Research Article
Defining the Area of Knowledge for Financial Literacy: The Influence of Financial
Courses on Materialism
Rosmini Ismail1*, Khalizul Khalid2, Rusliza Yahaya3, Mohd. Faizal Basri4
*1,2,3,4Faculty of Management and Economics,
Sultan Idris Education University, Tanjung Malim, Perak, Malaysia rosmini@fpe.upsi.edu.my1*
Article History: Received: 10 November 2020; Revised: 12 January 2021; Accepted: 27 January 2021;
Published online: 05 April 2021
Abstract: Numerous studies have foundthatfinancial literacy may assist in averting irresponsible spending that linked to
materialistic values. However, the area of knowledge that delivers financial literacy varies among studies. The study determines whether credit hours of financial courses,namely, economics, finance and accounting, affect materialism. Consequently, three moderator variables namely gender, year of study and financial sponsorship, were added into the analysis. A survey was conducted on 1022 business undergraduates in Universiti Pendidikan Sultan Idris using money attitude scales as a proxy to measure materialism. Findings indicate that there werenodirectcorrelations between credithoursof financial courses cumulatively or individually, with materialism scores. However, when the year of studyvariable,specifically fourth-year students category, wasinserted as a moderating effect, all three financial courses credit hours were found to be negatively correlatedwith materialism score. The findings demonstrate that accounting courses credit hours affect all materialism dimensions. Meanwhile, three and two materialism dimensions negatively correlated with economic and finance courses, respectively. It indicates that final year students materialistic values lessen as particular financial courses credit hours increased. The findings may provide input to financial literacy modules to mitigateyoung-executive debt crises.
Keywords: Materialism,Moderating Effect, Economic, Dimensions
1. Background of the Study
College students spending habits have been under scrutiny due to improper use of credit card and education loans (Limbu, 2017; Paul, Nolan, & Smith-Hunter, 2017; Singh, Rylander, & Mims, 2018; Zachary Finney & Finney, 2018). Such irresponsible behaviour at this stage may lead to excessive debt accumulation and financial trouble in the future(Achtziger, Hubert, Kenning, Raab, & Reisch, 2015; Aw, Cheah, Ng, & Sambasivan, 2018). Various research found that materialistic values influenced this kind of behaviour (Islam, Wei, Sheikh, Hameed, & Azam, 2017; Kuknor &Sharma, 2017; Sari & Suyasa, 2017). The more materialistic a person is, the more likely he or she would demonstrate undesirable spending behaviours. It is because materialistic individuals were likely to derive their satisfaction and dissatisfaction from worldly possessions; thus, making unwise financial decisions (Khare, 2014).
Optimistically, financial education may reduce materialism, promote positive financial attitude (Stone, Wier, & Bryant, 2008) and encourage forward-looking financial decision (Nye &Hillyard, 2013). As a result, a recommendation was put forth for the program to be developed based on specific behaviours it wants to overcome and should be acted upon as soon as possible (Fernandes, Lynch Jr, & Netemeyer, 2014).However, the branch of knowledge that creates a financially literate individual varies between studies. In this sense, a financially literate person could well describe a person who understands the mechanism of Economics, Finance, Mathematics, Accounting or any other quantitative field of study.
Therefore, the objective of the study is to determine the type of financial knowledge acquired by business students through financial courses offered at University Pendidikan Sultan Idris that correlate or correlates more with materialism. Concurrently, the study also intends to identify the numberofcredit hours taken by students that can beassociated with materialism.
2. Literature Review
Materialism is "a psychological construct reflecting the extent to which an individual believes that it is important to attain money, possessions, image, and status, relative to other aims in life"(Kasser, 2018). Thus, individuals' materialistic values were motivated by having physical possessions as the ultimate goal in life, in order to attain happiness and as a sign of success"(Richins& Dawson, 1992; Sari & Suyasa, 2017). Being materialistic is not just about wanting and possessing money, but consequently, using money to acquire things as
well (Donnelly, Ksendzova, Howell, Vohs, & Baumeister, 2016). Materialism also reflects beliefs or attitudes toward money and possessions (Christopher, Marek, & Carroll, 2004).
