
I
will not be financially secure.
I
spend money to make myself feel better.
I
am bothered when
I
have to pass up a sale.
It’s hard for me to pass
up
a bargain.
I
automatically say,
“I
can’t afford
it”
whether
I
can
or
not.
When
I
make a major purchase,
I
have a suspicion
that
I
have been taken advantage
of.
When
I
buy something,
I
complain about the price
I
paid.
I
argue or complain about the cost of things
1
buy.
I
hesitate to spend money, even on necessities.
After buying something,
I
wonder
if
I
could have
gotten the same for less elsewhere.
It
bothers me when
I
discover
I
could have gotten
amount of money they have.
X
X
something for less elsewhere.
X
1965 to 1976) and those which investigated compulsive buying
in
a
broader age range of adults (Faber and O’Guinn 1992; O’Guinn and
Faber 1989; Roberts, 1998; Trachtenberg 1988).
The present study used the screener for compulsive buying developed
by
Faber and O’Guinn (see Table
2).
The same weighting scheme for
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227
Table
4
Credit
Card
Use
Scale
Items
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1
I.
12.
My credit cards are usually at their maximum credit limit.
I
frequently use available credit on one credit card to make a payment on another credit card.
I
always pay off my credit cards at the end of each month.
(R)
I
worry how
I
will pay
off
my credit card debt.
I
often make only the minimum payment
on
my credit card bills.
I
am less concerned with the price
of
a
product when
I
use a credit card.
I
am more impulsive when
I
shop with credit cards.
I
spend more when
I
use a credit card.
I
am seldom dclinquent in niabing payments
on
my credit cards.
(R)
I
rarely
go
over my available credit limit.
(R)
I
seldom take cash advances on my credit cards.
(R)
I
have too many credit cards.
each of the seven items of the scale and cutoff point of -1.34 were used
to identify compulsive buyers. All respondents who scored less than
-1.34 were considered compulsive buyers. The above resulted in
9
per-
cent of the sample being classified as compulsive buyers. Previous esti-
mates
of
compulsive buying ranged from
1
to
6
percent of consumers.
The
9
percent estimate of the present study may be conservative because
the Faber and O’Guinn (1992) scale identifies only the more extreme
cases of compulsive buying behavior (Cole and Sherrell
1995).
Scale Assessment
Compulsive Buying.
The items comprising the dependent variable
were subjected to confirmatory factor analysis (CFA) to assess its meas-
urement properties as recommended by Gerbing and Anderson
(1
988).
CFA revealed the following
fit
statistics: Goodness-of-fit (GFI)
=
.99,
incremental
fit
index (IFI)
=
.98,
a normed fit index (NFI) of
.97,
and a
residual mean square error approximation (RMSEA) of
.09.
Taken
together, these statistics suggest an acceptable
fit
of the model (cf.
Sharma 1996). Each item loaded significantly, and the standardized item
loadings ranged from
.56
to
.69.
The Cronbach alpha was
.78.
Money Attitudes.
Power-prestige was also subjected to CFA. The fit
statistics are as follows: GFI
=
36,
IF1
=
33, NFI of
32,
and a RMSEA
of.
19.
Each item loaded significantly, and the standardized item loadings
ranged from
.58
to
.78.
The Cronbach alpha was
35.
Distrust was as follows: GFI
=
.84,
IF1
=
.78,
NFI of
.77,
and a
RMSEA of .20. Each item loaded significantly, and the standardized item
loadings ranged from .33 to
36.
The Cronbach alpha was
30.
228
THE
JOURNAL
OF
CONSIJMEK
AFFAIRS
Table
5
Structural Model Results
Fit
Y2
d.f. GFI AGFI
TLI
CFI NFI
__
Totdl
Sample
(n
=
347)
2.19
813 0.83 0.78 0.84 0.87 0.78
Higher Credit Card Users
Lower Credit Card Users
(n
=
166)
(n
=
181)
Standardired Path Estimates and (1-values)
Higher Credit Lower Credit
Total Sample Card Usage Card Usage
Power
+
Compulsive Buying
0.30
(4.0)
0.34(3.1)
n.s.
Anxiety
-3
Compulsive Buying
0.29 (3.0) 0.22
(I
.7)
n.s.
Distrust
+
Compulsive Buying
-0.19 (2.5)
n.s.
-0.28
(2.3)
NOTE: 1-values
of
2.36
or
greater are significant at the
0.01
level: 1-values
of
I
.66
or
greater are sig-
nificant at the
0.05
level; n.s. denotes nonsignificance.
Finally, anxiety revealed the following: GFI
=
.81, IF1
=
.62,
a NFI
of
.61, and a RMSEA of .30. Each item loaded significantly and the standard-
ized item loadings ranged from
.33
to
.86.
