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Subculture Perspectives of Money and Humorous Advertising Appeal


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SUBCULTURE PERSPECTIVES OF MONEY AND HUMOROUS ADVERTISING APPEAL By AARAMBH SHAH A THESIS PRESENTED TO THE GRADUATE SCHOOL OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS IN MASS COMMUNICATION UNIVERSITY OF FLORIDA 2004

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Copyright 2004 by Aarambh Shah

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This document was created and dedicated to Cuban and Mexican Americans, as well as everyone else in the world who have been victims of marketing and have fallen prey to the minority rich vacuum. Hopefully, by reading and implementing the concepts in this research, you can plan and prepare for a future that will reap you far more benefits than living in the present.

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ACKNOWLEDGMENTS First and foremost, my deepest regards goes out to my committee chairperson, Dr. Jorge Villegas, for helping me craft this document and providing me with guidance and direction every step of the way in completing this document. In addition, I would like to thank my committee members, Dr. Marilyn Roberts, and Dr. Cynthia Morton for providing resources, as well as knowledge in their areas of expertise. Also, I would like to acknowledge my parents, Mukesh and Daksha Shah for financing my graduate school and instilling in me the benefits of higher education; I am the product of your foundations. Finally, I would like to thank my love Melissa for being by my side and providing me with the motivation to accomplish all my goals. iv

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TABLE OF CONTENTS page ACKNOWLEDGMENTS.................................................................................................iv ABSTRACT......................................................................................................................vii CHAPTER 1 INTRODUCTION........................................................................................................1 2 LITERATURE REVIEW.............................................................................................8 Money...........................................................................................................................8 Cognitive and Affective Significance...................................................................8 Money Attitude Scale (retention)........................................................................11 Cultural Money Attitudes....................................................................................13 Ethnicity......................................................................................................................18 Hispanic Population.............................................................................................18 Hispanic Cultural Differences.............................................................................21 Intragroup Hispanic Cultural Differences...........................................................25 Cuban Americans................................................................................................26 Mexican Americans.............................................................................................28 Cuban and Mexican American Variances...........................................................30 Humor.........................................................................................................................34 Humor Defined....................................................................................................34 Humor Executional Factors.................................................................................37 Humor Placement................................................................................................38 Humor Relatedness..............................................................................................38 Humor Product Factors........................................................................................39 Humor Audience Factors.....................................................................................39 Hypothesis Development............................................................................................43 3 METHODOLOGY.....................................................................................................49 Design of the Experiment...........................................................................................49 Manipulation...............................................................................................................49 Pre-Test.......................................................................................................................51 Independent Variables................................................................................................51 Dependent Variables...................................................................................................52 v

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4 RESULTS...................................................................................................................54 Pretest Analysis..........................................................................................................54 Preliminary Data Analysis..........................................................................................54 Experimental Results..................................................................................................56 Findings......................................................................................................................60 5 DISCUSSION AND CONCLUSIONS......................................................................62 Discussion...................................................................................................................62 Implications................................................................................................................63 Limitations..................................................................................................................65 Suggestions for Future Research................................................................................66 APPENDIX A RETENTION DIMENSION SCALE.........................................................................68 B NON-HUMOROUS APPEAL...................................................................................69 C HUMOROUS APPEAL.............................................................................................70 D QUESTIONNAIRE....................................................................................................71 E INSTITUTIONAL REVIEW BOARD CONSENT FORM.......................................80 LIST OF REFERENCES...................................................................................................82 BIOGRAPHICAL SKETCH.............................................................................................93 vi

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vii Abstract of Thesis Presented to the Graduate School of the University of Florida in Partial Fulfillment of the Requirements for the Degree of Master of Arts in Mass Communication DIFFERENT SUBCULTURE PERSPECTIVE OF MONEY AND HUMOROUS ADVERTISING APPEAL By Aarambh Shah May 2004 Chair: Dr. Jorge Villegas Major Department: Journalism and Communications Money is an object that is based on trust; it has served as a medium of exchange for centuries, and was derived from the pre-capitalistic formations of barter. Economically, money has been seen as objective and utilitarian, a commodity that is ordinary, mundane, impersonal, neutral, and is comprised of quantitative meaning. However, many social scientists see money as a subjective unit, an object where different individuals attach an affective and emotional meaning to it. This research tapped into the subjective components of money from a Hispanic intrasubculture perspective due to the high demand from marketers to target financial products towards them, and the vast complexities that lie between these groups in terms of attitudes and behaviors. Unfortunately, a major consensus from empirical evidence has been conducted illustrating how Hispanics are less likely to plan and prepare for their future (i.e. they are present oriented) than their Anglo-American counterparts. Yet, the

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majority of research has only focused on Mexican Americans, as opposed to other Hispanic subcultures. As a result, this research investigated differences in attitudinal and cognitive abilities for both Cuban Americans and Mexican Americans in planning and preparing for their future, as well as humorous advertising appeals. A major finding from this research has shown that high-acculturated Cuban Americans are more likely to plan and prepare for their future than high-acculturated Mexican Americans; also, Cuban Americans (both high and low acculturated) prefer non-humorous financial advertisements while Mexican Americans (high and low acculturated) prefer humorous financial advertisements. Therefore, utilizing non-humorous financial advertising appeals with Cuban Americans and humorous financial advertising appeals with Mexican Americans can help marketers further tap into these Hispanic niche markets by creating and customizing ads towards their preferences, while indirectly helping their economic status in our financial market place. viii

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CHAPTER 1 INTRODUCTION Money, money, money! The term money is what many people think about from the moment they wake up to the moment they die. Many have mass migrated from developing countries to developed countries in search for the formula of economic success (Furnham and Bochner 1996). Economically, money has been seen to be very objective and utilitarian: a commodity that is ordinary, mundane, impersonal, neutral, and has only a quantitative meaning (Mitchell and Mickel 1999). Yet, many social scientists view money as being emotionally charged and having meaning attached to it. For example, many people feel that money gives them a sense of power, prestige, security, and drive while defining their social income status of say wealth and/or poverty. For instance, social psychologist Krueger stated, Money is probably the most emotionally meaningful object in contemporary life: only food, and sex are its close competitors as common carriers of such strong and diverse feelings, significance, and strivings (Krueger 1986, pg. 3). To this date, research has been conducted in examining money and its associations with sensitivity, emotional stability, compulsive behavior, income, education, age, and more importantly ethnic background. For example, past research has indicated that Hispanics are more present oriented (are less likely to plan and prepare for the future in terms of finances) than their Anglo-American counterparts (Medina et al. 1996). Also, Hispanic consumers attach greater levels of importance to brand names of 1

