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UBC Theses and Dissertations

An examination of Chinese and caucasian Canadians’ money beliefs and behaviors Thoreson, Kathryn J.

Abstract

The aim of this study was td examine the money beliefs and behaviors of Chinese (n = 214) and Caucasian Canadians (n = 326). A convenience sample of employed adults living in Western Canada was used. A factor analysis of the Money Beliefs and Behavior Scale (Furnham, 1984) for each group revealed that the Chinese Canadians had a solution containing the factors Obsession (preoccupied with money as a means of power), Inadequacy (anxious about one's financial situation), Retention (hesitancy about spending money) and Cautious (minimizing one's financial risks). The factor solution for the Caucasian Canadians contained the factors Obsession, Overcompensation (tendency to overspend on others), Security/Conservative (a cautious approach towards money), and Inadequacy. Ethnicity contributed to the variance explained on Obsession and Inadequacy. The Chinese were shown to be more obsessed with money as power, and feeling more anxious about their financial situation, than the Caucasians. Further, the patterns for gender, age, education, and income on each group's dimensions differed. Education was significant in explaining Chinese money beliefs and behaviors, while gender and age were significant for the Caucasians. Ethnicity is a key variable to consider when examining money beliefs and behaviors within a nation. The confirmation of similar concepts across cultures points to development of a scale for use cross-culturally. As well, new dimensions have emerged in this study which should be considered in the development of a money attitudes scale. Findings may also help financial service providers and marketers better understand their clientele.

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