The Cronbach alpha was .7 1.
Credit
Usage.
Furthermore, a twelve-item, five-point Likert scale was
used asking the respondents about their credit card usage. The Cronbach
alpha was .77. We calculated the mean
(x
=
2.4)
and split the sample into
two groups: higher credit card users (n
=
166)
and lower credit card users
(n
=
181) to test the moderating effect
of
credit card use. Given these
results, we proceeded to test the model
in
Figure
1
as a system of interre-
lationships using Structural Equations Modeling (SEM). The results of
this analysis are reported
in
Table
5.
Test of Model
Aggregate
Model
Fit.
Table
5
presents
the
results for measurement
and structural models obtained from Amos 3.61 (Arbuckle 1997). Three
sets of results are presented: one for the total sample
(n
=
347),
another
for the people who are above the mean in credit card use (n
=
166), and
a third
for
the people who are below the mean in credit card use
(n
=
181).
Regarding the total sample results,
the
goodness-of-fit index (GFI)
and the adjusted-goodness-of-fit index (AGFI) values were 0.83 and 0.78,
respectively, which indicate a minimally acceptable fit (Bentler and
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Weeks 1980; Bentler and Chou 1987). Because GFI and AGFI are partic-
ularly sensitive to sample size (e.g., Hoyle and Panter 1995), this study
also reports the Tucker-Lewis (1973) index (TLI), Bender’s (1990) com-
parative fit index (CFI), and Bentler and Bonett’s
(1
980) norrned
fit
index
(NFI). These
fit
statistics are viewed as robust to sampling characteristics
(cf. Bollen 1986).
In
this study’s model of the total sample, the TLI and
CFI are above 0.80. Thus,
it
was concluded that the model
fit
is accept-
able for hypothesis testing.
Path Coefficients
The standardized path estimates shown in Table
5
indicate significant
relationships among the constructs (see Figure
I
a). Specifically, power
significantly predicts compulsive buying
in
the overall results (b
=
0.30;
t
=
4.0); results are similar for those among the higher credit card users
(b
=
0.34;
t
=
3.
I).
Thus, H
1
is supported. The power-compulsive buying
path is not significant for lower credit card users and is significant for
higher credit card users (see Figures Ib and Ic). Therefore, H4 is sup-
ported. Price sensitivity (distrust) significantly lowers compulsive buying
among those in the overall sample (b
=
-0.19;
t
=
2.5)
and among lower
credit card users (b
=
-0.28;
t
=
2.3) but not among higher credit card
users. This lends support for
H2
and H5. Anxiety significantly raises
compulsive buying among those
in
the overall sample (b
=
0.29;
t
=
3.0)
and among higher credit card users (b
=
0.22;
t
=
1.7). Thus, H3 is sup-
ported. Finally, the anxiety-compulsive buying path is significant for
higher but not lower credit card users: H6 is supported. Appendix A con-
tains a correlation matrix
of
the study’s variables.
DISCUSSION AND IMPLICATIONS FOR CONSUMER POLICY
A significant contribution of the present study was its elucidation of
the role credit cards play in the money attitudes-compulsive buying
relationship. Despite
the
ubiquitous nature of credit cards, a dearth of
research exists that examines their impact on consumer behavior. Fein-
berg’s
(
1986) series of experiments found that credit cards facilitate
spending. When a credit card logo was present, students were more
likely
to spend, to spend more, and to make their decision to spend more quickly
than when no credit card logo was present. The results of
the
present
study’s causal modeling support the facilitating nature of credit cards on
consumer spending. In all cases, a student’s use
of
credit cards strength-
230
THE
JOIJRNAL
OF
CONSUMER
AFFAIRS
Figure
la
Money Attitudes and Compulsive Buying:
The
Moderating Effect
of
Credit Card Usage
.30
Buying
-.19
.29
ened the relationship between his or her attitude toward money and com-
pulsive buying. This suggests that credit card usage exacerbates the
prob-
lem
of
compulsive buying.
One researcher who studies credit card use among college students was
quoted as saying, “The unrestricted marketing of credit cards on college
campuses is
so
aggressive that
it
now poses a greater threat than alcohol
and sexually transmitted diseases” (Smith 1999). Credit card use by col-
lege students is a real problem. College students today have grown
up
in
a culture of indebtedness. American college students have been raised
in
a credit card society where debt is used freely (Ritzer 1995).