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2 products than would their Anglo counterparts, and Hispanic consumers have a higher propensity to be concerned with social status and/or prestige derived products than Anglo consumers (Barbara et al. 1999). Hispanics are high brand status oriented, will spend more money on high quality consumer products, and do not save for the future. Unfortunately, in light of these facts, Hispanics in parallel are much more likely to be unemployed, live in poverty, and have a lower annual median income than non-Hispanic Whites (U.S. Bureau of the Census 2002a). Despite these striking facts, researchers have only taken into consideration Mexican Americans and not other subcultures of the Hispanic population, especially when there are striking differences among them. For example, out of the Hispanic population, Cuban Americans are considered the most similar to Anglo-Americans, and are considered economically the most successful group compared to any other Hispanic subculture such as Mexican Americans (Tienda 1989, Angel and Worobey 1991). David Weiss, president of Packaged Facts released a report on the Hispanic market, which stated: "The group represents a mix of cultures, physical types, racial backgrounds and social aspirations. The market's continuing inability to find a way to target these consumers suggests a general inability to identify the needs of the emerging Hispanic market." (Radice 1997, pg. 2). As a result of these variances, an investigation of money attitude between Hispanic subgroups was needed to further the literature on money and ethnic background. Moreover, even though Hispanics as a group have lower annual medium incomes than non-Hispanics Whites, their population and purchasing power are increasing

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3 exponentially, creating demand for uncovering attitudinal and cognitive behaviors with regards towards financial products between the different subculture groups. Research has indicated that many financial institutions (e.g. banks and discount brokerage firms) have come to see Hispanics as a profitable market but are facing adversity in terms of marketing towards them (Joelson 2001, Reilly 2001, Wilson 1994, and Negroni and Neill 2002). According to Manny Ruiz, C.E.O. of Hispanic PR Wire Inc, Latinos that do banking in the United States continue to harbor fears of financial institutions because in their homeland, putting money in a bank is playing Russian roulette, due to major currency devaluation (Joelson 2001, pg. 3). Unfortunately, most of the literature on money and ethnic background deals with Mexican Americans, but this research focuses on not only Mexican Americans but Cuban Americans due to their vast differences in socioeconomic status and entry into the United States. For example, the Cuban experience in the United States has been very favorable (unlike Mexican Americans) which allowed them to enter the economic mainstream rather quickly. Historically, Cuba was first acquired by the United States as a consequence of the Spanish-American War in 1898. During this time, cigar manufacturing brought many Cuban businessmen to Key West, Miami, and Tampa, Florida (Llanes 1982, Moore and Pachon 1985). For example, approximately 18,000 to 19,000 Cubans were living in the United States during the 1930s, which soon jumped to 79,000 by the 1960s. The causation of such a rapid influx to the United States was due to Fidel Castro and his regime. Cuban Americans came to the United States to escape the political situation. Many of them were wealthy businessmen, government officials, managers, professionals,

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4 and capitalist who left Cuba to escape Fidel Castros communist views; the majority of them that came over crowded into only one city, which was Miami, Florida (Moore and Pachon 1985). Once arriving to the United States, the Anglo Americans welcomed them, sympathized for them, and supported the brave refugees for taking a daring journey to escape Castros political powers. In fact, because of their similarities between race (white/fair skinned), and class (entrepreneurs, wealthy), the United States depicted the movement as a perfect immigration (Llanes 1982). As a result, they formed a cohesive ethnic enclave which allowed Cubans to become very successful financially because they kept their language and culture intact. For example, by having Spanish as a first language in Miami, Cuban Americans prospered by conducting business among themselves with the lack of fluency in English. Yet, a lack of fluency in English for Mexican Americans has been considered a major socioeconomic handicap (Angel and Worobey 1991). On the contrary, the Mexican American immigration experience has been very different than that of Cuban Americans. In 1848, when the Treaty of Guadalupe Hidalgo was signed ending the war between Mexico and the United States for territorial rights of Texas, the United States adopted Mexican Americans by annexing Texas and conquering the Mexican Americans (Blauner 1977). Consequently, these Mexican Americans lost contact with their parent country (Mexico) and lost their land. Soon the Southwest was open for Anglo settlement, which took control of the land and brought about the destruction of the social lives of the Mexican residents via oppression (Blauner 1977). Anglo Americans used Mexican Americans for cheap labor

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5 in agriculture, mining, and the railroad industry, which enhanced racism (largely due to their dark skin, unlike Cuban Americans). Unfortunately, with the lack of power to challenge the Anglo rulers in their guerilla tactics, Mexican Americans social mobility became blocked which led to a deterioration of their social position (Bean and Tienda 1985). Therefore, since some money attitude differences between Cuban Americans and Mexican Americans may exist, the second part of this research sought to compare these differences with humor preferences. For example, since humor has been known for calling attention to an advertisement and brand, increasing comprehension to an ad, and contributing to the positive attitudes towards an ad in hopes of selling products for the company/client (Codruta and Tom 2001), it was the tenant of this research to give aid to marketers a humor audience perspective for both Cuban Americans and Mexican Americans. Already throughout the humor literature, empirical evidence claims that different audience characteristics may confound the effects of humor such as age, education, gender, and involvement with the message issue (Sternthal and Craig 1973). As a result, other successors have investigated this issue and found that humor does in fact relate to many variables such as sex, race, origin, personality, and/or social attitudes of the audience (Madden and Weinberger 1982) Research suggests that humorous ads are best suited to a target audience composed of better educated younger males (Madden and Weinberger 1984), humor works better for men than women (Madden and Weinberger 1982), humor is more effective for white