Due to this, materialismplays a mediating role for undesirable financial behaviour such as compulsive buying (Harnish, Bridges, Gump, & Carson, 2018; Islam et al., 2017; Sari & Suyasa, 2017), impulsive buying (Mathai & Shanthaamani, 2016; Nye & Hillyard, 2013; Omar et al., 2014) and credit card debt crisis (Khare, 2015; Peltier, Pomirleanu, Endres, & Markos, 2016). Numerous scales were developed to measure materialismand examine its relationship with these behaviours(Khare, 2014; Klontz, Britt, Mentzer, & Klontz, 2011; Richins & Dawson, 1992; Taylor, Klontz, & Britt, 2016; Yamauchi & Templer, 1982). For example, Pham, Yap, and Dowling (2012) found that those who were prone to compulsive buying were highly materialistic individual with poor financial management practices.
On the other hand,students inappropriate spending using credit card debt and education loans were a reflection of their financial knowledge and management(Limbu, 2017; Lynch, Best, Gutierrez, & Daily, 2018; Robb, 2011). Itwill cause difficulty in managing the fund and led to bankruptcy, poor retirement planning and debilitating debt (Bianco and Bosco, 2011). Similarly, Brown, Grigsby, van der Klaauw, Wen, and Zafar (2016) documented that financial education improves repayment behaviour and decreases in reliance on debt for US youth. This type of knowledge needs to be learnt and applied from high school and comprehensively in colleges and universities (Davidson, 2006).The content of financial education plays a significant role in determining the impact it has on future spending and debt-related outcomes (Brown et al., 2016). Therefore, it is vital to identify areas and effectiveness of financial knowledge that contributes to financial literacy to create financially literate individuals.
However, the definitions of financial literacy are wide-ranging and therefore, did not particularly points to particular types of financial knowledge (OECD, 2016). In this sense, a financially literate person could well describe a person who understands the mechanism of Economics, Finance, Mathematics, Accounting or any other quantitative field of study (Alexander & Mader, 2017; Skagerlund, Lind, Strömbäck, Tinghög, & Västfjäll, 2018; Trombetta, 2016; Yahaya, Zainol, Abidin, & Ismail, 2019). Therefore, this study aims to determine whether different areas of financial knowledge and hours of credits to its content affect materialism. Since materialism encompassed the desire for various types of physical possession, the study limit the scope to 'money' and uses money attitude scale to represent materialism dimensions.
3. Methodology
The study utilisedthemoney attitude scale to measure materialism values. Overall, the survey's instrument comprised of respondents' background, financial management awareness and money attitude scales. Secondary data were used to determine their financial knowledge credit. As for money attitudes scales, they were adopted and adapted from two established scales; (i) Money Attitude Scale (MAS) by Yamauchi and Templer (1982) and (ii) Klontz Money Script Inventory (KMSI) by Klontz et al. (2011). There were also other studies used as references (Durvasula & Lysonski, 2010; Harnish, Bridges, Nataraajan, Gump, & Carson, 2018; Khare, 2014; Qamar, Khemta, & Jamil, 2016; Richins & Dawson, 1992). Adopted items were modified and translated into the local language and measured using a scale of 1 to 10, with 1 being strongly disagreed and 10 strongly agree. Overall, there were 30 items of materialism dimensions which consisted of 15 items of Money Attitude Scale (MAS), 11 items'KMSI and four new own items. There were several items other than money attitude scales included in the questionnaire such as gender, program and year of study, personal finances perception and satisfaction.
A survey conducted using a self-administered questionnaire distributed to undergraduates from the Management and Economics Faculty of UniversitiPendidikan Sultan Idriswithinsix weeks commencing 12th
March until 20th April 2018 during lecture classes. Several measures were taken before data collection to ensure
all students have the opportunity to participate in the study while precluding repetitive respondents. On average, an allocation of 20 - 25 minutes required to complete the questionnaire.Data were subjected to descriptive, factor analysis and inferential analysis. Each factor selected for materialism dimension has factor loading above 0.4 and α ≥ 0.70. For inferential analysis, the nine bachelor programs were further divided into two sub-divisions which were (i) education and non-education programs; and (ii) financial-focused and less financial-focused programs.
4. Results
A total of1022 feedbacks received from nine bachelor degree programs (as illustrated in Table 1). Number of female respondents was five times more than male respondents. However, the small number of male respondents was due to the low number of male students enrolled in the selected programs. It is estimated that gender
representation from the study's population were approximately 63% and 77% for male and female, respectively. The same goes for the program of study, where the total number of respondents from the bachelor in education was far less than those from non-education programs due to smaller students' intake for education programs. Overall, the data represents more than 70% of the study populations, and each variable's within groups proportion were more than 60% of the study's population.