There is little dispute that a remarkable culture change is behind Amer-
ica’s voracious appetite for debt. The average
U.S.
household owns thir-
teen charge or credit cards and carries $7,500 on credit card balances,
up
Figure
lb
Money Attitudes and Compulsive Buying:
The Moderating Effect of Credit Card
Usage
Higher Credit Card Users
Power
.34
Buying
N/S
a
Anxiety
.22
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I
Figure Ic
Money Attitudes and Compulsive Buying:
The Moderating Effect of Credit Card Usage
Lower
Credit Card Users
Power
N/S
a
Anxiety
N/S
from $3,000 in 1990 (Zuckerman 2000). Credit card use on college cam-
puses tends to mirror this trend. Approximately two-thirds of undergradu-
ates own a credit card,
14
percent carry balances of $3,000 to $7,000;
10
percent have credit card debt exceeding $7,000, and 27 percent own more
than four credit cards (Souccar 1998). Fifty-five percent
of
college stu-
dents get their first card as freshmen, and
25
percent first used credit cards
in high school (TERI 1998). A survey by the U.S. Public Interest Research
Group found that only
13
percent of college students used their credit
cards for emergencies. Almost
25
percent paid their credit card bills late or
only made the minimum amount due (Commercial Law Bulletin 1998).
In 1998, personal bankruptcies reached an all
time
high of 1.38 mil-
lion. In 1999, consumer bankruptcies declined by 9 percent, ending
the
year at 1.26 million (Adler 2000). However,
it
is
predicted that personal
bankruptcies will increase to 1.3 million in 2000 and may reach 1.75
mil-
lion filings by 2002 or 2003 (Adler 2000). Credit card debt is
a
signifi-
cant portion of debt for many individuals seeking protection under the
bankruptcy code
(Moss
1999). A survey by VISA found that
8.7
percent
of those applying for bankruptcy were under the age of twenty-five.
A
few years ago, young people made up only
1
percent of those filing for
bankruptcy (McBride 1997). Of the debtors seeking professional help at
the National Consumer Counseling Service, more than half are between
the
ages of eighteen and thirty-two (Shenk 1997). An Indiana University
administrator was quoted as saying, “This is
a
terrible thing. We lose
more students to credit and debt than academic failure” (Commercial
Law Bulletin 1998,
6).
232
THE
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01;
CONStJMEK
AI:I:AIRS
College students who use credit cards irresponsibly often suffer finan-
cially and psychologically. Students with high consumer debt earn poorer
grades, drop out of school, suffer from depression, file for bankruptcy,
and work more hours to pay their bills (Miller 2000; Mannix 1999).
In
addition to the severity of these problems, credit card debt has also been
linked to a number
of
suicides by college students (Mannix 1999).
Credit card abuse may also affect college students after
they
have left
school. Late payments and delinquencies can impact
a
student’s credit
report and may inhibit their ability to secure
a
job or attend graduate
school. Prospective employers routinely look at credit histories of poten-
tial candidates for hire. Graduate school often requires student loans to
cover
the
cost
of
education. Without good credit, a student may be denied
the access to student loans needed to finance his or her education.
The present study’s findings regarding the role of credit card use on
college student spending have several important implications for con-
sumer policy. Two issues worthy
of
discussion include the followiiig:
1.
Is
financial education a solution to
the
problem of credit card
2.
What role should institutions of higher learning play
in
regard to
misuse on college campuses?
credit cards on college campuses?
Many researchers familiar with the problem of credit cards on college
campuses view financial education as a solution to the problem of college
student overspending (Hayhoe et
al.
2000; Hayhoe et al. 1999; Munro
and Hirt 1998; Schembari 2000; Smith 1999; Souccar 1998;). Hayhoe et
al. (2000) conclude that programs teaching students the responsible use
of
credit should begin
in
junior high and high school. The authors con-
tend that students must be taught the proper use of credit and be provided
with
strategies to counteract the emotional messages of credit advertising.
Results of
a
study conducted by Munro and Hirt (1998) support these
findings. Munro and Hirt found that college students who had credit card:,
before entering college were more responsible
in
their use. One could sur-
mise that this more responsible use of credit may be the result of finan-
cial education and role modeling by the students’ parents while the stu-
dent was living at home. However, this is only speculative given the high
levels of credit card debt and misuse
in
the general adult population.
The reality of the situation, however, is that few high schools help pre-
pare students for living on their own, whether working or attending col-
lege. Colleges are beginning to find that orientation programs should
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include survival skills, such as learning how
to
budget one's money an(
to use credit cards responsibly (Smith 1999).
Hayhoe et al.
(1
999) found that students with four
or
more credit card!
thought more about the consequences of using credit than those whc
owned fewer credit cards. Comments made by these students led
the
researchers to conclude that the reasons students with more credit cards
thought about the consequences
of
their
use was because they were cur-
rently working to pay off their credit card debt. These students were more
likely to have taken a course
in
personal finance and sought financial
advice. The authors conclude that students apparently seek financial
advice in reaction
to
perceived
or
actual credit problems.
