Measurement Validation for Money Management Intention Based on the Transtheoretical Model of Behavior Change

Main Article Content

Chinun Boonroungrut
Fei Huang


This study aims to validate an instrument to measure money management intention based on six processes and three cognitive stages of change according to the transtheoretical model of change. A total of one thousand sixty-three Thai undergraduate students from three public and three private universities in Bangkok and Nakorn Pathom provinces in Thailand were randomly recruited in the various validation steps including confirmatory factor analysis, test-retest reliability method, concurrent validation, convergent validation and discriminant validation. The results confirmed the validity and reliability of the eighteen items based on the six components among the general university students; CFA showed acceptable fit indices; χ2 = 331.65, χ2/df = 2.88, CFI = .91, GFI = .87, RMSEA = .06, scoring separately in each process of change. Moreover, saving from Saving Scale and Machiavellianism from SD3-TH indicated the most robust relationships with all developing measures significantly. Convergent and discriminant validations were met the critical criteria. This validated measure was labeled as MMIQ-TTM. The present study confirms the usefulness of six processes and three stages in measuring money management intention at the early cognitive stage before performing behavioral changes in the future action stages among undergraduate students.

Article Details

How to Cite
Boonroungrut, C., & Huang, F. (2020). Measurement Validation for Money Management Intention Based on the Transtheoretical Model of Behavior Change. The Journal of Behavioral Science, 15(2), 38-53. Retrieved from
Research Articles
Author Biography

Chinun Boonroungrut, School of Psychology,Central China Normal University

Online Profile:

1. Researchgate

2. Linkin


Adams, J., & White, M. (2005). Why don't stage-based activity promotion interventions work? Health education research, 20(2), 237-243.
Akinyede, O., Owolabi, A., & Akinola, A. (2017). Financial literacy and money management among tertiary institution students: A study of selected universities in Osun-state, Nigeria.
Almenberg, J., Lusardi, A., Säve-Söderbergh, J., & Vestman, R. (2016). Attitudes toward debt and debt behavior (No. w24935): A national bureau of economic research.
Altman, E., & Hotchkiss, E. (2006). Corporate financial distress and bankruptcy. John Wiley & Sons.
Aydin, A. E., & Selcuk, E. A. (2019). An investigation of financial literacy, money ethics and time preferences among college students. International Journal of Bank Marketing, 37(3), 880-900.
Bacon, D. R., Sauer, P. L., & Young, M. (1995). Composite reliability in structural equations modeling. Educational and Psychological Measurement, 55(3), 394-406.
Bezner, J., Lloyd, L., & Crixell, S. (2017). The impact of group health behavior change coaching on physical fitness and related psychological outcomes.
Black, A. C., & Rosen, M. I. (2011). A money management-based substance use treatment increases valuation of future rewards. Addictive Behaviors, 36(1), 125-128.
Boonroungrut, C., Dechporm, S., Oo, T. O., & One, K. (2018). A mediation study of human dark personality and the prediction of students’ monetary attitudes. The Journal of Basic and Applied Research, 4(3), 49-57.
Boonroungrut, C., & Huang, F. (2018). A dark personality traits measurement (short dark triad: SD3-TH) psychometric properties testing of Thai version. The CMU Journal of Education, 2(1), 1-17.
Boonroungrut, C., Huang, F., & Dechporm, S. (In Press 2020). Dark personality impacts on saving and spending attitudes: A multi-group analysis between loan and self-support students. Kasetsart Journal of Social Sciences.
Boonroungrut, C. & Toe. O. (2017). Dark triad trends in personality studies: Systematic review with bibliometric network analysis. Journal of Humanities and Social Sciences Mahasarakarm University, 36(6), 63-76.
Carlson, K. D., & Herdman, A. O. (2012). Understanding the impact of convergent validity on research results. Organizational Research Methods, 15(1), 17–32.
Chichaibelu, B. B., & Waibel, H. (2017). Borrowing from “pui” to pay “pom”: Multiple brrowing and over-indebtedness in rural Thailand. World Development, 98(1), 338-350.
Diamantopoulos, A., & Winklhofer, H. M. (2001). Index construction with formative indicators: An alternative to scale development. Journal of Marketing Research, 38(2), 269-277.
Fornell, C., & Larcker, D. F. (1981). Structural equation models with unobservable variables and measurement error: Algebra and statistics. Journal of Marketing Research, 18(1), 382–388.
Foster, J. D., Misra, T. A., & Reidy, D. E. (2009). Narcissists are approach-oriented toward their money and their friends. Journal of Research in Personality, 43(5), 764-769.
Furnham, A., Richards, S. C., & Paulhus, D. L. (2013). The dark triad of personality: A 10 year review. Social and Personality Psychology Compass, 7(3), 199-216.
Gaskin, J., & Lim, J. (2016). Master validity tool, AMOS Plugin.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2010). Multivariate data analysis. Prentice hall.
Horwitz, E. J., Klontz, B. T., & Zabek, F. (2019). A financial psychology intervention for increasing employee participation in and contribution to retirement plans: Results of three trials. Journal of Financial Counseling and Planning, 30(2), 262-276.
Jones, D. N. (2013). What’s mine is mine and what’s yours is mine: The dark triad and gambling with your neighbor’s money. Journal of research in personality, 47(5), 563-571.
Jones, D.N. & Figueredo, A. J. (2013). The core of darkness: Uncovering the heart of the Dark Triad. European Journal of Personality, 27(6), 521-531.
Jones, D. N., & Paulhus, D. L. (2009). Machiavellianism. In M. R. Leary & R. H. Hoyle (Eds.), Handbook of individual differences in social behavior (pp. 93-108). Guilford.
Kidwell, B., & Turrisi, R. (2004). An examination of college student money management tendencies. Journal of Economic Psychology, 25(1), 601-616. 10.1016/S0167-4870(03)00073-4
Kreuter, M. W., Bull, F. C., Clark, E. M., & Oswald, D. L. (1999). Understanding how people process health information: a comparison of tailored and nontailored weight-loss materials. Health Psychology, 18(5), 487.
Ksendzova, M., Donnelly, G. E., & Howell, R. T. (2017). A brief money management scale and its associations with personality, financial health, and hypothetical debt repayment. Journal of Financial Counseling and Planning, 28(1), 62-75.
Lau, P., Law, B., & Poon, Y. H. (2011). Using positive youth development constructs to design a money management curriculum for junior secondary school students in Hong Kong. The Scientific World Journal, 11(1), 2219-2229. /2011/750721
