Furthermore, it is notable that there is an inverse
relation between indebtedness and emotion, confirming
hypothesis 10. People who reach a high level of negative
emotions reduce their debt to seek emotional well-being.
Thus, the more negative emotions people experience, the
more care they exercise with respect to being in debt,
confirming hypothesis 10.
The remaining relations between the constructs are
positive, where the highest coefficient (0.452) is obtained
for the influence of the value of money on materialism,
i.e., people who value money and seek social recognition
through it will consequently have higher levels of consumption
and materialism. In testing the relation between
materialism and indebtedness (coefficient: 0.172), it is notable
that more materialistic people have a higher propensity
toward indebtedness.
It is emphasized that two hypotheses defined in the
theoretical model are not confirmed: hypotheses two and
nine. Hypothesis two seeks a relation between financial
literacy and indebtedness; however, it is not accepted,
eliminating the financial literacy factor. Despite hypothesis
nine not being confirmed, the corresponding factors, risky
behavior, and emotions are retained in the model because
they have a significant relation with other factors.