It
appears that students use financial counseling and planning reactively
rather than proactively (Hayhoe et al. 1999).
If
parents, counselors, and
educators can reach and educate students before credit card use becomes
a way
of
life, perhaps they can keep them from learning the danger of
credit card use the hard way (Hayhoe et al. 1999; Schembari
2000).
Credit card marketers are also increasing their efforts
to
educate stu-
dents on the proper use of credit cards. This increased effort to educate
students may be a result of
the
mounting negative publicity over increas-
ing student debt. Credit card associations are spending money on promo-
tions, brochures, and even entertainment events to encourage the proper
use of credit (Souccar 1998). However, should the organizations that
stand to profit most from the use of credit cards be responsible for edu-
cating students about their proper use?
Despite the research suggesting the efficacy of financial education to
combat credit card abuse,
little
evidence exists to suggest that financial
education
will
curtail credit card use among college students.
As
a group,
do college students really not understand the cost of using credit,
or
do
they simply choose
to
ignore it? The increase
in
personal bankruptcies
and debt among those under twenty-five suggest the latter may be true.
For
many young adults, bankruptcy appears to be an acceptable debt
management technique. Research
is
needed that investigates the relation-
ship between credit knowledge and credit use.
A
second issue worthy of discussion is the proper role institutions
of
higher learning should play
in
regards to credit cards on college cam-
puses.
As
the presence of credit cards grows on college campuses, the
relationship between credit card companies and colleges and universities
become increasingly complex (TERI 1998). Important issues to consider
include schools accepting credit cards as payment for tuition and the mar-
keting of credit cards on campus.
234
Tl1E
JOlJRNAI.
OF
CONSUMER
AFFAlRS
Many institutions (approximately
50
percent) now allow students to
charge tuition and fees,
as
well as other services. One of five students
reported having used
a
credit card to pay for tuition and fees. This adds
to the already high levels of students’ credit card debt and places students
at a greater risk of experiencing financial difficulties. Additionally,
the
rates charged by credit cards are much higher than conventional loans and
require immediate payment--often minimum payments that further
increase the cost of a college degree.
Credit card vendors gain access to students through several avenues.
Many are invited to set up booths on campus at
the
beginning of each
year. Some credit card vendors sponsor student organizations that solicit
fellow students to apply for credit cards. Purchases made at the bookstore
often contain solicitations for credit cards stuffed into
the
bag in which
the books are packed. Credit card companies also solicit assistance from
college and university development and alumni offices (Munro and Hirt
1998). Affinity cards with
a
picture of a campus landmark
on
the card are
popular among students, staff, and faculty.
What makes the relationship between schools and credit card companies
complex is that schools make money from all of the above activities. Four
of five universities allow on-campus solicitations for credit cards and
charge credit card vendors between
$175
to
$400
per day to rent tables
during freshman orientation. Schools also receive a percentage of all stu-
dent charges when they authorize the issuance of an affinity card. Paradox-
ically,
it
is now
in
the school’s best interest for its students to be in debt.
Is
it
enough that colleges and universities offer credit counseling after the
stu-
dents have already experienced credit difficulties? Administrators responsi-
ble for student affairs need
to
examine their practices with respect to credit
card solicitations on campus (Munro and Hirt 1998). The fact that schools
benefit financially from student debt has important implications for the
policies they set regarding on-campus credit card solicitations.
A
second contribution of the present study was the elucidation
of
the
relationship between various money attitudes and compulsive buying
among
a
group of people (college students) who have been identified as
members of a highly materialistic generation (Roberts 1998).
Consistent with earlier research efforts (Roberts and Sepulveda 1999
a,b), the power-prestige dimension was a central variable
in
understand-
ing how money attitudes drive compulsive buying. It appears that com-
pulsive buying is driven by the desire for power and prestige (status).
It
was Ralph Waldo Emerson who said, “The value of
a
dollar is social, as
it
is created by society” (qtd.
in
Fumham and Argyle 1998,
I).
Status con-
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sumption is best viewed
as
a consumer value (Richins and Dawson 1992).
Consumer values are driven by personal values. The possessions people
cherish are
a
reflection of their values. Status consumption has been
described
as
a
“form of power that consists of respect, consideration, and
envy from others that represents the souls
of
a
culture” (Csikszentmiha-
lyi
and Rochberg-Halton 1981, 29). Consumers attempt to signal their
comparative degree of social power, which Veblen (1899) referred to as
conspicuous consumption.
It
is clear that advertisers understand the strong
link
between the desire
for power and prestige and spending. Status appeals are the second most
common approach used by advertisers after price appeals (Clapp 1998).
