The distrust dimension of the money attitude scale describes a person scoring high in this dimension as one who appears to maintain a hesitant, suspicious and doubtful attitude in regards to situations involving money. Such individuals tend to be insecure and wary of their ability to maximise the value of their money through efficient purchase. Yamauchi and Templer (1982) in fact, have even linked distrust to paranoia and pointed that distrust demonstrated a much stronger relationship to various clinical syndromes. Roberts and Jones (2001) suggested that this dimension should be regarded as price sensitivity because the items focus on consumer’s sensitivity to the price paid for goods and services. In addition, they believe that individuals who obsess over the price paid for goods and services are less likely to engage in compulsive buying. Based upon the above this study hypothesizes:8

The anxiety dimension of the money attitude scale describes a person scoring high in this dimension to be very worried and anxious about money and views money as a source of protection from anxiety (Roberts and Jones, 2001; Lim and Teo, 1997; Yamauchi and Templer, 1982). Lim and Teo (1997) suggest that individuals who have experienced hardship will tend to experience more financial anxiety. However, their research did not indicate any significant differences in the tendency of such individuals to save and reduce spending. Roberts and Jones (2001) clarified that compulsive buying is viewed as a resolution to anxiety and that compulsive buyers react to stress with higher levels of anxiety than do non-compulsive buyers. This could indicate that though consumers may experience financial anxiety, they still tend to spend indiscriminately. Hirschman’s (1980) theory of experiential consumerism states that sensory and imaginary processes may motivate shopping as a means of maintaining high state of arousal and individuality. Furthermore, Valence et al. (1988) described that anxiety provokes spontaneous action and pushes the consumer to reduce tension, which leads to excessive consumption i.e. compulsive buying. Thus, one can assume that the prime motivation for buyers to engage in compulsive buying behaviour is to escape from anxiety, to relieve stress, and to make them feel happy, a notion supported by Roberts and Jones’ (2001) study. Unfortunately, these attempts to escape from problems tend to be temporary and will most likely result in even higher level of anxiety and guilt over the money spent earlier (Desarbo and Edwards, 1996). Therefore, this study posits that:

Cohen (2007) suggested that credit cards function as a tool for consumers to fulfil the ever-evolving standards of appropriate external presentation because credit cards allow consumers to experience a lifestyle beyond their immediate financial means. Roberts and Jones (2001) suggested that the influence of credit card use with compulsive buying can be explained by the "weapons effects theory’. The theory states that the mere exposure to an aggressive stimulus will lead to an aggressive behaviour. According to Pirog III and Roberts (2007), consumers who regularly use credit card as their main method for payment are more likely to spend more than those consumers who uses other methods of payment and tend to use it beyond their ability to pay (Park and Burns, 2005). Several studies (such as O'Guinn and Faber, 1989; Park and Burns, 2005) have identified a significant relationship between credit card use and compulsive buying. Roberts (1998), Roberts and Jones (2001), and Park and Burns (2005) discovered that there is a significant relationship between credit card use and compulsive buying among American college students. Hence, Coulton (1996) stated that undergraduate students in the U.S. are regarded as a potential lifelong prospect. Thus, it explains that the aggressive competition to gain a piece of the lucrative credit card profit pie has also made it easier for many consumers to acquire the services and use of credit cards. Credit card industries’ promise of the world at one’s feet sends a message to consumers of the credit card’s ability to purchase prestige and status with the benefits of ‘buying now, paying later’ (Kaynak and Harcar, 2001). This perception of greater convenience and social acceptability as well as easy access may stimulate consumer spending further through increased demand for credit cards. As such, Feinberg (1986) concluded that young consumers have been conditioned to associate credit cards with spending. Prior research has discovered that the credit card is a significant factor to spending-facilitating stimuli. This has been supported by O’Guinn and Faber (1989), and Park and Burns (2005) who have identified that compulsive consumers are more likely to own more credit cards than non-compulsive consumers.10

Data were collected via a mall intercept at a major shopping complex in the CBD area of Perth, Western Australia. Shoppers were approached to participate in a self-administered questionnaire which takes about 10 minutes to complete. Every fifth individual that crossed a designated spot outside the main entrance of the mall was approached to participate. Prior to the data collection, interviewers were trained and instructed on how to administer the survey instrument and to include respondents with different demographic profiles. The data collection was conducted over a two week period on both weekdays and weekends. Of the number of shoppers asked, 18% of the shoppers agreed to take part in the survey. It has been suggested by researchers (such as Cowan, 1989; Hornik and Ellis, 1988) that measuring consumers’ attitudes and perceptions in a mall or shopping related environment would provide ecological validity. Measurement Instrument