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6 subjects than black ones (Shama and Coughlin 1979), and humor was found more favorable to Western Israeli Jews than Eastern Israeli Jews (Weller et al 1976). Nevertheless, even though people of different cultural backgrounds respond to humor differently and humor is considered a universal human process exhibited by people of all cultures throughout recorded history, (Alden et al. 1933) there has been a lack of research done in examining humor between the Hispanic subcultures. As a result, this research aids the humor literature by examining humor preferences between both Cuban Americans and Mexican Americans as well as giving marketers an aid to target these niche markets for financial products. Accordingly, this research had two significant roles. The first goal was to further the literature on both the money attitude and the humor research from a Hispanic intra-cultural approach. The second role was to provide marketers an aid to target Cuban Americans and Mexican Americans more effectively and efficiently by providing them insights on the different subculture humor preferences for financial products. As a result, this study will benefit consumers and marketers by understanding the different Hispanic subculture attitudes towards saving money and planning for their future, while measuring this attitude with a humorous and non-humorous appeal to see which appeal is most effective and draws most favorable attitudes. Therefore, not only will marketers of financial products better understand these two fast growing subculture Hispanic groups (and which type of ad appeal is most effective), but these groups themselves will see the importance in saving money and thinking for the long-term as opposed for the short-term. As a result, Chapter 2 which is the literature review, provides a summary of current research in advertising, included but not limited to money attitudes, ethnicity, and humor.

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7 Chapter 3 on methodology explains the research design and rationale of the experimental procedures. Chapter 4 provides an analysis of the data, and finally Chapter 5 discusses the conclusions, limitations, and recommendations for future research.

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CHAPTER 2 LITERATURE REVIEW Money Cognitive and Affective Significance Money is an object where its initial formations have derived from the concept and idea of barter. Money serves as a medium of exchange such as acquiring goods and services, and is used as a unit of account such as measuring the cheapness or dearness of goods by using money (Mitchell and Mickel 1999). Money also serves many other functions such as savings, storing of value (i.e. it is not perishablechanging value over time), and used as a credit for standard of deferred payment such as when buying and selling takes place before a commodity goes on to the open market (Furnham and Argyle 1998). Moneys functionality derives from circulation throughout our economy. For example, individuals in our society earn money in exchange for producing goods and services. Next, the money they earn (a.k.a. wages, salaries) is spent on consuming the goods produced such as food, shelter, and entertainment. Some individuals may continue this cycle of earning and spending presently (earn-spend), while others invest their money for future prosperity (earn-invest-spend). Finally the government controls money by limiting the supply of it, in order to prevent both depression and inflation (Furnham and Argyle 1998). While this all may be true, the underlying dimensions of money is based on trust; if our country suddenly believes that cards will be the next medium of exchange instead 8

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9 of this paper bill called money, then money will dissipate faster than unchased dreams. This happens because our country has departed from the gold standard, and the amount of cash exceeds the amount of gold, which averts to a cash turnover causing an erosion of money (Kiyosaki and Sharon 2000). Money from an economic standpoint has been seen to be very objective and utilitarian: a commodity that is ordinary, mundane, impersonal, neutral, and has only a quantitative meaning (Mitchell and Mickel 1999). Economists note that money may be analyzed according to substance: copper, paper, gold, or silver and has no intrinsic value other than a medium of exchange. They also believe that people want goods and services that provide satisfaction and that money is the measure of how much of these goods and services can be afforded. On the other hand, social scientists believe money is emotionally charged and has meaning attached to it. For example, people have different views about money that stem from their age, social case, wealth, and political beliefs. Furnham and Argyle (1998) reviewed different studies on money and happiness and came to the conclusion that there exists an average correlation of .25 between life satisfaction and financial status. For example, in measuring income and the level of happiness and/or satisfaction, small positive correlations have occurred between .15 and .20. Moreover, in a study conducted across 55 countries, money and happiness was found to have a positive correlation of .50. Furnham and Argyle (1998) also state that net wealth is a possible source of happiness and there exists a positive correlation between well-being and national economic growth. Therefore, even though there exists a small positive correlation, the satisfaction with most aspects of ones life is consistently and positively related to ones financial holdings. Money has also the ability of bringing out

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10 the irrational in an individual by tapping into their core personality and releasing avarice, jealousy, resentment, and fear (Furnham and Argyle 1998). Many sociologists defend that money is defined in cultural norms and values where people perceive, value, and treat money differently. For example, sociologists contend that the market economy is a social institution, where individuals in this institution see money as good, valuable, important, and attractive, while others see it as shameful, evil, useless, and dishonest (Lane 1991, Tang 1992, Tang 1993, and Tang 1995). Money is also claimed to have symbolic components where money is seen as an achievement and recognition, status and respect, freedom and control, and power (Goldberg and Lewis 1978, Parsons 1967, Kirkcaldy and Furnham 1993, and Tang 1992). Finally the behavioral component of money is seen as saving and/or investing. Many people save for security. Furnham and Argyle (1998) states: Emotional security is represented by financial security and the relationship is believed to be linear-more money, more security. Money is an emotional life jacket, a security blanket, a method of starving off anxiety (pg. 83). They also state that turning to money for security may be harmful because people tend to alienate themselves by thinking they are superior. As a consequence, this leads to an emotional wall, which causes fear of being hurt, rejected, deprived, and even a financial loss. There have also been money types formed that state all people, conscious or not, fall into as a symbol of security. For example, there are the compulsive savers who save for their own reward. The self-deniers are savers who save a little and spend a lot on themselves; they even may spend a little money on others just to emphasize their martyrdom. The compulsive bargain hunters are people who retain money only until

