Does Saving Money Make You A Bad Person?
Psych 🧠 - 330/500
Hello Reader.
What type of person are you? The one who saves money most of the time or the one who would rather spend it on experiences?
What is it?
This paper builds on a previous article by Ramos et al. (2024) that introduced Moral Foundations Theory (MFT) to consumer research.
MFT proposes that moral values are based on five foundations: care, fairness, loyalty, authority, and purity.
This research dialogue argues that MFT can be a valuable tool for understanding consumer behavior, particularly for explaining heterogeneity in consumers' moral utility - the satisfaction people derive from making morally right choices.
Major findings:
Product preferences:
Conspicuous Consumption: People who value fairness and care (individualizing foundations) find conspicuous consumption morally objectionable, while those who prioritize group loyalty and authority (binding foundations) see it as permissible.
Sensory Products: Consumers endorsing binding values are less likely to consume alcohol, tobacco, or sex toys due to concerns about social order.
Financial choices:
Welfare Programs: Conservatives, who tend to endorse binding values, are more hesitant to accept welfare without work requirements, viewing it as a burden on the community.
🤯 This Book Is CHEAPER On Kindle (limited time!)
The Psych Handbook has 150+ biases & fallacies explained with emojis!
Or an Amazon Kindle copy from here.
What do I need to know:
This paper encourages consumer researchers to embrace MFT as a valuable tool for understanding the moral dimensions of consumer behavior.
Moral utility is an important dimension of consumer behavior: Consumers derive satisfaction from aligning their choices with their moral values.
MFT can explain heterogeneity in moral values and consumption choices: Understanding how different moral foundations shape consumer preferences can inform marketing strategies and policy decisions.
Source:
Amazing to see how deeply our values influence everyday decisions, even in what we choose to buy.