Mental budgeting and the consumer's purposes of spending money
This study examines how mental budgets are formed and applied in real life. Consumers’ spending purposes to form mental budgets, the way mental budgets are made and the way mental budgets lead to the fulfilment of consumers’ purposes are identified. In-depth interviews were conducted with 20 respondents, aged 23 to 64. The results show that consumers’ purposes in life do lead to mental budgets for savings, which helps to fulfill one’s purposes. However, these purposes and mental budgets depend on several situational factors, such as: age, family situation, COVID-19, and religion. This study contributes to scientific literature on mental budgeting, consumer needs, and savings in several ways. Because this study is highly exploratory in nature, it is suggested that further research will be conducted in the future.
Faculteit der Managementwetenschappen