DEVELOPMENT OF MONEY ATTITUDES SCALE
DEVELOPMENT OF MONEY ATTITUDES SCALE

Summary/Abstract: To develop a scale for money attitudes are of having significance to get an idea regarding many fields ranging from financial literacy skills to economic and demographic characteristics. Therefore, in this study, Money Attitude Scale was developed in Turkish. As for population, 360 individuals (160 male, 200 female) participated for the explanatory analysis in the study. Additionally 200 individuals participated for the confirmatory analysis in the study. The population consists of the students from various departments ranging from Economic to Mathematics to Education in Iğdır University and Ondokuz Mayıs University. As fort he explanatory factor analysis, a scale having 22 items and three factors was created. It was found that the Cronbach Alpha constant was .874. As for the confirmatory factor analysis, χ2 /sd is found to be 1.467, CFI is found to be .960, GFI is found to be .935, IFI is found to be .961, TLI value is found to be .955, RMSEA value is found to be .048 and RMR is found to be .129 indicating that that the structure is at an acceptable level. Neural network analysis show that the most important items for this model are the items belonging factor 3 “Money as a concrete medium” and Factor 2 (“Money as a tool for relationships”) altough they have less items compared to first factor. At the end of the analysis it was concluded that factor 1 should be entitled as “Money as a tool for reaching ideal”, factor 2 was entitled as “Money as a tool for relationships” and factor 3 was entitled as “Money as a concrete medium”. It should be pointed out that these two dimensions are similar to the constructs of Furnham.

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