Contextual Validation of Money Attitude in India: A Psychometric Study

Money attitude is a multidimensional psychological construct that shapes individuals’ financial behaviors, motivations, and life outcomes. While the Money Ethic Scale (MES) has been widely used across cultural contexts, its dimensional stability and psychometric adequacy require contextual validation, particularly in emerging economies such as India. The objective of the current investigation is to evaluate the construct validity, factor structure, and reliability of the Money Ethic Scale in the Indian context through the use of a psychometric approach. Data were obtained from 215 respondents and analyzed using Exploratory factor analysis (EFA), Confirmatory Factor Analysis (CFA), & internal consistency measures. Results reveal a robust multidimensional structure comprising Good, Rich, Motivator, Power, Make Money, Budget, Donate, Happiness, Respect, Achievement, and Freedom dimensions, with satisfactory reliability and acceptable model fit indices. The findings confirm that money attitudes in India are simultaneously instrumental, moral, motivational, and symbolic, supporting the contextual applicability of the scale. The study contributes to financial psychology literature by offering a validated measurement framework for future research on money attitudes and financial decision-making in India.