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11 there exists a perfect situation and then joyfully spend. Finally, the fanatical collectors are those who collect many material possessions and are reluctant to let go as a sense of security (Goldberg and Lewis 1978). Money Attitude Scale (retention) In terms of measuring money, there are currently three categories of measurement in the money and individual-difference literature: peripheral (constructs that are similar to money scales like sensation-seeking and materialism), idiosyncratic (scales that have only been used once and have little reliability and validity like Thierrys new meaning of pay), and finally well-developed measures which have been fully developed and used more frequently (Mitchell and Mickel 1999). Some examples of the well-developed measures are the money ethics scale, money belief and behavioral scale, money importance scale, and the money attitude scale. The money ethics scale, developed by Tang (1992, 1993) was used for the ethical meanings people ascribe to money; the six factors that resulted from this scale are good, evil, achievement, respect, budget, and freedom. Next, the Money Belief and Behavioral Scale (MBBS) developed by Kirkcaldy and Furnham (1993) resulted in six factors which are obsession, power, retention, security, inadequacy, and effort/ability. Further, the third scale was the money importance scale developed by Mitchell et al. (1988) that showed factors of value importance of money, personal involvement with money, time spent thinking about financial affairs, knowledge of financial affairs, comfort in taking financial risks, skill in handling money, and money as a source of power and status. Unfortunately, these aforementioned scales have been either inadequate for investing purposes or shown to have weak reliability such as the money belief and behavior scale (Bailey et al. 1994, and Furnham et al. 1996). As a result, the final scale,

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12 the money attitude scale (29-item scale which records responses on a 5 point Likert type scale ranging from strongly agree to strongly disagree) developed by Yamauchi and Templer (1982), was the one used in this study because it shows several advantages towards its predecessors making it a reliable successor. For example, the retention-time dimension has been shown to provide consistent reliability among Hispanic groups (Medina et al. 1996, and Roberts and Sepulveda 1999). Medina et al. (1996) recommended it for future research, stating that: the external validity of the construct being measured by the scale across other ethnic and national groups remains to be demonstrated. Yamauchi and Templer (1982) developed the Money Attitude Scale from three broad psychological content areas commented on by many prominent psychotherapists and personality theorists such as Freud, Ferencze, Klein, Abraham, Fenichel, Adler, Murray and McClelland. From all their research, three major areas have developed involving money that the Western industrial society possesses such as greed, fame, and power. The three major content areas consist of security, retention, and power-prestige. Security concerned optimism-pessimism, confidence-insecurity, and comfort-dissatisfaction. Retention consisted of parsimony, hoarding, and obsessive personality traits, where power prestige comprised of status, importance, superiority, and acquisition. Yamauchi and Templer (1982) generated 62 items to reflect the 3 content domains which were then broken down to 34 items representing 5 factors after scree test and factor analysis were formed. Factor one was the powerprestige factor, where items that loaded high on this factor all pointed to the use of money to impress and influence others and as a symbol of success. The time-retention factor was the second factor where items that loaded

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13 highly on this factor described behaviors aimed at the future that required planned preparation; so, people scoring high on this factor could be described as placing great value on the process of preparation as well as the goal of security in the future. Factor three was the distrust factor where people scoring high on this factor appear to maintain hesitant, suspicious, and doubtful attitudes in regards towards money. Factor four was called the quality factor where people scoring highly on this factor believed in getting the best or paying the most to get the quality described. Finally, the last factor was the anxiety factor where people scoring high on this factor held a view that money is a source of anxiety as well as a source of protection from anxiety. From the five factors, factor four (quality) was not included because the authors believed it was too similar to the first factor-power/prestige and consequently the birth of the new 29 item Money Attitude Scale took place; in order to test validity, the 4 factors were hypothesized (correctly) to correlate with various psychometric instruments rationally predicted to measure similar theoretical constructs. Cultural Money Attitudes Money as a concept is an extremely important subject towards different individuals whether emotionally, economically, or behaviorally. Many studies have been performed on consumer behavior such as price and quality, brand loyalty, propensity to shop, acculturation, and personality traits (Medina et al. 1996). For example, many personality traits have been investigated showing associations between money and sensitivity/emotional stability (Bailey and Gustafson 1991), income (Tang 1992), education (Furnham 1984), age (Bailey and Lown 1993), gender (Graham et al. 2002) and compulsive behavior (Hanley and Wilhelm 1992, and Roberts and Sepulveda 1999).

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14 In terms of cultural differences with regards towards money, it has been shown throughout research that Anglo Americans are highly preoccupied with wealth (OGuinnet al. 1986, and Penaloza 1994) while Hispanic Americans have a high propensity to shop, are brand loyal, consider price and quality, and are more present oriented. (Saegert and Hoover 1985, Saegert et al. 1985, Wilkes and Valencia 1985, Medina et al. 1996). For example, in a study on generic purchasing between different cultures, it was found that African Americans were more likely to purchase generic brands than Mexican Americans (Wilkes and Valencia 1985). Money has been found to influence more people that are in lower income groups and as a result they are more likely to use money for power. In addition, females are found to be more conservative, risk averse, and security conscious than males. Also, older adults (65yrs +) have been found to be more satisfied with their financial resources than younger and middle-aged adults, while income, work ethic, political, and religious values have a strong influence on how people perceive money. Furnham and Argyle (1988) also stated that there has been relatively little research in examining cultural background (ethnic groups) variables and money attitudes, and that the role of individual differences and personality traits is needed in the study of money attitudes and behavior. The most relevant research in this area is a cross-cultural study conducted by Medina et al. (1996), that compared attitude towards money of Mexican and Anglo-American consumers (student samples) via the money attitude scale developed by Yamauchi and Templer (1982). The Money Attitude Scale was used because it was an original attempt to measure attitudes towards money not derived from any other scale, it was developed in a more ethnically diversified region of the United States, and the scale

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15 has shown valid consistency in its results unlike other money scales (e.g. Money Beliefs and Behaviors Scale). The scale measured 4 dimensions: power/prestige, retention/time, distrust/anxiety, and quality. The power-prestige dimension involved status seeking, competitiveness, external recognition, and acquisition of material good. Next, the retention-time dimension measured behaviors and attitudes, which require planning and preparing for the future. The distrust/anxiety dimension dealt with a suspicious nature towards the price of goods/services and a lack of faith in the ability to make efficient purchase decisions. Finally, the quality dimension pertained to purchasing a high quality product as a predominant behavior; for example, those that score high on this dimension believe in buying the best and paying more to get high quality brands. Medina et al. (1996) formulated 4 cross-cultural hypotheses: compared with Anglo Americans, Mexican Americans will have lower Power-Prestige and Retention -Time, but higher Distrust-Anxiety and Quality scores; the results confirmed only hypothesis two (retention/time dimension). As a result, the authors came to the conclusion that Mexican Americans were less likely to engage in behaviors involving medium to long-term personal saving, investing, and speculating with money at the expense of present consumption. Moreover the authors came to the conclusion that Mexican Americans strayed away from any offers involving products/services that required planning and long-term consumption; some services affected were listed as bank saving accounts, saving bonds for childrens education, investment options, and retirement plans. In addition, the authors suggested that Mexican Americans tended to be heavier users of credit cards and

