Reforming theory of planned behavior to measure money management intention: a validation study among student debtors


  • Silpakorn University, Faculty of Education, Nakorn Pathom, Thailand
  • Central China Normal University, School of Psychology, Wuhan, China



Validation, Intention, Planned behavior, Money management



This study aims to validate the money management intention screening questionnaire under the framework of theory of planned behavior, which includes attitude, subjective norms, perceived behavioral control and intention.


A total of 919 undergraduate students with loans were randomly selected and grouped into four sub-studies to address the psychometric properties of the imposed structure. The item–object congruence, confirmatory factor analysis (CFA), test–retest reliability method and other statistical tests were carried out for item selection and confirmation. Two self-reported measures, namely, Saving Behavior Scale and Short Dark Triad (SD3-Thai version), were applied for the measure concurrent validation.


The final 12 items with four-component structures were deemed reliable and generally valid in university students with loans, with CFA results indicating good fit indices (χ2 = 96.44, df = 43; CFI = 0.96; GFI = 0.94; RMSEA = 0.06). The test–retest method indicated values between 0.66 (subjective norm) and 0.71 (attitude). Machiavellianism from SD3-TH and saving attitude from the Saving Behavior Scale showed the strongest significant relation among the items. The abbreviation of the 12-item structure was labeled in the Money Management Intention Questionnaire (MMIQ-TPB).

Research limitations/implications

This study provided a reliable and valid substantial structure for identifying money management intention. However, there was a consideration that MMIQ-TPB questions referred to cognitive influences through intention; thus, it was designed to cover the intended preparation and not in the action stage.

Practical implications

Great money management practically predicts a lower likelihood of being in debt. Attentive educators or loan providers can thus benefit from this alternative structure as a screening scale for identifying risky cognitive mismanagement.

Social implications

The evidence provided in this study highlights the possibility of identifying students who necessarily need a program to improve their monetary management skills during their studying periods. Policymakers could address this problem at the first stage of the general mode in the loan providing operation.


This study bridges the gap in the literature on financial behavioral changes for establishing money management intention among undergraduate students with loans. Furthermore, it confirms the advantages and disadvantages of having certain dark personality traits in a financial context.


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