Quotation Grohs-Müller, Stefan, Fuhrmann, Bettina. 2018. Students’ money attitudes and financial behaviour: A study on the relationship between two components of financial literacy. Empirische Pädagogik. 32 (3&4), 369-386.




So far, most studies on financial literacy have focused on the respondents’ financial knowledge and skills. The assessment of knowledge and skills is also predominant in the OECD PISA framework measuring the levels of financial literacy of 15-year-olds (Lusardi & Mitchell, 2011; OECD, 2017). However, other dimensions of financial literacy of young people such as money attitudes and financial behaviours are also important components of financial literacy (OECD, 2013) and have received less attention so far. It is the aim of this paper to examine students’ money attitudes and financial behaviours in terms of consumption and saving and to identify potential relationships between these two components of financial literacy. The empirical research is based on a survey among students in their eighth grade of schooling, aged 13 to 15. The survey instrument was developed by integrating the results of a qualitative pre-study and existing instruments for the measurement of money attitudes and consumption (Barry, 2014; Lange, 2004). Confirmatory factor analyses as well as a structural equation modelling were used to identify relationships within and between attitudinal and behavioural factors. A positive correlation between the attitudinal factors of “happiness and power”, “quality achieved for money” and “anxiety” was found. Rational consumption is positively related to the extent of saving (in % of disposable money) as well as to distinct motives for saving money. In contrast, demonstrative and compensatory consumption are negatively related to saving money. Moreover, specific attitudes can be associated with certain forms of financial behaviour. Respondents with a high level of financial planning also show a higher level of rational consumption and savings. Students who associate money with a higher quality of goods and services show a lower tendency toward rational consumption and a lower level of savings.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Empirische Pädagogik
Language English
Title Students’ money attitudes and financial behaviour: A study on the relationship between two components of financial literacy
Volume 32
Number 3&4
Year 2018
Page from 369
Page to 386
Reviewed? Y
DOI na
Open Access N


Fuhrmann, Bettina (Details)
Grohs-Müller, Stefan (FH Wieselburg, Austria)
Institute for Business Education IN (Details)
Competence Center for Empirical Research Methods WE (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5348 Business education (Details)
5405 Empirical social research (Details)
5807 Didactics (Details)
5816 Education science (Details)
5963 Evaluation research (Details)
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