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16 personal loans than Anglo Americans because the immediate (perceived) benefits of consumption took precedence over long-term planning. In a survey illustrating a relationship between traditional values and the income of Mexican Americans, the poor Mexicans in all three cities (Los Angeles, San Antonio, Albuquerque) were content with whatever came their way rather than expecting too much from life (Moore and Pachon 1985). Even though they worried about the future, their main philosophy was to plan for the present; the authors stated that Mexicans were serene and calm people, who even though are improvident in planning for their future, the pleasure in life and living compensates fully (Moore and Pachon 1985). In a survey conducted by Employee Benefit Research Institution (1999), only 48% of Hispanic Americans are saving for retirement compared with 77% of White Americans (Anderson 2000). In a comparison to African Americans, the insurer All State Corporation stated that 17% of Hispanics have never saved for retirement compared to 70% of Blacks who did. (Porter and Kranhold 2003). Finally in a poll of attitudes and behaviors of different culture groups (i.e. African, Asian, Jewish, Italian, and Arab Americans) Hispanic Americans were the least likely to own a savings account and most likely to have a credit card further illustrating the contention of present-oriented thinking (Zogby 2001). This is extremely detrimental in terms of saving and preparing for the future because it has been shown to cause depression, anxiety, frustration, and low self-esteem (Desarbo and Edwards 1996). This is crucial because the more Mexican Americans compulsively spend, the less money they have towards investing or purchasing assets, (Kiyosaki and Sharon 2000). This supports previous research that indicates Hispanics

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17 have present-oriented attitudes and are more flexible toward time than Anglo-Americans; Hispanics therefore may be less willing to delay gratification or to plan for future acquisitions (Holtzman et al.1975, Hall 1983, and Marin 1987). Yet, even though there has been homogenous consensus in Hispanics lack of planning and preparation for their future, research has failed to study more than just one sub culture of this Hispanic group and thus much of the current research can only be inferred to Mexican Americans and not the larger Hispanic population especially when there exists much variability between them. (Holtzman et al. 1975, Medina et al. 1996) Research has shown that different sub cultures of Hispanics have different values and perceive information differently. For example, Andrew Nuttney, Research Director for the Research and Advisory Group in New York, recommended plotting different tactics for different geographic Hispanic markets such as micromarketing to specific Hispanic populations whose characteristics vary according to national origin, acculturation, and location in the U.S. (Byrne and Marx 2003). In addition, David Weiss, President of Package Facts states: In many ways, Hispanics are typical of the future of the United StatesThe group represents a mix of cultures, physical types, racial backgrounds, and social aspirations, (Radice 1997, pg. 2). Jake Byrne, Collections Director for Sears in Los Angeles, reported that each culture has its own accents and opinions. Mexican and Central American employees reported Cuban customers treated them condescendingly, saying I dont speak Mexican, for example after a customer service call (Byrne and Marx 2003). Laura Starita, a Financial Services Technology Analyst with Gartner Group Inc., says its better to target than treat all Hispanics as one big market (Joyce 2000). Finally, Holland and Gentry

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18 (1999) state that segmenting schemes are being developed that recognize that the Hispanic market, for example, is not a single entity, but rather a preliminary categorization that warrants further analysis of variables such as values, lifestyles, and country of origin(pg. 66). Nevertheless, along with their variances, many current financial firms still see this market as a great potential: Marketing products such as credit cards and home mortgages to Hispanics has been a hot trend over the past several years because U.S. financial institutions are facing near-saturation levels in the general consumer markets (Byrne and Marx 2003). According to Spectrum Group, 401K plan providers are seeking to market to small and midsize businesses because of saturation-97% of companies with more than 1000 employees already have 401Ks; similarly well over 70% of the Hispanic population works for small businesses (Anderson 2000). Ethnicity Hispanic Population According to the United States Bureau of the Census (2000), the projected Hispanic population will double in size from 26.9 million in 1995 to 50.7 million by the year 2020 (Kyriakos 1999). In addition, according to Tina Kyriakos, reports suggest that there are about 6.8 million undocumented Hispanics that would edge numbers close to $40 million, making them the most attractive of all multiethnic markets. (pg. 1) Moreover, according to Strategic Research Corporation, Hispanics purchasing power is estimated at about $273 billion dollars; as a result their purchasing power represents about 10%of the U.S. consumer market potential (Tharp 2001). This group is potentially a very lucrative group to understand and market to, since their rise in purchasing power and growth rate. For illustration, within the next 10 years,

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19 Hispanics will become the largest ethnic group in the United States, surpassing African-Americans (Radice 1997). Already, geographically Cuban Americans dominate the Latinos of southern Florida (approximately 80%) and Mexican Americans dominate the Latinos of Los Angeles (approximately 70%). According to market research done by HISPANIC broadcasting corp., the top 3 Hispanic markets are Los Angeles, New York City, and Miami-Ft. Lauderdale. According to this special report on multicultural media, there are about 6.2 million Hispanics living in the L.A. area, the majority being Mexicans with $70 billion dollars worth of buying power. Similarity, there are 1.4 million Hispanics living in the Miami-Ft. Lauderdale area, the majority being Cubans with an estimated buying power close to $22.6 billion (Rubi 2000). In addition, these demographic numbers have been reported in being static because of recent immigration and high birth rates among long time Hispanic residents (Kyriakos 1999). As a result of these facts, many researchers have begun trying to uncover Hispanic attitudes and behaviors towards money and consumption. According the United States Bureau of the Census (2002a), Hispanics refers to people whose origin are Mexican, Puerto Rican, Cuban, South or Central American, or other Hispanic/Latino, regardless of race. In addition, many times the terms Hispanic and/or Latino are seen as highly symbolic and used to distinguish from other Americans (Marin and Marin 1991, and Braus 1993). Nevertheless, the term originated from the political organization (i.e. U.S. Government) to classify people of Spanish speaking origins (Portes and MacLeod 1996). Unfortunately, in determining Hispanic attitudes and behaviors, many researchers tend to define this group into one segment; however not all Hispanics are the same in

