Financial Motivation as a multi- dimensional construct: A positive psychology approach Dan Stone, 2008 Synopsis: Colin Onita

Justification Theories of external motivation do not properly explain human behavior Biological and anthropological theories – interpersonal relationship motivation Positive Psychology – intrinsic motivators – self development, self mastery Hedonic utility

Ecological view Motivation as a ecological, holistic view –Financial motivations –Accounting and organizational controls –Intrinsic motivation –Social motivators –Relational motivators

Main theories Self-determination Theory- goals influence well being based on their contribution to psychological needs –Autonomy –Competence –Relatedness Hedonic Utility

Main constructs Materialism – is a motivation for obtaining money and wealth as a means of attaining position and status Financial self efficacy – the belief that one is capable of successfully managing the financial events of ones life Financial Autonomy – the belief that ones financial decisions are volitional choices that reflect one's interests, beliefs and values.

Main constructs Financial community – the belief that financial resources are creating and sustaining community and interpersonal relationships Gratitude – not defined

Hypotheses H1: Materialism will negatively predict happiness H2: Positive financial attitudes will positively predict happiness H3: One or more PFAs will moderate the negative effect of materialism on happiness. Specifically higher levels of PFAs will increase happiness more among high than low materialism individuals

Hypotheses H4: Gratitude will fully mediate the effect of materialism on happiness H5: Gratitude will partially mediate the effect of PFAs on happiness

Methodology Survey using various scales (MES FA, possession defined success, Emmons & McCullogh scales) 688 participants – undergraduate and graduate accounting students General linear modeling Structural equation modeling

Results All hypotheses supported by both GLM and SEM Statistical results: –Reliabilities of scales – all about 7.5 –Not much discussion of divergent and convergent validities –Excellent fit coefficients for SEM