Money attitude and saving intentions of young adults in Turkey

This study investigated money attitudes and saving intentions (motivation to save) of young adults in Turkey by sampling 640 young adults in Eskisehir using questionnaires. This study delved into the money attitudes and motivations to save among young adults to establish any relationship between them as well as to compare males and females on these subjects. Structural Equation Modelling (SEM) was employed in the data analysis. A statistically significant and positive relationship was found between retention attitude toward money and saving intention, although no statistically significant relationships were found between the power, obsession and anxiety attitudes toward money and saving intention. In all, it can be stated that young adults in Turkey are not very much concerned about money (i.e. do not have obsessive attitude toward money, are not very anxious about money, have no difficulty in spending money, and do not perceive money as a source of power). However, they seem to be motivated to save. On the basis of motivation dimensions, what really motivates young adults in Turkey to save is introjection. That is, young adults feel a sense of pride if they have more money than usual left at the end of the month. According to the findings, power is the most exhibited money attitude by young adults in Turkey toward money. The study has also found interesting distinctions between young adult males and females regarding their attitudes toward money and saving intentions. That is, males are more obsessive and anxious about money and tend to perceive money as a source of power. Females on the other hand are neither obsessive, anxious nor perceive money as a source of power, but they tend to have a retentive attitude toward money and are more motivated to save compared to males. Key Words: Money Attitude, Saving Intentions, Structural Equation Modelling (SEM),Young Adults.