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20 terms of culture or linguistic background (Tharp 2001). There are many variables that play a role in uncovering their attitudes and behaviors such as: socioeconomic status, physical appearances, countries of origin, age, time or generation in the United States, language spoken, acculturation into the U.S. mainstream culture, and educational background. Some common themes research depicts among Hispanics in the United States are the levels of culture change in mainstream America (i.e. acculturation). For example, Hispanics can assimilate into mainstream America (i.e. their culture begins to mimic the Anglo American culture), Hispanics can gain Anglo culture traits without totally losing Hispanic culture traits (a.k.a. biculturalism), and Hispanics can adopt a hybrid culture composed of both Anglo and Hispanic traits (Moore and Pachon 1985). Mostly, the general consensus in research has shown that important dimensions for the Hispanic individual are language familiarity and usage, interaction with fellow Hispanics, ethnic loyalty and identity, cultural awareness, and generational proximity (Olmedo and Padilla 1978; Cuellar 1980). For illustration, Hispanic members of established communities that assist newer immigrants in adjusting to U.S. lifestyle and work style, help perpetuate the concentration of immigrants in particular localities by country of origin, which affect behaviors and attitudes in that region (Tharp 2001). As a result, many research firms have begun segmenting Hispanic groups in terms of schemas that affect the Hispanic identity. For example, NuStats Infosource have classified Hispanics by five stages (Arce 1994). Stage one, New Comers, are those who have only spent part of their lives in the United States, less than one-fourth total. Stage two, Transitionals, are those who have spent part of their lives in the United States, less than one-fourth total. Stage three,

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21 Transplants, are those who have spent one-fourth to one-half of their lives in the United States. Stage four, First Born, are those who are born in the United States with one foreign parent. And finally stage five, Deep Roots, are those who are at least second generation Hispanic where both parents are from the United States. Similarly, Bromley Aguilar and Associates created an Acculturation Index Group which is broken up into three indexes: AIG I (Spanish Dominant)-Hispanics who read, write, speak, and think Spanish; AIG II (Bilingual/Bicultural)-Hispanics are considered dominant in Spanish language and culture (first half) and Hispanics that are dominant in English language and culture (second half). Finally, AIG III (English dominant) where Hispanics are most comfortable in English (Bromley 1992). Hispanic Cultural Differences More specific variances in culture and linguistic background deal with Hispanics being different to Mainstream America. For example, it has been noted that Hispanic Americans maintain a strong ethnic identity and commitment to their cultural traditions (Berman 1995, Hamstra 1996, and Radice 1997). In addition, Hispanics are known to be more interdependent, be more likely to be influenced by family members, and are more likely to conform than Anglo Americans (Bellinger and Valencia 1982, Penaloza and Gilly 1986, and Nicholls et al. 1997). To illustrate with an example between the different Mexican American and Anglo American culture, Diaz-Guerrero (1967) summarizes: The historical traditional pattern of the United States will produce individuals who are activethey will be independent, individualistic, autonomous, oriented toward achievement, competitive, somewhat impulsive and aggressive, and rather tense and nervous. The Mexican historical-socio-cultural pattern, on the other hand, will produce individuals who are obedient, affiliative, interdependent, orderly, cooperative, not oriented toward achievement, and not self-initiatedWhenever members of the U.S. culture face stress, they seem to feel that the way to resolve the problem is to modify the environmentMexicans seem to feel that the best way to resolve the problem is to modify oneself. (pg. 74)

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22 Two strong characteristics of Hispanics supported throughout research are that they portray familistic and patriarchal views unlike the Anglo American views which are individualized. Valuing the family (familistic) relationships has been shown to take precedence over anything, even themselves as the individual. Family is referred to not just the immediate family but also an extended family of several generations including cousins. Next, patriarchal views have been common themes between Hispanic households were the authority is vested in the male head of the family. Many social scientists also refer to this as machismo where the male figure is considered to have much respect and can command respect at his leisure while women are to abide by their husbands (Moore and Pachon 1985). Another major difference rests in demographic and socioeconomic characteristics. For example, according to the United States Bureau of the (2002a), Hispanic Americans are more geographically concentrated in the West and South and less likely to live in the Northeast and Midwest. More specifically, Hispanics are more likely to live inside central cities of metropolitan areas than non-Hispanic Whites. Also, Hispanics are more likely than non-Hispanic Whites to be under age 18 and two in five Hispanics are foreign born. In terms of family size, Hispanic households tend to be larger than non-Hispanic Whites. Researchers, Alaniz and Gilly (1986), believe that cultural values play a role in accepting the large family households such as Hispanic favoritisms towards large family houses, the Catholic Church prohibiting birth control, and the extended family tradition (Edington and Hays 1978, Guernica 1982). Next, Hispanics are much more likely than non-Hispanic Whites to be unemployed and Hispanic workers earn less than non-Hispanic White workers. There were variances

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23 evident between the Hispanic group and non Hispanic White group when researchers performed studies involving the consumption habits between the two groups. For example, research that has show lots of attention in the literature has been brand loyalty. Hispanics have been considered to be brand loyal and strongly influenced by product/brand status and prestige (Watanabe 1981, Hoyer and Deshpande 1982, Guernica 1982, Segal and Sosa 1983, Yankelovichet al. 1984). Alaniz and Gilly (1986) believe that differences in the Hispanic structure and composition affect their consumption patterns. They state that since Hispanic families are larger and younger than Anglo families, a higher consumption of product needs and wants occurs. For illustration, Guernica (1982) stated that since Hispanic families have a lower income and are of larger sizes, they spend between 4 and 10% more than the average non-Hispanic family on food and other consumer items. Also, since the Hispanics are younger than Anglo Americans, larger amounts of consumption have been allocated towards records, tapes, and soft drinks (O Guinn and Meyer 1983). In terms of purchasing high status items compared to Anglo Americans, Hispanic consumers are considered to value advertised brands (Segal and Sosa 1983), have higher agreements with statements dealing with brand loyalty (Yankelovich et al. 1984), and place higher stress on brand names (Barbara et al. 1999). For example, over 80% of Hispanics surveyed stated that once they found a brand they liked, they stuck with it (Yankelovich et al. 1984). Hoyer and Deshpande (1982) state that the reasons why Hispanics purchase and use high-status, high-visibility products are to emphasize their Hispanic values of individual identity and family pride. They further state that Hispanic