College students today have been raised in a culture where spending is
revered and saving eschewed. Material possessions are seen as a signal of
one’s self-worth. As status is
a
comparative and competitive process,
it
is
clear how the desire for power and prestige can lead to compulsive buying.
A second variable to achieve significance
in
this study’s causal model
was the newly labeled price sensitivity (distrust) dimension of the MAS
scale. Consumers who worry less about the price they pay were more
likely to be compulsive buyers. This has intuitive appeal. If consumers
are constantly haggling or complaining about the price they pay for prod-
ucts, they are less likely to be compulsive buyers.
The relationship found between anxiety and compulsive buying in the
present study was consistent with earlier findings. Those who experience
higher levels of stress and anxiety regarding money matters are more likely
to exhibit compulsive buying behavior. Compulsive buyers often shop as a
means of reducing stress. However, the resulting spending may also be a
contributor to the stress levels experienced by the compulsive buyer.
Anx-
iety is likely both an antecedent and outcome of compulsive buying.
A third contribution of the present study is of particular importance.
Despite the ubiquitous nature of credit cards, a dearth of research exists
which examines their impact on consumer behavior.
A significant contribution of the present study
was
the inclusion
of
a
credit card use measure, which addresses important aspects of credit use
in
young adults. A six-item measure of irrational credit card use by d’As-
tous (1990) was found to be unreliable across several studies (Roberts
1998; Roberts and Martinez 1997). The scale developed for the present
study was constructed after conducting focus groups with college stu-
dents and a pretesting of items. Nine focus groups were held with stu-
dents who were asked to discuss how they handle their financial affairs,
which included a detailed discussion of credit card use. The items that
236
THE
JOURNAL
OF
CONSUMER AFFAIRS
evolved from these groups and extant credit card use scales were then
tested for reliability on a sample
of
college students.
The
twelve items
retained for the final scale exhibited good internal consistency (Alpha
=
.81)
in
the pretest.
As
the issue of credit card use gains in academic
scrutiny,
it
is
imperative that this area
of
research has valid scales to
measure its central constructs.
FUTURE RESEARCH AND STUDY LIMITATIONS
The relationship between credit card use and consumer spending merits
additional research. The present study’s findings combined with those of
Feinberg’s
(
1986)
and others suggest credit cards do facilitate dysfunctional
behavior such as compulsive buying. However, results are far from conclu-
sive. More careful experiments and research are needed to help us better
understand the role credit cards play in consumer spending. Research that
investigates the impact of financial education on credit card use is needed.
Financial education has been identified as the solution to
the
problem of
credit card abuse on college campuses, but littie research has been done to
test this relationship. Mounting credit card debts, dwindling savings, and
the integral role credit plays in furthering the consumer culture make this a
critical area of research. Longitudinal studies that examine money attitudes
after intervention (e.g., financial education) are needed.
A
second area
of
needed research
is
in
model development. The pres-
ent study found that credit card use does moderate the money attitude-
compulsive buying relationship. However, many other antecedents of
compulsive buying have been identified and tested.
A
complete model of
the compulsive buying phenomenon would no doubt include familial,
biological, psychological, and sociological variables in addition to the
variables included in the present study. A meta-analysis and subsequent
model development would push forward an area of research that has seen
a good amount of credible research, but lacks a testable model of com-
pulsive buying.
Future research efforts should also attempt to improve upon several
of
the limitations of the present study and others in the area of money atti-
tudes and compulsive buying. First, more representative samples are
needed. Many earlier research efforts used adults and self-identified com-
pulsive buyers. The present study’s sample of college students was from
one school and reported a positively skewed income distribution.
A
good
sampling frame from a cross section of young adults would improve the
ability to better formulate policy to address this growing problem. Longi-
WINTER
200
I
VOLUME
35,
NUMBER
2
237
tudinal studies are also needed
to
assess the potential interaction of age
and consumer spending.
Finally, continual refinement of this study’s scales and other scales
used in this area of research is needed. The MAS scale has shown ade-
quate stability. The present study’s CFAs lend support for the three fac-
tors utilized, but work
is
still needed
to
improve and possibly expand its
factor structure. The credit card use scale is also in need of further test-
ing. It demonstrated acceptable reliability but could benefit from further
testing across varied samples with related measures that could be used to
assess
its
criterion validity. These measures could include student credit
card debt, number of credit cards owned, and delinquent payment history.
Faber and O’Guinn’s
(1992)
seven-item measure of compulsive buying
demonstrated acceptable fit statistics in the present study and has been
used extensively in the literature. However,
it
is suggested that
researchers drop the item that asks about making credit card payments.
This particular approach was taken in the present study because of the
potential for confounding items between this item and those of the credit
card use scale.
