Money Scripts and Financial Behaviour Among Millennials in India

Tushar Soubhari (), Sudhansu Sekhar Nanda (), Sreesha C.h () and Sthitipragyan Biswal ()

SPAST Reports, 2024, vol. 1, issue 1

Abstract: The purpose of this paper is to understand the concept, of “Money Scripts” and evaluate the different typesof financial behaviour by measuring the relationship strength among the factors contributing to MoneyScripts/ Beliefs among Millennials in India. The primary data was collected based on the standardisedKlontz’s Money Script Inventory; based on a set of seventy-two questions categorised under four independentfactorial heads- Avoidance, Adoration, Status, and Constant Money Monitoring; obtained from two hundredand thirty-five respondents approximately. The common space between the variables was examined based onMultidimensional Scaling. Among the factors considered contributing to the Money Scripts of Millennials,‘Money Scripts’ were highly and positively correlated with ‘Money Status’. There were no significantassociations identified between Money Scripts and the demographic variables (age, gender, income level andoccupation) of millennials in India. ‘Money Avoiders’ were found moving too far distances, experiencinghigh levels of financial happiness and moderate frugality in savings. Both ‘Money Status’ and ‘MoneyVigilance’ type millennials were found very strange in their approach toward money actions. Persons withhigh ‘status’ type behaviour were longing not to save more, but looking for comforting themselves in thepresent moment. They were found deriving ‘financial happiness’ from their spending pattern and savingsmade, which was much better than those of ‘Vigilant’ Millennials. Those with ‘Money Worship’ thoughts,though good at saving high; were found the least to derive financial happiness.

Keywords: Money Scripts; Financial Behaviour; Millennials (search for similar items in EconPapers)
Date: 2024
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