Author(s)

Yiwen Han ¹, Ying Guo ¹, Shengtao Sun ¹

Affiliation(s)

¹ College of Psychology, Shanghai Normal University, Shanghai, 200000, China

Corresponding Author

Shengtao Sun

ABSTRACT

The "grab-big, abandon-small" effect in the mental account effect refers to that people classify them into different mental accounts for the "change" and "whole note" in the banknote, and tend to maintain the "whole note". In order to investigate the influence of locus of control and mental account effect on non-cash payment, 113 college students were tested by questionnaire and experiment by simulating shopping situation experiment. The results showed that the non-cash participants spent more money than the cash participants. In the case of non-cash payment, the participants did not tend to control the consumption of large amount of money. Locus of control can predict the non-cash payment behavior of college students. In the mental account effect, "grab-big, abandon-small" effect can enhance the influence of locus of control on payment behavior, which makes the internal control personality spend less than the external control personality.

KEYWORDS

Psychological account effect; locus of control; Non-cash payment; College students; Alipay

CITE THIS PAPER

Yiwen Han, Ying Guo, Shengtao Sun, Mental account effect in non-cash payment of college students: The role of locus of control. Applied & Educational Psychology (2023) Vol. 4: 29-36. DOI: http://dx.doi.org/10.23977/appep.2023.041005.

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