Personal finances perception and satisfaction indicate that more than 90% of the respondents believed they know how to manage their finances. However, around 20% were not satisfied with the way they managed their finances. Meanwhile, 12.4% of feedbacks indicate that they were oblivious of personal financial management. Other than compulsory financial courses offered within program structures, there were also additional financial courses in the form of seminars, workshops and conferences conducted throughout the semester. For these types of optional courses, less than 50% have attended at least once, while less than 1% has attended more than three times.
The areas of financial courses identified in this study were accounting, economics and finance subjects. The number of subjects taken and its credit hours for each year of study was based on their program structures (Refer to Table 2). Overall, those from Business Education, Entrepreneurship and Commerce Education and Human Resource Management programs, have the least financial courses credit hours requirement with nine to fifteen hours. Accounting and non-education Economics programs have the most credit hour's requirements of 63 to 75 hours. Others were 36 to 60 credit hours.
Table 1.Respondents background
Respondents background Frequency %
1 Gender Male 163 15.9 Female 859 84.1 2 Year of Study 1st year 365 35.7 2nd Year 318 31.1 3rd Year 219 21.4 4th Year 120 11.7 3 *Program of Study
Bachelor of Education in Accounting (AT08) 77 7.5
Bachelor of Education in Economics (AT18) 55 5.4
Bachelor of Education in Business Management (AT21)
57 5.6
Bachelor of Education in Entrepreneurship and Commerce (AT45)
46 4.5
Bachelor of Accounting (AE02) 156 15.3
Bachelor of Economics (Finance) (AE07) 126 12.3
Bachelor of Business Administration (Human Resource Management) (AE11)
243 23.8
Bachelor of Business Administration (Financial Services) (AE14)
174 17.0
Bachelor of Economics (Islamic Financial) (AE23) 88 8.6 4 Other financial support Yes 430 42.1 No 592 57.9 Total 1022 100.0 Table 2.Courses credit hours according to year of study and programs
Year of study
Program
Courses credit hours Total credit hours
ACC ECO FIN
1 AT08 6 0 0 6
AT21 3 3 0 6 AT45 3 3 0 6 AE02 9 3 0 12 AE07 3 12 0 15 AE11 3 3 0 6 AE14 3 3 0 6 AE23 3 6 0 9 2 AT08 27 3 3 33 AT18 3 18 0 21 AT21 3 3 0 6 AT45 3 3 0 6 AE02 27 6 0 33 AE07 3 27 9 39 AE11 6 6 3 15 AE14 6 6 9 21 AE23 3 30 3 36 3 AT08 45 3 3 51 AT18 3 30 0 33 AT21 3 3 0 6 AT45 3 3 3 9 AE02 45 6 3 54 AE07 3 42 18 63 AE11 6 6 3 15 AE14 6 6 33 45 AE23 3 45 9 57 4 AT08 45 3 6 54 AT18 3 33 0 36 AT21 6 3 0 9 AT45 3 3 3 9 AE02 48 6 9 63 AE07 3 48 24 75 AE11 6 6 3 15 AE14 6 6 48 60 AE23 3 45 15 63
*Acc = Accounting; Eco = Economics; Fin = Finance
Exploratory Factor Analysis
Four items from overall money attitude scales had a factor loading of less than 0.4 and were omitted from further analysis. The remaining items constitute six factors; however, two factors were dropped from the study due to consisting of less than three items and another due to α < 0.70. In the end, there were four factors selectedas materialism dimensions (Table 3). Money Worship and Money Influence factors have a coefficient of above 0.80 and thus indicating good internal consistency. Two more factors, Money Anxiety and Money Enjoyment with Cronbach alpha above 0.70 were considered acceptable.
The first factor, Money Worship (MW), mainly consisted of four KMSI Money Worship items, one KMSI Money Status and two new own items, thus giving seven items in this factor. In general, this factor measured the
beliefs or perception of money as a problem solver (Klontz et al., 2011). The second materialism dimension labelled as Money Influence (MI), comprised of two KMSI items, one MAS item and two new own items, which bring the total to five items within this factor. This.Money Anxiety (MA) dimension principally consists of five Money Attitude Scale (MAS) items, where two were MAS-Distrust, and the other three were MAS-Anxiety factor. MA carries (Yamauchi & Templer, 1982).Money Enjoyment (ME) dimension representtheThis factor consisted of 4 items, which made up of two KMSI items and two MAS items.