The instrument comprised of 5 sections. The first section began with a screening question. Only individuals between the ages of 17-29 were requested to continue with the survey. The second section comprised of a modified version of Yamauchi and Templer’s (1982) twenty-nine items money attitude scale (MAS) used to measure respondent money attitudes. Responses to all items were based on a 7-point Likert scale, which range from ‘Always’ to ‘Never’. The third section consisted of the clinical screener developed by Faber and O’Guinn (1992) used to identify compulsive buyers. The 5-point Likert scales asked respondents to indicate their agreement with 11

the statements present as well as the frequency of experiencing a behaviour on a 5-point scale ranging from ‘Very Often’ to’ Never’. The fourth section comprised of the credit card usage measure developed by Roberts and Jones (2001). All responses were recorded on a 5-point Likert scale, which ranged from ‘Strongly Agree’ to ‘Strongly Disagree.’ Items three, four, six and eight were reverse coded. The final part of the instrument captured the profile and shopping patterns of the respondents.

The factor analysis on the money attitude items were completed using Principal Components with Varimax Kaiser Normalisation, initially resulting in 5 factors, (KMO=0.797; Significant Barletts Test of Sphericity) with 60% of the total variance being explained (See Table 2). The first four factors that were retained corresponded very closely to Roberts and Jones’ (2001) study in which identified four dimensions as hypothesized in this study. They are: Retention-time (eigenvalue = 3.5), Power-prestige (eigenvalue = 4.9), Price sensitivity/Distrust (eigenvalue = 2.1) and Anxiety (eigenvalue = 1.5). The fifth factor (eigenvalue = 1.4) contained items that were related to inability to resist bargains and sales. Cronbach alpha analysis indicated a reliable alpha score of 0.70, thus the inclusion of this factor as part of the money variable. ---------------------- Insert table 2 here ----------------------

With the evidence that there is a fifth factor of "bargain hunting" for the MAS scale, T-tests were also conducted between compulsive and non-compulsive buyers. Results showed that there is a significant difference between the two with compulsive buyers more likely to bargain hunt (p< 0.01).

This study has provides several significant contributions to the roles money attitude and credit cards play in the relationship with compulsive buying. Methodologically, a new factor of "bargain-consciousness" emerged as a stable dimension of money attitude scale (MAS) developed by Yamauchi and Templer (1982). This dimension has been suggested in Roberts and Sepulveda’s (1999) study. This factor proved to be positively related to compulsive buying. The other scales, namely credit card usage and compulsive buying, have also been further redefined, suggesting some exploratory forms of validation. The view of money as a tool of power and prestige linked to compulsive buying behaviour has been justified in this study. The study suggests that the young adults’ pursuit of self-discovery tend to associate money as a way of achieving a desired prestigious image. This is supported by several other studies (such as Masuo et al., 2004; Mitchell and Mickel, 1999; Prince, 1993; Furnham, 1984). It must be noted that a study by Tang (1995), indicated that as individuals age, money is viewed as a symbol of success (power-prestige). While this may seem to contradict with the findings, this study focuses only on young adults. As such, it may mean that the perception of power and prestige could also be a function of age. More studies could be undertaken to gain further insights.

Interestingly, the other three dimensions of money attitude; retention-time, anxiety and distrust, were found to have no significant relationship to compulsive buying. This contradicts prior studies (such as Roberts and Sepulveda, 1999). One logical reason for these unforeseen results may have to do with the roles that cultural and 14