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24 values and attitudes may be communicated by the ownership and use of certain high product quality goods. Theoretical differences between the Hispanic culture and mainstream America are illustrated by Hall (1983) who defines culture as a set of unspoken, implicit rules of behavior and thought that controls everything we do. This hidden cultural grammar defines the way in which people view the world, determines their values, and establishes the basic tempo and rhythms of life(pg.6). He mentions time as a cultural system and states that time is a foundation of each culture. For example, he defines time as a cluster of concepts, events, and rhythms covering an extremely wide range of phenomena. More specifically, the author says there are two types of time that societies engage in, polychronic time (p-time) and monochromic time (m-time). Polychronic time is a system used when people do many things at once, where monochromic time is doing one thing at a time. Those individuals that engage in polychronic time are individuals oriented towards people, human relationships, and the family (i.e. family takes precedence over everything else). Monochronic time, on the other hand, is oriented to tasks, procedures, schedules, and is very individualized. North American culture is further noted in being conducted in m-time and is very depersonalized, low context (explicit) and everything is in written form (contract). Furthermore, Latin American culture is noted in being conducted in p-time and is very personalized, high-context (implicit), where people depend more on human relationships that they consider permanent (rather than a contract). For example, Hall (1983) illustrates with an example of working-class Hispanic woman (p-time) engaging in a monochromic culture (i.e. U.S.A.). This Chicana

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25 woman, a founder of a private school for battered children, has to actually go out and pick up the children (her clients) because of their parents inability to adapt to a routine/schedule. She states: We have to go out and get them, because they cant plan far enough ahead to catch the bus (pg. 66). Once again, this emphasizes the present orientation of Hispanic Americans and does justice to the cultural differences between Hispanics and Anglo Americans. Intragroup Hispanic Cultural Differences With all the empirical evidence stating the differences between Hispanics and Anglo Americans, it is important to note that there are many differences between the subculture Hispanic groups such as age, education, language preference, socio-economic levels, and acculturation levels. In first attempting to distinguish between Hispanic cultures, it is important to get a clear concise definition on what culture consists of. From the naked eye, culture can be viewed from the exterior visible surface such as modes and dress of hair, food, diet, dancing, myths about medicine, and music. Nevertheless, beneath the surface lie the socio-culture systems that represent the many complexities of Hispanic life such as poverty. One fact about the Hispanic cultures is that they are revolving. For example, the northern New Mexico villages represent a different way of life than the Hispanics living in New York or Los Angeles. Culture differences within regions, age, and sex exist such as new immigrants having stronger Mexican values than second or third generation U.S. domestic born. Hispanic culture is therefore considered as pluralistic; there are many Hispanic subcultures and ways of life that are at often many times over looked (Moore and Pachon 1985, and Angel and Worobey 1991). One great example in examining the differences between both Cuban Americans and Mexican

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26 Americans is to take a look at their nationalities and economic well being from when they first arrived to the United States. This historical viewpoint will set the stage for the rationale of why Cuban Americans and Mexican Americans may display different attitudes and behaviors towards saving and planning for their future. Cuban Americans Cuban Americans (i.e. businessmen) first arrived to the United States during the 1800s in search of their economic success in cigar manufacturing due to their unstable markets in their homeland; the most memorable immigration has been the Cuban Revolution in 1959. Because Fidel Castros revolutionary objectives directly affected professionals and managers, many of them migrated to Key West, Miami, and Tampa Florida (Moore and Pachon 1985). Chronologically, Cuban Americans came in three waves. The first wave brought about 280,000 Cubans to America and began when Castro took office in 1959 until around the Cuban Missile Crisis in 1962. Demographically, the first wave was mostly white (94%), middle-aged (approximately 34 yrs old), and well-educated (an average of 14 years of schooling). Moreover, politically they shared similar beliefs with right wing conservatives in the American Republic Party. The second wave of Cubans emerged during 1965 when the U.S. and Cuban governments negotiated an air bridge from Camarioca, Cuba to Miami, Florida. This air bridge transported 1000 Cubans a week, with approximately 273,000 Cubans coming to the United States. Demographically, the second wave was less white (80%), younger, and poorer. Finally the last wave took place in 1980, where 125,000 Cubans escaped to the United States because of a hostile takeover by 10,000 Cubans who took over the Peruvian Embassy in Havana, Cuba. This third wave was known as the Marielitos, the

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27 group was only 60% white, much younger, and much poorer (Llanes 1982), Marielitos stigmatized all those who came to the U.S. during the Mariel boatlift who were considered criminals or social misfits (Piloto and Roberto 1985). From the three-wave migration, the most interesting thing to review was how Americans viewed these immigrants, which kept them the most financially successful group among Hispanics until this day. For example, because the first wave of immigrants believed in overthrowing the Cuban government (which was congruent with American foreign policy at that time) they had support from a series of federal administrators from the U.S. such as CIA backing and unofficial government endorsements (Moore and Pachon 1985 and Piloto and Roberto 1985). Politically, the open door policy for all Cubans to enter the United States was done to drain Fidel Castros labor resources (e.g. physicians, teachers, technicians), and discredit Castros regime (via embarrassment) through encouraging the flight of thousands from a Communist to a free country (Piloto and Roberto 1985). In the eyes of the American public, the first wave of Cubans were given much support and were empathized for. The United States at that time gave much affection towards them and gave them an open door to enter. A major reason why they encountered such generosity was due to their demographic characteristic of being white (the majority) just like the Anglo Americans. In addition, since they were well educated, entrepreneurs, and wealthy, the United States depicted the immigration as a perfect successful immigration (Angel and Worobey 1991). As a result, Miami, Florida opened up as a safe haven for all the exiles, which brought about the tight Cuban community where everyone participated as a team. For