Table 3. Factor Analysis
Original Dimension Item Loading Materialism
Dimension
KMSI- Money Status Money is what gives life meaning. 0.750
Factor 1: Money Worship α = 0.841
New own item Less money means less happiness. 0.740
KMSI- Money Worship Money buys freedom. 0.732
KMSI- Money Worship It's hard to be poor and happy. 0.672 KMSI- Money Worship Money would solve all my problems. 0.661 New own item I can't wait to start working because there are
so many things I want to buy.
0.618 KMSI- Money Worship You can never have enough money. 0.434 New own item If I have more money, I will have more friends. 0.783
Factor 2: Money Influence α = 0.811 MAS- Power Prestige I use money to influence other people to do
things for me.
0.779
KMSI- Money Worship Money is power. 0.703
KMSI- Money Status People are only as successful as the amount of money they earn.
0.529
New own item I envy rich and wealthy people 0.521
MAS - Distrust After buying something, I wonder if I could have gotten the same for less elsewhere.
0.793
Factor 3: Money Anxiety α = 0.741 MAS - Distrust It bothers me when I discover I could have
gotten something for less elsewhere.
0.786 MAS - Anxiety It's hard for me to pass up a bargain. 0.601 MAS - Anxiety I am bothered when I have to pass up a sale. 0.565 MAS - Anxiety I show signs of nervousness when i don't have
enough money.
0.449 KMSI- Money Worship Things would get better if I had more money. 0.643
Factor 4: Money Enjoyment
α = 0.787 KMSI- Money Worship More money will make you happier. 0.626
MAS- Power Prestige I behave as if money were the ultimate success. 0.604 MAS - Anxiety I spend money to make myself feel better. 0.589
Inferential statistics
Overall, the average score for materialism dimensions were less than 6.0, with highest 5.92 for Money Enjoyment dimension. It is followed by Money Anxiety with 5.75 and Money Worship of 4.54. Meanwhile, the lowest average score was Money Influence with 3.52. Inferential analyses indicate that there were significant differences for gender, year of study and monetary supportfor Money Influence (MI) dimension(Table 4). The MI mean scores were 4.03 and 3.42 for male and female, respectively. Year of study documented a mean score of 3.30, 3.44, 3.83 and 3.83 for 1st year, 2nd year, 3rd year and 4th year respectively. Finally, the difference of
mean score between those receiving financial supports other than education loan was significantly higher with 3.69 than those without additional monetary support (3.40). Consequently, significant differences were also observed for KMSI Money Worship dimensions for gender and year of study. Meanwhile, Money Enjoyment recorded a significant difference only for financial support. Finally, there was no significant difference documented for Money Anxiety.
Table 4. Inferential statistic for materialism dimensions
Moderator variable KMSI Money
Worship Money Influence Money Anxiety
Money Enjoyment Male 5.05 4.03 5.74 6.13 Female 4.45 3.42 5.75 5.88 P-value p<0.01** p<0.01** p>0.05 p>0.05 1st year 4.2633 3.2997 5.7300 5.8157 2nd Year 4.5553 3.4399 5.8172 5.8074 3rd Year 4.7560 3.8256 5.7804 6.1854 4th Year 4.9795 3.8307 5.5887 6.0269 P-value p<0.01** p<0.01** p>0.05 p>0.05
With financial support other than education loan
4.6574 3.6864 5.8444 6.1070
Without financial support other than education loan
4.4604 3.3963 5.6799 5.7750
P-value p>0.05 p<0.05* p>0.05 p<0.05*
Correlation between Financial Courses Credit Hoursand Materialism Dimensions
The purpose of the study is to determine whether financial courses, particularly Accounting, Economic and Finance courses offered by Universiti Pendidikan Sultan Idris to Management & Economics students, have any influence on materialism dimensions. The influence is measured by identifying linear relationship between credit hours taken by the students for these courses with these dimensions. Overall, there was no direct correlation between any of the courses with any of the dimensions. However, further analysis demonstrates that Money Worship and Money Influence dimensions were found to be positively correlated with year of study with r=0.125 and r= 0.107, respectively. Even though displaying a weak relationship, it indicates that materialistic values for these dimensions increased as the students progress in their studies. Arguably, these dimensions also correspond positively with age since the year of study, in many cases, represent this demographic variable.
