Individual differences in money management

Seminar paper from the year 2010 in the subject Psychology - Social Psychology grade: 17 University of Cologne (Wirtschafts- und Sozialpsychologisches Institut) course: Psychology of Money Management language: English abstract: Money money money - must be funny - in the rich man's world.All the things I could do - if I had a little money.This famous lyric points out that being in the possession of money opens up a wide range of possibilities due to the fact that money can be used as a means of payment for any products or services as well as a store of purchasing power. However money has a different meaning for every person which is why people's spending and saving behavior is highly diverse (Mitchell & Mickel 1999). In the field of economic psychology it is of high interest to ana-lyze the roots and determinants of these individual differences in money management. The reason for this concern is the overall importance of economic activities for personal life satis-faction as well as its far reaching impact on markets and institutions (Antonides 1996). How people view money and thus how they use it can be seen as a function of many variables of which attitudes gender and age are some of the most relevant ones. Consequently this paper aims at shedding light on the following question: to what extent does money meaning and money management differ among people of unequal sex age and attitude?