The Virtue of Thrift: A Person-Centered Conceptualization and Measure Development

Juliette L. Ratchford (), Sarah A. Schnitker and Paul Reppas
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Juliette L. Ratchford: Baylor University
Sarah A. Schnitker: Baylor University
Paul Reppas: Fuller Theological Seminary

Journal of Happiness Studies, 2021, vol. 22, issue 1, No 19, 385-411

Abstract: Abstract The virtue of thrift, defined as the wise use and distribution of resources, has yet to receive much empirical study, despite the popularization of virtue research more broadly within positive psychology. With the recent rise in perceived resource scarcity (North and Fiske in J Soc Issues 72:122–145, 2016. https://doi.org/10.1111/josi.12159 ), thrift is a virtue of increasing importance. The purpose of these studies is to establish the virtue of thrift as a construct for psychological inquiry. The Thrift Questionnaire 21 was developed with EFA (Study 1; N = 257) and validated with CFA (Study 2; N = 401) to measure five factors of thrift (frugality/ecocentrism, spending dysregulation, investment, sharing/borrowing, and sanctified thrift), which relate to other virtues and predict well-being after accounting for personality traits. Latent profile analysis of the thrift factors in Study 2 revealed three profiles for the virtue of thrift: instrumental thrift (40.1%), non-thrift (33.7%), and sanctified thrift (26.3%). Participants classified under the sanctified thrift profile reported the highest levels of spontaneous giving, self-reported generosity, and gratitude, which supports the classification of this profile as representing the virtue of thrift. Potential objections to thrift are addressed as well as future directions for research.

Keywords: Thrift; Virtue; Generosity; Gratitude; Materialism; Frugality; Sanctification (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s10902-020-00235-7

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