societal norms play in different countries. Cultures that are present oriented tend to regard time in the present and go with the proverb of ‘going with the flow’. On the other hand, cultures that are future oriented are more likely to make plans for the future. Given that Australia is regarded as a melting pot of culture, it is no surprise that the result of the money attitude scale is varied (Smolicz et al., 1998). While prior studies have shown evidence that there is a relationship between retention-time and compulsive buying, this study did not detect any significant difference between compulsive and non-compulsive buyers. According to Roberts (1998) this can be explained by the way young adults were socialized when they were growing up affecting their spending and saving habits. Also, in general, attitude towards spending and saving may be a function of the many age differences of the target sample based on cognitive maturation (Furnham, 1999). Furnham’s (1999) study suggests that age determines how much money is to be saved and how much is to be spent. Thus, the younger the individual, the less likely they are to make careful plans and preparation regarding money for the future. The mean score of the anxiety dimension appeared to be slightly skewed to a less worrying attitude towards money. This could be due to the relatively young sample population and their view that there is a long future ahead and they will not face the burden of financial obligations yet (Roberts and Sepulveda, 1999). In addition, the emergence of the bargain consciousness dimension of attitude towards money may have contributed to the insignificant relationship between distrust and compulsive buying. Consumers, who are obsessed with money and their own consumption competency, or rather the lack of it, may actually spend more if linked with the dimension of bargain consciousness. In an ‘effort at self development’ they accomplish this by trying to ‘outwit the merchandiser’ through their shopping skills (Roberts and Sepulveda, 1999; Dichter, 1986).

The results indicate clearly that high credit card usage and compulsive buying is positively related, reflecting results from other prior studies (such as Roberts and Martinez, 1997; Feinberg, 1986). Robert and Jones (2001) added that consumers are more likely to spend, to spend more, and make spending decision quicker when there is a credit card logo present. In addition, this study also found that most compulsive 15

buyers tend to have difficulty in terms of credit card payment, although not to the extent of delinquency but to the point of having to juggle their debts and paying only a small portion of what is actually owed. Roberts and Jones (2001) suggested that credit card usage aggravates the problem of compulsive buying. This study reinforces the finding as it indicates that credit card usage stimulates spending and strengthens the relationship between attitude towards money and to compulsive buying. Frequent credit card users in this study are less price conscious and were more likely to purchase more expensive items, which consequently would result in a higher outstanding credit card balance. Tokunga’s (1993) finding supports this suggestion that heavy credit card users are less price conscious, while McElroy et al.’s (1994) research proved that access to credit cards increases spending. Implications for Marketers and Policy Makers This study provides marketers with a better understanding in identifying those who value power and prestige. The obsession of young adults with money as a tool of power and prestige is reflective on the underlying need to bolster their self-esteem and establish an identity for themselves (Hanley and Wilhelm, 1992). This ‘excessive desire for things’ among compulsive buyers is due to their emotional need for self-worth (Faber and O’Guinn, 1988). To better identify a specific and targeted segmentation strategy, a better understanding on the various cultural and demographical factors that affect compulsive buying is important. Hence, it will provide organization with an indication to segment markets based on lifestyle attributes that consumers ideally want and pursue. For instance, advertising campaigns should portray images of status and prestige in order to appeal to young adults.

In addition, marketers should be aware of how compulsive some young adults would be when it comes to bargains. Thus, they could utilize aggressive in-store promotion and selling techniques, i.e. highlight the discount or best buy slogans. However, these marketers need to be socially responsible in their attempt to gain a share of the young adult market. According to Roberts and Jones (2001), compulsive buying may contribute to other undesirable consequences as the production, consumption and 16

disposal of the product or service have severe impact on the environment. After all, Faber and O’Guinn (1988) pointed out that compulsive buyers did not exactly care for what they bought, but rather for the experience of the act. In recent years, there has been a rapid development in credit card ownership due to the substantial increase in credit card acceptance and usage. Marketers are facing a challenge in getting individuals to use more credit cards. In order to do so, credit card companies offer credit Cardholders benefits and incentives when using credit card for their purchases and urging merchants to promote debit at the point of sale. The latest usage tactics to get consumers to increase the use of their credit card are rebates implemented by Visa and MasterCard. However, Kaynak and Harcar (2001) found that personal sources (i.e. family and friends) rather than the mass media (i.e. TV commercial, magazine advertisements) were regarded as a more important source of information on credit cards. This is discouraging to credit card companies which have invested heavily on advertising budgets. Warwick and Mansfield (2000) however raised concerns over the social responsibility of organizations such as credit card issuers who pursue young students to apply for credit cards. As credit cards are becoming more accessible, the number of young adults holding credit cards will increase dramatically which will lead to increase in credit cards debts. In Australia, the market for credit cards is becoming more saturated; however, banks and even department stores are now offering their own credit cards to entice consumers to spend. Boyce and Danes (1998) believed that earlier in their teenage-hood, young adults’ experience ‘premature affluence’ because of their high level of discretionary income (allowance, pocket money etc.) and almost no bills at all. The consequences of this could be complicated as they need to adjust to a different lifestyle where expenditure and cost is bound to incur. In addition, Davies and Lea (1995) found that young adults had more favourable attitude towards debt. The present study indicates how saving and financial planning (retention-time) seem to be of least concerns among most young adults. One reason for this could be that even if young adults are in debt they assume that their financial problem is temporary and will be easily repaid due to their age (Davies and Lea, 1995). This is a worrying trend for social policy makers.17