APPENDIX
A
Correlation Matrix
Coefficient Alpha
I
2
3
4
5
-
Compulsive Buying
(I)
.78
Credit Card
Use
(2)
.78 .58b
-
Power-Prestige
(3)
.86 .3Ib .2Ib
-
Price Sensitivity
(4)
.79 -.04 .04 .22b
-
Anxiety
(5)
.82
.15b
.17b .35b .45b
-
ap
<
.05
bp
<
.01
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Günümüzde vazgeçilmez bir araç̧ olarak tüketicilerin cüzdanlarında yer alan kredi kartlarının, teknolojik gelişmeler ve pandemi etkisiyle birlikte piyasadaki kullanımının da gittikçe arttığı gözlenmektedir. Kredi kartları tüketicilerin anlık finansman ihtiyacını gidermesinin yanı sıra nakit ihtiyaçlarını karşılama, ödemeleri zamana yayarak finansman kaynağı oluşturma ve tüketim ihtiyaçlarını gidermede en etkili araçtır. Kredi kartları, internet ile olan adaptasyonu sayesinde dünyanın her yerinde zaman ve mekan gözetmeksizin nakit ihtiyacı duymadan milyonlarca marketten ve mağazadan alışveriş imkanı sunmaktadır. Bu nedenle günümüzde kredi kartı kullanımı çok yaygın hale gelmiştir. Araştırmanın amacı ekonomik kriz döneminde tüketicilerin kredi kartı kullanım alışkanlıkları, kredi kartı ile yapılan harcama miktarı, kredi kartı borcunun ödenmesi, kredi kartlarının sektörlere göre kullanımı gibi davranış analizleri ile cinsiyet, medeni durum, yaş, eğitim düzeyi, aylık gelir miktarı vb. demografik özellikler arasındaki ilişkinin araştırılmasıdır. Kredi kartlarının kullanım alışkanlıklarının takip edilmesi tüketiciler, bankacılık sektörü ve diğer pazar paydaşları için önemlidir. Bu araştırmada kullanılacak anket çalışması için kredi kartları ile ilgili yapılmış olan önceki çalışmalardaki ölçeklerden yararlanılarak 439 kişi ile çevrimiçi anket yapılmıştır. Araştırma 23-31 Temmuz 2022 tarihleri arasında Tüketici Birliği Federasyonun kayıtlı veri tabanındaki tüketicilerin katılımı ile gerçekleşmiştir. Araştırmaya katılanlar arasında 30 kişi kredi kartı kullanmadığından, anketi cevaplayanlar arasında kredi kartı kullanan 409 kişiden elde edilen veriler araştırma için dikkate alınmıştır. Bu araştırmada aylık harcamalarda kredi kartının payının çok yüksek olması, kredi kartı limitlerinin dönem sonu gelmeden dolmaya başlaması, kredi kartı ekstre borcundan dolayı nakit avans kullanımlarının, takip oranlarının artması ve araştırmaya katılanların büyük oranda kredi kartı borcunu zamanında ödeyememesi sonuçları elde dilmiştir. Dikkat çekici bir diğer sonuç̧ ise kredi kartı borcunu hiç̧ ödeyemediğini söyleyenler arasında emekli, öğrenci ve ücretli çalışanlar dışında profesyonel meslek sahibi kişilerin de yer almasıdır Haneye asgari ücret ve altında gelir giren ailelerin büyük oranında sadece bir kredi kartına sahip oldukları dikkat çekmektedir. Ayrıca kredi kartı ödemelerinde internet ve mobil bankacılık uygulamalarının payının arttığı tespit edilmiştir. Kredi kartının kullanım alanları olarak eskiden nakit kullanılan manav, bakkal, kasap ve semt pazarları gibi alanlarda kredi kartı kullanımının yaygınlaştığı, son dönemlerde en çok kredi kartı harcamalarının beyaz eşya, market ve giyim alanlarında yapıldığı dikkat çekmektedir.
... Palabras clave: Psicología económica, psicometría, comportamiento del consumidor, etnopsicología, comportamiento de compra En el dominio de las compras en el punto de venta, diversas situaciones pueden potenciar o influir en los productos que decidimos llevarnos a casa, desde las características individuales de los consumidores como las actitudes (Roberts & Jones, 2001;C. Wu & Jang, 2008) y toma de decisiones (Kwan et al., 2004). ...
