Mindfulness, Money Attitudes, and Credit

Maria C. Pereira and Filipe Coelho

Journal of Consumer Affairs, 2019, vol. 53, issue 2, 424-454

Abstract: Consumer credit is a central feature of modern living, having been an important topic of research for some time. In contrast, mindfulness has only recently gained research prominence. Our study develops a model that links individuals' mindfulness with their credit intentions/use, and that further proposes money attitudes as a mediator variable. Broad support for the model is provided by a sample of students from a Portuguese University and a second sample composed of adult US residents. The results suggest that mindfulness might play a significant role in shaping consumers' money attitudes and credit intentions/use. Additionally, the study suggests that the relationships of mindfulness and money attitudes with credit are only significant when credit is directed toward the purchase of nonbasic products. These results yield a number of considerations for future research and for institutions promoting financial education, which could lead to improved debt management and greater financial well‐being.

Date: 2019
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