While studies have shown that materialism produces negative outcomes, Americans remain staunchly materialistic. Another avenue for these persistent material values is to examine the conditions under which materialism might be harnessed for increased financial well-being. In this study, we propose a conceptual model to investigate the role of growth mindset. We found that having a growth mindset partially mediated the relationship between materialism and current money management stress (the current dimension of financial well-being) and fully mediated the relationship between materialism and expected future financial security (the future dimension of financial well-being). Thus, the negative effect of materialism on current money management stress appears to be due, at least in part, to the influence of materialism on the mindset of the individual. Surprisingly, materialism had a positive association with expected future financial security. The findings have implications for ways to help consumers manage their materialism to advance their well-being.

Accepted Oral Presentation