Analyzing the Household Mental Budgeting Behavior Based on the Theory of Planned Behavior
Subject Areas :
Financial Economics
Mohammad
Nazaripour
1
(Department, Hazrat_e Masoumeh University (HMU), Qom, Iran)
Received: 2022-10-18
Accepted : 2022-12-19
Published : 2022-12-22
Keywords:
D91,
Mental Budgeting Behavior,
Keywords: Mental Budgeting Intention,
Theory of Planned Behavior JEL: D10,
G59,
M50,
Abstract :
AbstractMental budgeting is one of the topics in the field of behavioral economics and emphasizes the psychological aspects of financial accounting. Mental budgeting can play an important role in personal financial management. The purpose of this study is to investigate the household mental budgeting behavior based on the theory of planned behavior. This research is descriptive-survey based on the method of doing and in terms of target, is functional. The population of this study was households of Kurdistan province who were selected by convenience sampling. The research instrument used was a questionnaire. The content validity of the questionnaire was confirmed by a panel of experts. In order to evaluate the construct validity (including convergent and discriminant validity) and the reliability of the research instrument (composite reliability and average variance extracted) and to estimate the research measurement model from exploratory and confirmatory factor analysis through SPSS software version 26 and AMOS version 24 has been used. Structural equation modeling has been used to test the hypotheses. Exploratory factor analysis led to the discovery of five factors (attitude, subjective norms, perceived behavioral control, mental budgeting intention, and mental budgeting behavior) of the 21 components studied. Together, these five factors were able to explain 63% of the total variance. Confirmatory factor analysis confirmed the number of factors and factor loadings of variables. All five research hypotheses were confirmed. The degree to which mental budgeting intention are influenced by other variables in order of importance were: attitude, perceived behavioral control and subjective norms. In addition, demographic variables such as gender, age, education, marriage, employment, income and work experience are also considered as moderating variables in the results analysis. For example, the status of variables such as attitudes, subjective norms, and mental budgeting behavior varied among different ages. The result of this study showed that mental budgeting can lead to the development and strengthening of household financial behavior.
References:
فهرست منابع
قاسمی، وحید. (1392). مدل سازی معادله ساختاری در پژوهش های اجتماعی با کاربرد Amos Graphics. انتشارات جامعهشناسان، چاپ دوم، تهران
_||_
Ajzen, I. (1985). From Intentions to Actions: A Theory of Planned Behavior. In: Kuhl J., Beckmann J. (eds) Action Control. SSSP Springer Series in Social Psychology. Springer, Berlin, Heidelberg. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2):179–211.
Ajzen, I. & Fishbein, M. (1980). Understanding attitudes and predicting social behavior. Englewood Cliffs: Prentice-Hall.
Ajzen, I. Fishbein, M. (2000). Attitudes and the attitude-behavior relation: reasoned and automatic processes. European Review of Social Psychology, 11(1):1–33
Ajzen, I. Madden, T.J. (1986). Prediction of goal-directed behavior: attitudes, intentions, and perceived behavioral control. Journal of Experimental Social Psychology, 22(5):453–474
Alzahrani, A.I. Mahmud, I. Ramayah, T. Alfarraj, O. & Alalwan, N. (2017). Extending the theory of planned behavior (TPB) to explain online game playing among Malaysian undergraduate students. Telematics and Informatics, 34(4): 239–251.
Antonides, G. Groot, D. & Raaij, V. (2011). Mental budgeting and the management of household finance. Journal of Economic Psychology, 32(4): 546-555.
Antonides, G., & de Groot, I. M. (2022). Mental budgeting of the self-employed without personnel. Journal of Behavioral and Experimental Economics, 98, 101852.
Athiyaman, A. (2002). Internet users' intention to purchase air travel online: an empirical investigation. Marketing Intelligence & Planning, 20(4): 234–242.
Bagozzi, R.P. (1981). Attitudes, intentions, and behavior: a test of some key hypotheses. Journal of Personality and Social Psychology, 41(4): 607-627.
