Unveiling the symbolic relationship with money: The validation of the Monetary Styles Questionnaire

The symbolic meanings of money play a critical role in people's lives, influencing economic practices, relationships, work motivation, and financial well-being. Despite a substantial literature in the psychology of money, no instrument has comprehensively measured the full range of symbolic meanings associated to money. This research aims to validate a novel instrument designed to investigate the symbolic dimensions of money, drawing upon a solid theoretical framework grounded in psychodynamic theory. The theory of Monetary Styles represents one of the first attempts to comprehensively account for the heterogeneity and diversity of money's symbolic significance. This framework distinguishes six monetary styles, patterns of relating to money that arise from its symbolic meanings and manifest in distinct behaviors and values. Based on this framework, the Monetary Styles Questionnaire was developed and validated across six studies. The findings showed psychometric robustness, validity over time, and reliability in both Italy and the U.S. Results further supported the theoretical framework by revealing meaningful associations between monetary styles and relevant constructs, including financial practices and work-related motivations. In addition to advancing theory and providing a new tool for measuring the symbolic meaning of money, this research offers significant implications for practitioners, educators, and policymakers seeking to foster healthier financial behaviors and economic well-being at both individual and societal levels.