Influences of peer relations and locus of control on students’ financial extravagance
AbstractEffort to checkmate extravagance and maximize gain is the focus of all organizations more in this period of global financial crisis. There is need therefore to checkmate unnecessary financial spending. This study examines the influence of the variables, peer relations and locus of control, on such spending among University students. Three hundred (144 males and 156 females) participants were used for the study. Their ages ranged between 20-30 years with mean age of 26.07. Nowicki-Strickland Locus of Control Scale, Index of Peer Relations and Extravagant Life Assessment Scale were three instruments used for the study. A Two Way ANOVA statistics was used in analyzing the data. The study showed no significant difference between the two polars peer relations on extravagant Life style, while significant difference existed between the two locus of control orientations on extravagance. However interactions of the two variables portrayed peer relations as a strong modulator towards spending in both domains of locus of control. Discussions and recommendations from the findings were made, with emphasis on balancing the scale.
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