Bagozzi, R.P. & Kimmel, S.K. (1995). A comparison of leading theories for the prediction of goal-directed behaviours. British Journal of Social Psychology, 34(4): 437–461
Bentler, P.M. & Speckart, G. (1979). Models of attitude–behavior relations. Psychological Review, 86(5): 452-464.
Bloom, L. (2000). Intentionality and theories of intentionality in development. Human Development, 43(3): 178–185.
Brooks, J.M. Iwanaga, K. Chiu, C.Y. Cotton, B.P. Deiches, J. Morrison, B. & Chan, F. (2017). Relationships between selfdetermination theory and theory of planned behavior applied to physical activity and exercise behavior in chronic pain. Psychology, Health & Medicine, 22(7): 814–822.
Close, M.A. Lytle, L.A. Chen, D.G. & Viera, A.J. (2018). Using the theory of planned behavior to explain intention to eat a healthful diet among southeastern United States office workers. Nutrition & Food Science, 48(2): 365-374.
Conner, M. & Abraham, C. (2001). Conscientiousness and the theory of planned behavior: toward a more complete model of the antecedents of intentions and behavior. Personality and Social Psychology Bulletin, 27(11): 1547–1561.
De Bruijn G.J. Kremers, S.P. De Vet, E. De Nooijer, J. Van Mechelen, W. & Brug, J. (2007). Does habit strength moderate the intention–behaviour relationship in the theory of planned behaviour? The case of fruit consumption. Psychology & Health, 22(8): 899–916.
Ding, L., Liu, M., Yang, Y., & Ma, W. (2022). Understanding Chinese consumers’ purchase intention towards traceable seafood using an extended Theory of Planned Behavior model. Marine Policy, 137, 104973.
Elgeka, H. W. S., & Ma, J. (2020). Mental budgeting and the malleability of decision-making. Psikohumaniora: Jurnal Penelitian Psikologi, 5(2), 139-154.
Fisbein, M. & Ajzen, I. (1975). Belief, attitude, intention and behavior: an introduction to theory and research. Addison-Wiley Publishing Company, Massachusetts.
Fredricks, A.J. & Dossett, D.L. (1983). Attitude–behavior relations: a comparison of the Fishbein-Ajzen and the Bentler-Speckart models. Journal of Personality and Social Psychology, 45(3): 501-512.
Galperti, S. (2019). A theory of personal budgeting. Theoretical Economics, 14(1), 173-210.
Habibah, U., Hassan, I., & Iqbal, M. S. (2018). Household behavior in practicing mental budgeting based on the theory of planned behavior. Financial Innovation, 4(1), 1-14.
Hagger, M.S. Chatzisarantis, N. & Biddle, S.J. (2001). The influence of self-efficacy and past behaviour on the physical activity intentions of young people. Journal of Sports Sciences, 19(9): 711–725.
Hair, J.F. Black, W.C. Babin, B.J. Anderson, R.E. & Tatham, R.L. (2010). Multivariate data analysis (7th Ed.). New Jersey: Pearson prentice Hall
Heath, C. & Soll, J. (1996). Mental budgeting and consumer decisions. Journal of Consumer Research, 23(1), 40-52.
Honkanen, P. Olsen, S.O. & Verplanken, B. (2005). Intention to consume seafood—the importance of habit. Appetite, 45(2):161–168.
Hoque, M.Z. (2017). Mental budgeting and the financial management of small and medium entrepreneurs. Cogent Economics & Finance, 5(1):1-19.
Houtum, L. V. (2020). Mental budgeting and the consumer's purposes of spending money.
Jackson, C. Smith, A. Conner, M. (2003). Applying an extended version of the theory of planned behaviour to physical activity. Journal of Sports Sciences, 21(2): 119–133.
Kashif, M. Zarkada, A. Ramayah, T. (2018). The impact of attitude, subjective norms, and perceived behavioural control on managers’ intentions to behave ethically. Total Quality Management & Business Excellence, 29(5–6): 481–501.
