Mindfulness, Money Attitudes, and Credit. Issue 2 (28th May 2018)

• Record Type: Journal Article
• Authors: Pereira, Maria C.; Coelho, Filipe
• Is Part Of: Journal of consumer affairs. Volume 53:Issue 2(2019)
• Page Start: 424
• Page End: 454
• Publication Date: 2018-05-28
• Subjects: Consumer education -- Periodicals; Consumers -- Periodicals; 381.33
• DOI: 10.1111/joca.12197
• Languages: English
• ISSNs: 0022-0078

Abstract

Abstract : Consumer credit is a central feature of modern living, having been an important topic of research for some time. In contrast, mindfulness has only recently gained research prominence. Our study develops a model that links individuals' mindfulness with their credit intentions/use, and that further proposes money attitudes as a mediator variable. Broad support for the model is provided by a sample of students from a Portuguese University and a second sample composed of adult US residents. The results suggest that mindfulness might play a significant role in shaping consumers' money attitudes and credit intentions/use. Additionally, the study suggests that the relationships of mindfulness and money attitudes with credit are only significant when credit is directed toward the purchase of nonbasic products. These results yield a number of considerations for future research and for institutions promoting financial education, which could lead to improved debt management and greater financial well‐being.