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Las enfermedades cardiovasculares (ECV) son la primera causa de morbimortalidad en los países industrializados, determinando más del 45% de todos los fallecimientos acaecidos después de los 65 años, con deterioro funcional y pérdida de independencia. En México, un factor de riesgo para el desarrollo de enfermedad cardiovascular es el consumo de bebidas azucaradas y carbonatadas, así como grasas y carbohidratos. Conocer el significado que atribuyen los mexicanos con cardiopatía isquémica, respecto a las creencias conductuales, normativas y de control (Fishbein & Ajzen, 1977) que tienen respecto a la alimentación cardiosaludable, podrá brindar un panorama respecto a su comportamiento en el proceso de salud y enfermedad.
... Earlier studies on panic purchasing have addressed this behaviour through various lenses, including "policy and legal actions" [11], "retailers and suppliers" [12,13], "panic purchase of vaccines" [14], "natural disasters" [15], "social media influences" [16], and "urgency of impulsive purchase" [17]. Previous research has shown that different psychological variables such as uncertainty, perceived severity and perceived scarcity [5], cyberchondria, self-isolation, and purchase self-efficacy [6], stress [18], anxiety [5,19], and even pleasure [20] contribute to unusual and/or panic purchasing. Despite the fact that before and during the pandemic there were growing studies [5][6][7][8]21] that addressed consumers' unusual and panic-buying behaviour, there is still a need for more understanding of unusual buying amid a pandemic. ...
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This research examines the influences of perceived severity, anxiety, and self-isolation intention, amid the coronavirus disease of 2019 (COVID-19), on panic food purchasing. The research adopted a quantitative approach using a pre-examined instrument, which was self-administered by the research team (with support from a data collection-specialised company) to consumers who were urgently shopping for food in the Kingdom of Saudi Arabia (KSA). The results of structural equation modelling (SEM) using analysis of a moment structures (AMOS) software showed a significant positive impact of perceived severity on consumers’ anxiety and self-isolation intention amid the COVID-19 pandemic. Self-isolation intention was found to have a significant positive impact on the anxiety of consumers amid the pandemic. Additionally, perceived severity, anxiety, and self-isolation have a significant positive impact on panic food purchasing. Both anxiety and self-isolation were found to have partial mediating effects in the link between perceived severity and panic purchasing intention. The results of the current research contribute to a better understanding of factors that influence panic purchasing behaviour, especially amid a pandemic. This will help policymakers to deal with this behaviour when such issues arise in the future. Other implications for scholars and policy makers are discussed.
... Thus, self-control is linked to financial behavior. Generally, financial self-control is measured in the literature by the Credit Card Use Scale containing 12 items to assess credit card behavior, such as always abiding by card limits, having a hard time repaying the credit card, impulsive shopping with card payments, and withdrawing cash from the credit card [41]. Self-control is also measured by the Consumer Spending Self-control Scale, which is the self-imposed standard reflecting the ability of individuals to monitor spending, focus on long-term financial goals, consider the consequences of purchases, etc. [42]. ...
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This study investigated the effects of financial literacy, financial self-control, and demographic determinants on individual financial performance and behavior during the Lebanese crisis period between 2019 and 2021. To the best of our knowledge, this may be the first study that compares the determinants of financial behavior for different generations, genders, marital statuses, and education and income levels. To do so, we conducted a comprehensive survey of 328 individuals and performed a logistic regression analysis. The empirical results show that an individual’s financial performance and behavior are positively affected by financial literacy, financial self-control, and demographic factors, in particular education and income levels. In addition, when we focused on the demographic factors, the results reveal that having good financial literacy increases the likelihood of an individual’s financial performance and behavior, in particular for Generations X and Z, males and females, single and married people, low- and high-educated people, and low- and high-income individuals. However, having good financial self-control only increases the likelihood of an individual’s financial performance and behavior at highly educated levels. The results are robust and come from various performed methodologies, and the results have important policy implications. The policies should be focused on enhancing an individual’s financial behavior and helping young adults acquire skills in self-control. Policies could also motivate local financial institutions to offer a variety of financial products and investment opportunities, targeting low-income and low-educated individuals, by providing subsidized funds with parallel mandatory financial studies.