Kautonen, T. van Gelderen, M. & Fink, M. (2015). Robustness of the theory of planned behavior in predicting entrepreneurial intentions and actions. Entrepreneurship Theory and Practice, 39(3): 655–674.
Kim, Y.J. Njite, D. & Hancer, M. (2013). Anticipated emotion in consumers’ intentions to select eco-friendly restaurants: augmenting the theory of planned behavior. International Journal of Hospitality Management, 34(1): 255–262.
Laran, J. (2020). Self-control: Information, priorities, and resources. Consumer Psychology Review, 3(1), 91-107.
Lichner, I., Lyócsa, Š., & Výrostová, E. (2022). Nominal and discretionary household income convergence: The effect of a crisis in a small open economy. Structural Change and Economic Dynamics, 61, 18-31.
Madden, T.J. Ellen, P.S. & Ajzen, I. (1992). A comparison of the theory of planned behavior and the theory of reasoned action. Personality and Social Psychology Bulletin, 18(3): 3-9.
Martin, R.J. Usdan, S. Nelson, S. Umstattd, M.R. LaPlante, D. Perko, M. & Shaffer, H. (2010). Using the theory of planned behavior to predict gambling behavior. Psychology of Addictive Behaviors, 24(1): 89-97.
Norman, P. & Smith, L. (1995). The theory of planned behaviour and exercise: an investigation into the role of prior behaviour, behavioural intentions and attitude variability. European Journal of Social Psycholology, 25(4): 403–415.
Pan, J.Y. & Truong, D. (2018). Passengers’ intentions to use low-cost carriers: an extended theory of planned behavior model. Journal of Air Transport Management, 69: 38–48
Peña-García, N., Gil-Saura, I., Rodríguez-Orejuela, A., & Siqueira-Junior, J. R. (2020). Purchase intention and purchase behavior online: A cross-cultural approach. Heliyon, 6(6), e04284.
Pompian, M.M. (2006). Behavioral finance and wealth management. Hoboken, NJ: John Wiley & Sons.
Sabri, M. F., Abd Rahim, H., Wijekoon, R., Fardini, N., Zakaria, A. S. M., & Reza, T. S. (2020). The mediating effect of money attitude on association between financial literacy, financial behaviour, and financial vulnerability. International Journal of Academic Research in Business and Social Sciences, 10(15), 340-358.
Shahid Iqbal, M. &UL Hassan, M. & Habibah, U. (2018). Impact of self-service technology (SST) service quality on customer loyalty and behavioral intention: the mediating role of customer satisfaction. Cogent Business & Management, 5(1):1.
Sheeran, P. & Orbell, S. (2000). Using implementation intentions to increase attendance for cervical cancer screening. Health Psychology Journal, 19(3):283-289.
Sophia, E., & Ryandono, M. N. H. (2019). Islamic Family Budgeting. In The 2nd International Conference Postgraduate School-ICPS (pp. 81-84). Scitepress-Science and Technology Publications, Lda.
Sutter, N. & Paulson, S. (2017). Predicting college students' intention to graduate: a test of the theory of planned behavior. College Student Journal, 50(3): 409–421.
Tariq, J. Sajjad, A. Usman, A. & Amjad, A. (2017). The role of intentions in facebook usage among educated youth in Pakistan: an extension of the theory of planned behavior. Computers in Human Behavior, 74: 188–195
Thaler, R. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(3), 183-206.
Thaler, R. (1990). Anomalies: Saving, fungibility, and mental accounts. The Journal of Economic Perspectives, 4(1), 193-205
Thaler, R. & Shefrin, H. (1981). An Economic Theory of Self-Control. Journal of Political Economy, 89(2), 392–406.
Triandis, H.C. (1980). Reflections on trends in cross-cultural research. Journal of Cross-Cultural Psychology, 11(1): 35–58.
Yang, Z. (2019). Modeling Cross Category Purchase Decision Making with Consumers’ Mental Budgeting Control Habit. Information Management and Business Review, 11(4 (I)), 33-42.