Later, using the year of study variable as a moderator within the analysis, the study found that all three financial courses credit hours negatively correlated with at least two materialism dimensions. However, weak linear relationships were only documented for fourth-year student group and not for the overall year of study variable. Furthermore, there was not enough evidence to support gender and financial support variables to act as moderator as well. Figure 1 illustrates the association between individual financial courses credit hours and materialism dimensions.While Figure 2 demonstrates relationships between cumulative credit hours for all financial courses and the dimensions.
In general, accounting courses credit hours showed a weak negative relationship with all four dimensions; economic with three dimensions; and finance with two dimensions (Figure 1). Apart from influencing more dimensions than the other two courses, accounting courses also demonstrated a slightly higher correlation with coefficients above 2.0 (economic and finance all have below 2.0 coefficients). Economic courses credit hours correlated with Money Worship, Money Influence and Money Enjoyment. Meanwhile, Finance courses correlates with Money Influence and Money Enjoyment. Negative linear relationships indicate that the higher credit hours taken, the lower materialism scores.
The study also examined the relationship between overall or accumulated credit hours of financial courses with materialism scores. As depicted in Figure 2, the total credit hours negatively correlated with all materialism dimensions. One dimension, namely Money Enjoyment (ME) illustrate a moderate relationship (r = 0.359). The relationship was later subjected to regression analysis, where it was found that ME = 7.047 – 0.042 (credit hours) with r2= 0.127. This indicates that 12.7% of Money Enjoyment scores can be explained by total credit hours of
Figure 1. Individual Financial Courses Credit Hours and Materialism Dimensions
Figure 2.Total Credit Hours of Financial Courses and Materialism Dimensions 5. Discussion and Conclusions
The study aims to determine financial literacy's areas of knowledge (accounting, economics and finance) that influenced materialism. Four dimensionsidentified for this study. They were Money Worship, Money Influence, Money Anxiety and Money Enjoyment. Money Worship represents beliefs that money can solve any problems. Meanwhile, Money Influence dimension signifies the belief that money has the power to influence others and Money Anxiety perceived money as a source of security and protection as well as the cause of anxiety. Finally, Money Enjoyment measures the beliefs that money can make people feel better and happier.
Generally, there was not enough evidence to support direct relationships between credit hours of financial courses either individually or collectively with any of the materialism dimensions. However, through a moderator, year of study, particularly fourth-year students, several negative relationships can be observed. It means that the number of credit hours needed to influence materialistic value is the sum of hours at the end of the year of study for each program accordingly. Credithours of accounting courses influenced students perception of money in all four dimensions. Meanwhile, Economic courses may influence three dimensions, namely Money Worship, Money Influence and Money Enjoyment. As for finance courses, Money Influence and
Money Enjoyment was found to be negatively correlated with its credit hours. Overall total credit hours of all financial courses moderately influenced materialism scores, and through regression analysis, total financial course credit hours were able to explain 12.7% of Money Enjoyment scores. Therefore, the study suggested that other quantitative and non-quantitative courses to be examined for this type of study as well.
In conclusion, the study managed to document some crucial findings. Firstly, accounting courses were found to be more effective than Economic and Finance courses in influencing materialistic values in final year business students. Next, as supported by many previous studies, the study found that either individually or collectively,financial courses reduce materialism and thus arguably, may promote better financial behaviour. However, accumulated credit hours of all financial courses were more influential on materialism than any individual course. Finally, only fourth-year students materialism score was affected linearly by the number of financial courses credit hours. This group of students consisted of various business degree programs that have different levels of financial courses credit hours requirement. Hence, to have this group demonstrating a negative linear relationship with materialism dimensions scores indicates that financial courses offered by the University are adequate to curb business students materialistic values at the end of its study programs. Therefore, the findings of the study may provide input to any financial literacy modules that were developed to control materialistic-debt crisis behaviour.
6. Acknowledgements
This work was supported by the Research Management & Innovation Centre, Sultan Idris Education University, Malaysia under the Fundamental Special Grant Scheme 2017-0203-106-01.
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