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Bu çalışmada, müşterilerin bir marketten satın alma tercihleri detaylı incelenmiş ve elde edilen sonuçlar, TCMB verilerini kullanan TEPAV'ın banka ve kredi kartı ile yapılan harcamalar üzerindeki çalışmaları ile karşılaştırılmıştır. 11-17 Mart 2019 tarih aralığında 589 kişinin, 11-17 Mart 2020 tarih aralığında ise 645 kişinin alışveriş verisi kullanılmıştır. Eğilimler aynı olmasına rağmen sayısal değerler arasında farklılıklar görülmüştür. Markette 11-17 Mart 2020 haftası boyunca yapılan nakit ve kredi kartı harcamaları, 11-17 Mart 2019 haftasındaki harcamalar göre %90 artış gösterirken TEPAV'ın kümülatif değeri %80 bulunmuştur. Benzer şekilde marketteki gıda maddelerindeki bir hafta boyunca artış %73 olarak hesaplanırken TAPEV'in kümülatif değeri %60 olarak bulunmuştur. In this study, the preferences of customers to buy from a market are analyzed and the results are compared with TEPAV's studies on bank and credit card expenditures using CBRT data. Shopping data of 589 people in the period of 11-17 March 2019 and 645 people in the period of 11-17 March 2020 were used. Cash and credit card spending during the week of 11-17 March 2020 increased 90% compared to the expenses of 11-17 March 2019, while the cumulative increase of TEPAV's study was found to be 80%. Similarly, while the increase in foodstuffs in the market was calculated as 73% for a week, the cumulative increase of TEPAV's study was found to be 60%. The analysis of the markets and the resulting differences in the environment is different from that found in Turkey and would mean different kinds of payments in the grocery are considered effective.
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The implementation of non-cash or cashless systems in Indonesia is a direct influence of the development of financial technology (fintech). One form of applications of this non-cash system is electronic money, for example, GO-PAY, which is widely used in Indonesia. GO-PAY is a product of the first unicorn startup in Indonesia. This study was carried out with the aim to determine the process of forming an interest in adopting GO-PAY. This study was conducted using a qualitative approach with a single case study method and the data collection techniques used Focus Group Discussion. Based on the Focus Group Discussion, it was found that the informants were interested in adopting GO-PAY after going through the stages of adoption interest seen from Awareness, Interest, Evaluation, Trial, and Adoption. In addition, the adoption interest of GO-PAY for informants was also supported by factors of perceived usefulness and perceived ease of use—in which the easier the technology, and the more useful the technology, the faster the technology will be adopted.
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The Meaning of Things explores the meanings of household possessions for three generation families in the Chicago area, and the place of materialism in American culture. Now regarded as a keystone in material culture studies, Halton's first book is based on his dissertation and coauthored with Mihaly Csikszentmihalyi. First published by Cambridge University Press in 1981, it has been translated into German, Italian, Japanese, and Hungarian. The Meaning of Things is a study of the significance of material possessions in contemporary urban life, and of the ways people carve meaning out of their domestic environment. Drawing on a survey of eighty families in Chicago who were interviewed on the subject of their feelings about common household objects, Mihaly Csikszentmihalyi and Eugene Rochberg-Halton provide a unique perspective on materialism, American culture, and the self. They begin by reviewing what social scientists and philosophers have said about the transactions between people and things. In the model of 'personhood' that the authors develop, goal-directed action and the cultivation of meaning through signs assume central importance. They then relate theoretical issues to the results of their survey. An important finding is the distinction between objects valued for action and those valued for contemplation. The authors compare families who have warm emotional attachments to their homes with those in which a common set of positive meanings is lacking, and interpret the different patterns of involvement. They then trace the cultivation of meaning in case studies of four families. Finally, the authors address what they describe as the current crisis of environmental and material exploitation, and suggest that human capacities for the creation and redirection of meaning offer the only hope for survival. A wide range of scholars - urban and family sociologists, clinical, developmental and environmental psychologists, cultural anthropologists and philosophers, and many general readers - will find this book stimulating and compelling. Translations: Il significato degli oggetti. Italian translation. Rome: Edizione Kappa, 1986. Der Sinn der Dinge. German translation. Munich: Psychologie Verlags Union, 1989. Japanese translation 2007. Targyaink tukreben. Hungarian translation, 2011.
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Join author Mike Bell and new co-author Loka Ashwood as they explore "the biggest community of all" and bring out the sociology of environmental possibility. The highly-anticipated Fifth Edition of An Invitation to Environmental Sociology delves into this rapidly changing and growing field in a clear and artful manner. Written in a lively, engaging style, this book explores the broad range of topics in environmental sociology with a personal passion rarely seen in sociology books. The Fifth Edition contains new chapters entitled "Money and Markets," "Technology and Science," and "Living in An Ecological Society." In addition, this edition brings in fresh material on extraction between core and periphery countries, the industrialization of agriculture, the hazards of fossil fuel production, environmental security, and making environmentalism normal.
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The authors outline an updated paradigm for scale development that incorporates confirmatory factor analysis for the assessment of unidimensionality. Under this paradigm, item-total correlations and exploratory factor analysis are used to provide preliminary scales. The unidimensionality of each scale then is assessed simultaneously with confirmatory factor analysis. After unidimensional measurement has been acceptably achieved, the reliability of each scale is assessed. Additional evidence for construct validity beyond the establishment of unidimensionality then can be provided by embedding the unidimensional sets of indicators within a nomological network defined by the complete structural model.