Money Scripts and Financial Behaviour Among Millennials in India

Tushar Soubhari, Sudhansu Nanda, Sreesha C. H., Sthitipragyan Biswal

2023

Abstract

The purpose of this paper is to understand the concept, of “Money Scripts” and evaluate the different types of financial behaviour by measuring the relationship strength among the factors contributing to Money Scripts/ Beliefs among Millennials in India. The primary data was collected based on the standardised Klontz’s Money Script Inventory; based on a set of seventy-two questions categorised under four independent factorial heads- Avoidance, Adoration, Status, and Constant Money Monitoring; obtained from two hundred and thirty-five respondents approximately. The common space between the variables was examined based on Multidimensional 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 significant associations identified between Money Scripts and the demographic variables (age, gender, income level and occupation) of millennials in India. ‘Money Avoiders’ were found moving too far distances, experiencing high levels of financial happiness and moderate frugality in savings. Both ‘Money Status’ and ‘Money Vigilance’ type millennials were found very strange in their approach toward money actions. Persons with high ‘status’ type behaviour were longing not to save more, but looking for comforting themselves in the present moment. They were found deriving ‘financial happiness’ from their spending pattern and savings made, 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.

Paper Citation

in Harvard Style

Soubhari T., Nanda S., C. H. S. and Biswal S. (2023). Money Scripts and Financial Behaviour Among Millennials in India. In Proceedings of the 1st Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR; ISBN 978-989-758-687-3, SciTePress, pages 932-936. DOI: 10.5220/0012530000003792

in Bibtex Style

@conference{pamir23,
author={Tushar Soubhari and Sudhansu Nanda and Sreesha C. H. and Sthitipragyan Biswal},
title={Money Scripts and Financial Behaviour Among Millennials in India},
booktitle={Proceedings of the 1st Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR},
year={2023},
pages={932-936},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012530000003792},
isbn={978-989-758-687-3},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR
TI - Money Scripts and Financial Behaviour Among Millennials in India
SN - 978-989-758-687-3
AU - Soubhari T.
AU - Nanda S.
AU - C. H. S.
AU - Biswal S.
PY - 2023
SP - 932
EP - 936
DO - 10.5220/0012530000003792
PB - SciTePress