Money attitudes and pay satisfaction of the low paid

Ramakrishnan, Sumeetra, Riley, Michael and Szivas, Edith (2006) Money attitudes and pay satisfaction of the low paid. Journal of Managerial Psychology, 21 (2) . pp. 163-172. ISSN 0268-3946 [Article] (doi:10.1108/02683940610650767)

Abstract

Purpose – The research aims to explore the relationship between money attitudes and pay satisfaction for individuals in low paid jobs.

Design/methodology/approach – The methodology developed a questionnaire that contained three key measures, including money attitudes, pay satisfaction and income level. The sample for this study consisted of blue-collar workers from industries and occupations identified as low paid by The National Minimum Wage Commission in the UK. The questionnaire was distributed in East London and South East England through employment exchanges and community organisations.

Findings – Individual differences in money attitudes was found to be a significant variable in explaining pay satisfaction of people in low pay. The evidence proposes a case for money attitudes to be incorporated in the traditional models of pay satisfaction as it provides for the idiosyncrasies in individual differences.

Research limitations/implications – A major limitation of this study was that it only captured certain low paid occupations, and also that it was based in the UK. This must be the most important direction for future research.

Practical implications – The findings have managerial important implications in designing pay and reward structures for people in low pay.

Originality/value – One of the major contributions of this study is that it is an early example of an empirical study, hopefully to be followed by more on money attitudes and the satisfaction of low pay.

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