The Relationship Between Symbolic Money Meanings and Materialism

Article Information

Journal:Business and Economics Research Journal

Title of Article:The Relationship Between Symbolic Money Meanings and Materialism

Author(s): Volkan Dogan, Omer Torlak

Volume: 5

Number: 2

Year: 2014




The aim of this study was to explore the relationship between the perceived symbolic meanings of money and materialism. The population of the study consisted of individuals over the age of 19 living in Eskişehir (Turkey) city center. The study used the convenience sampling method, a non-probabilistic method, and a total of 590 sampling data were obtained. According to the results, there were significant relationships between the sub-scales of the symbolic money meanings scales as perceived by the participants and their levels of materialism. A significant positive relationship was found between seeing money as a source of status, as an indicator of achievement and as a source of security for an indefinite future. Also, the study examined the symbolic meanings associated with money and levels of materialism with respect to the participants’ demographic characteristics (e.g. gender, age, education, monthly income). The study found that the female participants, the single participants, the participants with higher monthly income and the younger participants were more materialistic than the male ones, the married ones, the ones with lower monthly income and the older ones, respectively. In addition, the symbolic meanings attached by the participants to money and their level of materialism differed depending on their level of education, monthly income, marital status, gender and age. Considering the fact that materialistic people give precedence to materials in their lives, an inference could naturally be drawn that these people could also prioritize money in their lives. The main question of this study was what meanings materialistic people attach to money in their lives.

Keywords:Materialism, symbolic money meaning, material values, money.

JEL Classification:M30, M31 Full Text