Leem, Y., Han, H., Ahn, M., Lee, H., Kim, Y., Chun, M., & Jung, Y. (2017). Factors associated with stage of change in smoker in relation to smoking cessation based on the Korean National Health and Nutrition Examination Survey II-V. PloS One, 12(5), 1-16.
Lewis, S., & Lewis, D. R. (2017). Financial inclusion in Thailand: Innovations and challenges. Quarterly Hokkai Gakuen University Economic Review, 64(4), 19-43.
Li-Ping, T., Chen, Y., & Sutarso, T. (2008). Bad apples in bad (business) barrels: The love of money, Machiavellianism, risk tolerance, and unethical behavior. Management Decision, 46(2), 243-263.
Magendans, J., Gutteling, J. M., & Zebel, S. (2017). Psychological determinants of financial buffer saving: the influence of financial risk tolerance and regulatory focus. Journal of Risk Research, 20(8), 1076-1093.
Massey, W. V., Meyer, B. B., & Mullen, S. P. (2015). Initial development and validity evidence for the processes of change in Psychological Skills Training Questionnaire. Psychology of Sport and Exercise, 16(1), 79-87.
Mastellos, N., Gunn, L., Felix, L., Car, J., & Majeed, A. (2014). Transtheoretical model stages of change for dietary and physical exercise modification in weight loss management for overweight and obese adults. The Cochrane Library, 2(2), 1-87.
McCrae, R. R., Kurtz, J. E., Yamagata, S., & Terracciano, A. (2011). Internal consistency, retest reliability, and their implications for personality scale validity. Personality and Social Psychology Review, 15(1), 28-50.
McLean, P. A., & Jones, D. B. (1992). Machiavellianism and business education. Psychological Reports, 71(1), 57-58.
Mhurchu, C. N., Margetts, B., & Speller, V. (1997). Applying the stages of change model to dietary change. Nutrition Reviews, 55(1), 10-16.
Nidecker, M., DiClemente, C. C., Bennett, M. E., & Bellack, A. S. (2008). Application of the transtheoretical model of change: Psychometric properties of leading measures in patients with co-occurring drug abuse and severe mental illness. Addictive Behaviors, 33(8), 1021-1030.
Prochaska, J. O. (2013). Transtheoretical model of behavior change. In Encyclopedia of behavioral medicine (pp. 1997-2000). Springer.
Prochaska, J. O., DiClemente, C. C., Velicer, W. F., & Rossi, J. S. (1992). Criticisms and concerns of the transtheoretical model in light of recent research. British Journal of Addiction, 87(6), 825-828.
Prochaska, J. O., & Velicer, W. F. (1997). The transtheoretical model of health behavior change. American Journal of Health Promotion, 12(1), 38-48.
Prochaska, J. O., Velicer, W. F., DiClemente, C. C., & Fava, J. (1988). Measuring processes of change: applications to the cessation of smoking. Journal of Consulting and Clinical Psychology, 56(4), 520-528.
Rauthmann, J. F., & Will, T. (2011). Proposing a multidimensional Machiavellianism conceptualization. Social Behavior and Personality, 39(3), 391-403.
Romain, A., Attalin, V., Sultan, A., Boegner, C., Gernigon, C., & Avignon, A. (2014). Experiential or behavioral processes: Which one is prominent in physical activity? Examining the processes of change 1 year after an intervention of therapeutic education among adults with obesity. Patient Education and Counseling, 97(2), 261-268.
Sereetrakul, W. (2014). Factors predicting saving behavior of students in Bangkok metropolitan area. Suthioarithat, 28(85), 310-316.
Shelton, V. M., Smith, T. E., & Panisch, L. S. (2019). Financial therapy with groups: A case of the five-step model. Journal of Financial Counseling and Planning, 30(1), 18-26.
Srisamarn, C., & Fernando, M. (2019). A study of factors influencing gen y managing debt in Thailand. International Research E-Journal on Business and Economics, 4(2), 1-14.
Tejero, A., Trujols, J., Hernández, E., de los Cobos, J. P., & Casas, M. (1997). Processes of change assessment in heroin addicts following the Prochaska and DiClemente transtheoretical model. Drug and Alcohol Dependence, 47(1), 31-37.
Tseng, F., Wang, L., Lin, Y., Lin, T., Pan, C., & Chang, J. (2017). Predictors of smoking cessation in Taiwan: using the theory of planned behavior. Psychology, Health & Medicine, 23(3), 1-7.
Turner, R. C., & Carlson, L. (2003). Indexes of item-objective congruence for multidimensional items. International Journal of Testing, 3(2), 163-171. 10.1207/S15327574IJT0302_5
Vilela, B., Jungerman, F. S., Laranjeira, R., & Callaghan, R. (2009). The transtheoretical model and substance dependence: Theoretical and practical aspects. Revista Brasileira de Psiquiatria, 31(4), 362-368.
Von Sternberg, K. (2005). Comparing the factorial structure, invariance, and predictive validity of transtheoretical model constructs for alcohol use across restricted and unrestricted settings [abstract]. Dissertation Abstracts International: The Sciences and Engineering, 66(6), 3094.
Wang, L., Lu, W., & Malhotra, K. (2011). Demographics, attitude, personality and credit card features correlate with credit card debt: A view from China. Journal of Economic Psychology, 32(1), 179-193.