Money: An Integrated Review and Synthesis From a Psychological Perspective

Money: An Integrated Review and Synthesis From a Psychological Perspective. Xijing Wang, Zhansheng Chen, Eva G. Krumhuber. Review of General Psychology, February 23, 2020. https://doi.org/10.1177/1089268020905316

Abstract: Many empirical studies have demonstrated the psychological effects of various aspects of money, including the aspiration for money, mere thoughts about money, possession of money, and placement of people in economic contexts. Although multiple aspects of money and varied methodologies have been focused on and implemented, the underlying mechanisms of the empirical findings from these seemingly isolated areas significantly overlap. In this article, we operationalize money as a broad concept and take a novel approach by providing an integrated review of the literature and identifying five major streams of mechanisms: (a) self-focused behavior; (b) inhibited other-oriented behavior; (c) favoring of a self–other distinction; (d) money’s relationship with self-esteem and self-efficacy; and (e) goal pursuit, objectification, outcome maximization, and unethicality. Moreover, we propose a unified psychological perspective for the future—money as an embodiment of social distinction—which could potentially account for past findings and generate future work.

Keywords: money, psychological effects, integrated review, unified perspective