Perceived attitudes towards sudden wealth: an exploratory study

Shalini Kalra Sahi and Vinay Kumar Dutta

International Journal of Indian Culture and Business Management, 2015, vol. 11, issue 2, 245-274

Abstract: A sudden increase in money which is unexpected, brings with it attitudes and behaviours much different than those associated with earned money. Previous research states that sudden wealth can lead to internal conflict as the individual struggles to manage and accept his/her changed status. Apart from understanding the phenomenon of sudden wealth, this exploratory study examines the underlying beliefs and perceived attitudes that people experience when they were asked to put themselves, in a scenario of, sudden increase in their wealth. A measure for perceived attitudes towards sudden wealth (PASW) was developed. Six dimensions were determined using factor analysis, which was conducted on 252 participants, who were administered a lottery question-based survey. The dimensions were helplessness, prudence, fear and stress, empowerment, indulgence and gratitude towards God. The dimensions of PASW measure were found to be different from the factors of the money ethic scale (MES), thereby supporting the fact that money attitudes are different from PASW.

Keywords: sudden wealth; money attitudes; factor analysis; money psychology; well-being; perceived attitudes. (search for similar items in EconPapers)
Date: 2015
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