Snob Effect, Bandwagon Effect and Financial Behavior: A Comparative Study among Spanish and Turkish Students

There are some determinants affecting households’ financial behaviors, financial attitudes, and financial literacy such as gender, age, pre-knowledge on personal financial issues, education level and income level. This study tried to find out new possible determinants for financial behaviors. The study aimed to investigate the associations between financial behavior and snob effect and bandwagon effect among university students in Spain and Turkey. An online survey instrument was used for data collection. Totally 367 students from Spain and Turkey were included in the research. The Independent Samples t-Test was used for data analysis. The study found a negative association between being a snob person and having a positive financial behavior for Spanish and Turkish students. Students who tend to be snob had a lower level of positive financial behaviors than those who don’t have any tendency to be a snob. Bandwagon effect didn’t influence having positive financial behavior for both Spanish and Turkish participant students in this study. Students who care for longer-lasting products had a higher level of financial behavior than those who don’t care for longer-lasting products. This study concluded that the snob effect leads to negative financial behavior. On the other hand, comparison shopping for longer-lasting products positively affects the financial behaviors of students. Policymakers might use the results of this study to increase the level of positive financial behavior of individuals. Considering the snob effect as a determinant of financial behavior as well as the main known determinants might produce beneficial results for enhancing financial behavior and financial literacy.

Snob Etkisi, Bandwagon Etkisi ve Finansal Davranış: İspanyol ve Türk Öğrenciler Arasında Karşılaştırmalı Bir Çalışma

Cinsiyet, yaş, kişisel finans ile ilgili ön bilgi, eğitim düzeyi ve gelir seviyesi gibi hanehalkının finansal davranış, finansal tutum ve finansal okuryazarlığını etkileyen bazı belirleyiciler bulunmaktadır. Bu çalışmada finansal davranışa yönelik olası belirleyiciler tespit edilmeye çalışılmaktadır. Bu çalışma, İspanya ve Türkiye'deki üniversite öğrencilerinde finansal davranış ile snob etkisi ve bandwagon etkisi arasındaki ilişkiyi incelemeyi amaçlamıştır. Verilerin toplanması için çevrimiçi anket kullanılmıştır. Çalışmaya İspanya ve Türkiye'den toplam 367 öğrenci dahil edilmiştir. Verilerin analizi için Bağımsız Örneklem t Testi kullanılmıştır. Çalışmada, İspanyol ve Türk öğrenciler açısından Snob olmak ile olumlu finansal davranışlara sahip olmak arasında negatif bir ilişki olduğu tespit edilmiştir. Snob olma eğiliminde olan öğrencilerin bu eğilime sahip olmayan öğrencilerden daha düşük düzeyde olumlu finansal davranışlara sahip olduğu tespit edilmiştir. Badnwagon etkisinin her iki öğrenci grubu için de olumlu finansal davranışa sahip olma üzerinde hiçbir etkisi olmadığı sonucuna ulaşılmıştır. Ayrıca, daha dayanıklı ürünlere önem veren öğrencilerin önem vermeyen öğrencilerden daha yüksek düzeyde finansal davranışa sahip olduğu bulunmuştur. Bu çalışma, snob etkisinin olumsuz finansal davranışa yol açtığı sonucuna ulaşmıştır. Öte yandan, dayanıklı ürün satın almaya yönelik karşılaştırma yapmanın öğrencilerin finansal davranışlarını olumlu etkilediği belirlenmiştir. Politika yapıcılar bireylerin olumlu finansal davranış düzeyini artırmak için bu çalışmanın sonuçlarını kullanabilirler. Bilinen temel belirleyicilerin yanı sıra snob etkisinin de finansal davranışın bir belirleyicisi olarak düşünülmesi, finansal davranışı ve finansal okuryazarlığı geliştirmek için faydalı sonuçlar ortaya çıkarabilir.

PDF

___

Akova, S., & Kantar, G. (2020). Snob effect on consumption-oriented communication habits of individuals belonging to sub and middle income group. Turkish Studies, 15(3), 1587-1609. https://dx.doi.org/10.29228/TurkishStudies.43561

Angulo-Ruiz, F., & Pergelova, A. (2015). An empowerment model of youth financial behavior. Journal of Consumer Affairs, 49(3), 550-575. https://doi.org/10.1111/joca.12086

Barrera, G. A., & Ponce, H. R. (2020). Personality traits influencing young adults' conspicuous consumption. International Journal of Consumer Studies, 00, 1–15. https://doi.org/10.1111/ijcs.12623

Bekir, I., El Harbi, S., & Grolleau, G. (2013). How a luxury monopolist might benefit from the aspirational utility effect of counterfeiting? European Journal of Law and Economics, 36, 169–182. https://doi.org/10.1007/s10657-011-9235-x

Corneo, G., & Jeanne, O. (1997). Snobs, bandwagons, and the origin of social customs in consumer behavior. Journal of Economic Behavior & Organization, 32(3), 333-347. https://doi.org/10.1016/S0167-2681(96)00024-8

