How can personal finance be examined from a SDT perspective?
SDT provides a framework for understanding how various types of motivation influence financial behaviors.
Emerging research indicates that autonomous motivation positively impacts financial literacy, effective financial management, and wellness. In contrast, controlled motivations and, especially amotivation, are linked to poorer financial management and overall wellness.
Recent studies also suggests that SDT's applied principles for fostering more optimal qualities of motivation could be effective for the delivery of financial education and skill development. This approach may lead to more engaged learning and better financial decision-making.
People’s motivations for personal financial management are likely influenced by individual-level contextual factors, as well as by broader economic factors, an area that presents an important avenue for ongoing research.
Motivations for Personal Financial Management Scale (MPFMS)
The Motivations for Personal Financial Management Scale assesses individual differences in people’s motivations for managing their finances. Based on Self-Determination Theory, it features a format and scoring system similar to other Self-Regulation Questionnaires. This version of the scale focuses on motivations in...