Money Attitude and Spiritual Well-Being

Abstract

This study seeks to explore the relationship between money attitude and spiritual well-being amongst Chinese youths in Hong Kong. Cross-sectional data (N = 501) were obtained from 249 Chinese university students in 2021 and 252 Chinese university students in 2022, aged between 19–23 years old. The participants were instructed to answer the Spiritual Well-being Questionnaire (SWBQ) to measure their spiritual well-being in the personal-communal, environmental and transcendental domains. The respondents were then asked to complete the Money Attitude Scale (MAS) to assess their attitudes and beliefs regarding money in three dimensions: power-prestige, anxiety and distrust. Results show that a negative correlation exists between the three dimensions of money attitude and the three domains of spiritual well-being. In addition, the power–prestige dimension of money attitude was the most accurate predictor of spiritual well-being. A stepwise regression analysis unveiled that the power-prestige dimension of students’ money attitudes explained 6.2%, 15.4% and 27.6% of the variance in their sense of spiritual well-being across the personal-communal, environmental and transcendental domains, respectively. Adopting healthy perspectives and attitudes towards money are vital for the development of the youths’ (spiritual) well-being. Thus, financial education and knowledge are crucial for adolescents.