As reflected in the literature, compulsive buying not only affects individuals but their family, friends, and society as a whole. This could come in the form of depression or distress, impaired social or occupational functioning, guilt or remorse, excessive debt, family conflict, bankruptcy, divorce, illegal activities, and even suicide (Norvilitis and Maria, 2002; Koran et al., 2006; Pinto et al., 2001; Durning, 1993; Faber and O’Guinn, 1988; Roberts and Martinez, 1997; McElroy et al., 1994). This study provides an analytical tool which is able to identify compulsive buyers from other buyers; thereby it will allow early detection before the situations gets out of control (such as bankruptcy). Revitalization from compulsive buying habits must be incorporated along with an improved sense of self-worth and self-esteem (Carrier and Maurice, 1998, p. 98). One logical reason for this is due to the heavy burden of shame that individuals attach to difficult money matters. This is often a vicious cycle in which the shame itself ties the person affected to the problem. Therefore, consumer policy makers should develop programs that are aimed at educating young adults on how to properly and carefully manage their finances as well as how to tackle other underlying psychological weaknesses that may contribute to excessive and compulsive buying. In order to rehabilitate and teach young consumers on how to spend responsibly and how to efficiently manage their financial matters, a considerable amount of time is needed. According to Faber and O’Guinn (1988), a psychological counselling and support group is more sufficient as a method to overcome compulsive buying rather than the typical credit abuse intervention programs. This signifies that compulsive buyers are not just financially handicapped but that their behaviour is more psychological. Therefore, consumer education programs could concentrate more on providing skills rather than information. In the United States, many organizations like Visa, MasterCard and American Express show respectable displays of social responsibility in playing their part to educate young adults who are keen on applying for credit cards (Norvilitis and Maria, 2002). Educational pamphlets on credit cards are distributed to young adults and made available in many locations.18

In summary, the perception of money as a tool of power and prestige and the increase usage of credit card tends to surface more in compulsive buyers. This study has also confirmed that bargain consciousness is found to be more evident in compulsive buyers. However, findings did not reveal any significant relationship in anxiety and price sensitivity (distrust) of matters related to money, as well as retention-time, to be predictive of compulsive buying. This is in contrast with several previous studies which have found a significant relationship between the above three variables and compulsive buying. The propensity to save (retention-time), increased confidence in consumption skills, and less anxiety towards money may be related to the age of the sample as well as the way they were socialized when growing up with issues relating to saving and spending. The results could also imply that buyers who are distrustful of their ability with money matters may actually be related to bargain hunting. In their effort to prove otherwise, these buyers continuously search for the best buy in an effort towards self development. The findings in this study provide several implications for marketing managers and their organizations to better segment and target consumers, especially young adults based on usage status – credit card use, money belief – power and prestige, and search for bargains as well as other in-store display and advertisement content. Several other environmental factors that may also contribute to compulsive buying such as family structure, gender, and other psychological factors also have to be taken into consideration by marketing managers in developing their strategies. Future research efforts should be made to address several areas which include, but are not limited to, the improvement to measures of both compulsive buying and money attitudes. A factor which captures obsession with money would be an improvement. It is currently partially captured by the "Power-Prestige" dimension, but could be made explicit as a separate factor. Furthermore, future research should consider fashion-related variables and compare the results to non-fashion-related variables to determine if fashion-related variables as a whole can be considered a major determinant of compulsive buying19

Future research should also be conducted with more representative groups which reflect broader demographical characteristics. One suggestion is the isolation of a certain demographic group, such as women in their 20s, compared to a mainstream population. It is also suggested that more cross-comparison studies between countries with different cultural backgrounds and economic development are needed in order to understand and compare the many different elements that may affect consumers’ behaviour, namely the tendency to indulge in compulsive buying. Dittmar et al. (2007) suggests that the Internet would contribute to compulsive buying as conventional stores do as consumers can shop worldwide at the convenience of their own home with limitless access for 24 hours, seven days a week. It is suggested that future research should focus on an in-depth investigation into the relationship between online purchasing and credit card usage with compulsive buying.20

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