I'm Still Spending: Financial Contingency of Self-Worth Predicts Financial Motivational Conflict and Compulsive Buying

People with financially contingent self-worth (FCSW) base their self-esteem on money and feel pressured to achieve financial success. However, the present research suggests such individuals may be vulnerable to compulsive buying and experiencing distress and impairment in their lives from engaging in this maladaptive behavior (Study 1a-1b). Study 2 identified a key mechanism: People with FCSW experience more motivational conflict between wanting to spend (vs. not spend) their money, which predicts greater compulsive buying intentions and anticipated distress from making excessive purchases. A 5-week diary study revealed that FCSW-on average and at a weekly level-predicted greater perceived financial motivational conflict and more compulsive buying, distress, and impairment in life (Study 3). People with FCSW experience more financial motivational conflict, independent of beliefs about spending implying wealth or feeling pressured to spend to display one's wealth to others (Study 4). Implications and future directions are discussed.