Dhaliwal, A., Singh, D. P. & Paul, J. (2020). The consumer behavior of luxury goods: a review and research agenda. Journal of Strategic Marketing, 1-27. https://doi.org/10.1080/0965254X.2020.1758198

Eastman, J. K, Iyer, R., Shepherd, C. D., Heugel, A., & Faulk, D. (2018). Do they shop to stand out or fit in? The luxury fashion purchase intentions of young adults. Psychology and Marketing, 3 (3), 220-236. https://doi.org/10.1002/mar.21082

Ergün, K., & Serel, A. (2019). Financial literacy among university students: A sample of Balikesir University. Journal of the Human and Social Science Researches, 8 (2), 1385-1410. https://doi.org/10.15869/itobiad.560067

Hair, J. F., Black, W. C., Babin, B. J. & Anderson, R. E. (2014). Multivariate data analysis. Pearson New International Edition. Harlow: Pearson Education Limited.

Johnson, C. M., Tariq, A., & Baker, T. L. (2018). From Gucci to Green Bags: Conspicuous consumption as a signal for pro-social behavior. Journal of Marketing Theory and Practice, 26(4), 339-356. https://doi.org/10.1080/10696679.2018.1487769

Kastanakis, M. N., & Balabanis, G. (2014). Explaining variation in conspicuous luxury consumption: An individual differences' perspective.Journal of Business Research, 67, 2147-2154. http://dx.doi.org/10.1016/j.jbusres.2014.04.024

Kim, D., & Jang, S. (Shawn). (2017). Symbolic consumption in upscale cafés: Examining Korean gen Y consumers’ Materialism, conformity, conspicuous tendencies, and functional qualities. Journal of Hospitality & Tourism Research, 41(2), 154–179. https://doi.org/10.1177/1096348014525633

Kovács, K. (2015). The Effects and consequences of simultaneously arising different network externalities on the demand for status goods. Metroeconomica, 66(3), 375-396. https://doi.org/10.1111/meca.12073

Leibenstein, H. (1950). Bandwagon, snob, and Veblen effects in the theory of consumer demand. Quarterly Journal of Economics, 64, 183– 207.

Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial Literacy among the Young. Journal of Consumer Affairs, 44, 358-380. https://doi.org/10.1111/j.1745-6606.2010.01173.x

Mandell, L., & Klein, L. S. (2009). The impact of financial literacy education on subsequent financial behavior. Journal of Financial Counseling and Planning, 20(1), 15-24.

Meyer, M. (2017). Is financial literacy a determinant of health? Patient 10, 381–387. https://doi.org/10.1007/s40271-016-0205-9

Merello, P, de la Poza, E, &Jódar, L. (2020). Explaining shopping behavior in a market economy country: A short-term mathematical model applied to the case of Spain. Math Methemathical Merhods in the Applied Sciences, 43(14), 8089-8104. https://doi.org/10.1002/mma.6072

Nancy Y.C. Wong, N. Y. C. (1997). Suppose you own the world and no one knows? Conspicuous consumption, materialism and self. NA - Advances in Consumer Research Volume 24, eds. MerrieBrucks and Deborah J. MacInnis, Provo, UT: Association for Consumer Research, Pages: 197-203

OECD. (2020). OECD/INFE 2020 International survey of adult financial literacy. www.oecd.org/financial/education/launchoftheoecdinfeglobalfinancialliteracysurveyreport. htm

Potrich, A. C. G., Vieira, K. M., &Kirch, G. (2015). Determinants of financial literacy: Analysis of the influence of socioeconomic and demographic variables. Revista Contabilidade & Finanças, 26(69), 362-377. https://doi.or g/10.1590/1808-057x201501040

Shih, TY., & Ke, SC. (2014). Determinates of financial behavior: Insights into consumer money attitudes and financial literacy. Service Business 8, 217–238. https://doi.org/10.1007/s11628-013-0194-x

Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, Volume 54, 164-176. https://doi.org/10.1016/j.joep.2016.04.005

Tsai, W. S., Yang, Q., & Liu, Y. (2013). Young Chinese consumers’ snob and bandwagon luxury consumption preferences. Journal of International Consumer Marketing, 25(5), 290-304. https://doi.org 10.1080/08961530.2013.827081

vanHerpen, E., Pieters, R., & Zeelenberg, M. (2009). When demand accelerates demand: Trailing the bandwagon. Journal of Consumer Psychology, 19(3), 302-312. https://doi.org/10.1016/j.jcps.2009.01.001

Yoshino, N., Morgan, P. J., & Trinh, L. Q. (2017). Financial literacy in Japan: Determinants and impacts. ADBI Working Paper, No. 796, Asian Development Bank Institute (ADBI), Tokyo.

Turkish Studies - Economics, Finance, Politics-Cover

ISSN: 2667-5625
Yayın Aralığı: Yılda 4 Sayı
Başlangıç: 2006
Yayıncı: ASOS Eğitim Bilişim Danışmanlık Otomasyon Yayıncılık Reklam Sanayi ve Ticaret LTD ŞTİ