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28 example, because the first wave had found difficulty finding jobs, they were forced to start their own business and took care of the second and third wave immigrants who came at a later date by providing employment (Bach 1980, and Llanes 1982). This class structure has been often referred to as an enclave economy where the successful entrepreneurs in various industries such as construction, real estate, and tobacco provide jobs for the professional managerial Cubans (second wave) and the prison/labor workers (third wave) all in an enclosed Spanish speaking community. This highly cohesive and economically vital enclave has contributed to the financial success of Cuban Americans to this day (Angel and Worobey 1991). Mexican Americans In contrast to the restorative expedition Cuban Americans had when they entered the United States, the Mexican Americans voyages were quite onerous. After being conquered and loosing territorial rights over Texas in 1846, Mexican Americans became subordinates to Anglo Americans; they were put to work for cheap labor and were victims of discrimination and hatred which dramatically affected their economic, social, and political roles in America (Moore and Pachon 1985). For example, when public land became private land after the American conquest, and cotton plantations began moving to the South particularly Texas, and much of the Mexican livestock wealth disappeared. In addition, since African American slaves were no longer available, the demand for Mexican cheap labor to cultivate cotton and brush out new land acquired became a parameter for Mexicans to adhere to. Once Mexicans in Texas were considered slaves to Anglo Americans, they took the same brutality, as did the African American slaves. They were lynched by the Texas Rangers in masses and discriminated harshly due to

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29 the lack of African Americans and American Indians to lynch (Taylor 1972, Staples 1974, and Barrera 1979). Similar instances of oppression occurred to Mexican Americans in Arizona and California (Texas border states). For example, after the railroads emerged (during the mid 1800s) new markets came about for mineral resources such as wool, meat, and hides. Soon the Anglo Americans used these markets to form enterprises and conglomerate companies (for profit) at the expense of cheap Mexican American labor. Much of this remained static until the Mexican Revolution in 1910, the Great Depression in 1929, and World War II in 1939 where Mexican Americans finally had a chance to improve their economic condition by serving in the armed forces (Moore and Pachon 1985). Nevertheless, the early arrivals of Mexicans were remembered for cheap labor for sugar beet (in Texas), electric railway construction and fruit harvesting (in California), cotton harvesting (in Arizona), and wage labor in meat packing plants, and steel mills (in Chicago). Moreover, they appeared in the mines of Arizona and Colorado as well as in the railroad maintenance throughout the United States (Kerr 1975). Much of this was due to the immigration policies involving the U.S. and Mexico where there was a constant theme of admitting, deporting, and admitting again based on economical reasons. For example, since both the price and demand of products increased dramatically in the Southwestern mines and agriculture due to World War I, the U.S. allowed 50,000 temporary Mexican Americans to enter and be exploited to the Anglo American enterprises (Moore and Pachon 1985). Even during the 1950s discrimination, Mexican Americans were haunted by instances such as Operation Wetback where hundreds of thousands of Mexican

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30 Americans were deported back to Mexico. Moreover, in Texas there existed segregated bowling alleys, municipal facilities, and housing facilities. It was only until about 1954 after the Supreme Court ruled for desegregation of schools that Mexican Americans in the U.S. were liberated of discrimination (legally that is). Nevertheless, even though there exists much immigration today from Mexico (legally and illegally), the unfortunate subordination upon the early Mexican Americans has played a major impact upon the economic, social, and political roles of the Mexican Americans to this day. Cuban and Mexican American Variances It has been argued that the highly cohesive and economically vital enclave has contributed to the financial success for Cuban Americans, unlike their counterparts Mexican Americans (Portes and Bach 1985). For example, since English proficiency and nativity (i.e. dependability of the language) are major determinants of Mexican American success (Tienda and Neidert 1984), and Mexican immigration is an everlasting process (unlike Cuban immigrating), the lack of English fluency and the reliance of Spanish has caused a socioeconomic handicap for Mexican Americans due to the lack of an enclave economy like the Cuban Americans (Angel and Worobey 1991). To illustrate, the United States Bureau of the Census (2002c) has reported some demographic and socioeconomic data that differentiates both Cuban Americans and Mexican Americans. For example, Mexican Americans had the highest proportion of individuals who were under the age of 18 (37.1%) while Cuban Americans origin population had the lowest (19.6%). This is imperative because the younger a person is, the higher the chance that person has of becoming unemployed since younger people earn less than older people. Furthermore, it has been noted that Cuban Americans have the

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31 least probability of becoming unemployed because relatively they are an older group (Moore and Pachon 1985). More variances between the two cultures are household status and education. Mexican family households were more likely to have 5 or more people while Cuban Americans were more likely to have family households of only 2 people. A major predictor of these statistics deals with fertility rates and how Mexican American women have lower access to birth control, work less frequently, and are more likely to stay home than Cuban American women. In addition, it has been noted that Cuban American women not only have fewer children, but also are better educated than other Mexican American women which help them obtain better jobs and higher income (Moore and Pachon 1985). For example, the United States Bureau of the Census (2002b) reports that Cuban Americans were more likely to graduate high school (74%) compared to Mexican Americans (50.6%). The causation of these facts has been accredited to some hypotheses such as the minority group status hypothesis and the subcultural hypothesis. To illustrate, the minority group status hypothesis claims that being a member of a minority group creates an individual effect of frustration and marginality, which has the potential to reduce the fertility among women with higher socioeconomic status. For example, since higher educated women (e.g. Cuban American women) have higher aspirations for upward mobility than less educated women (e.g. Mexican American women) and these women find their aspiration more difficult to realize, they lower their fertility in order to achieve and sustain socioeconomic goals (Goldscheider and Uhlenberg 1969, and Bean and Tienda 1985).

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32 The subcultural hypothesis claims that the cause of higher fertility is due to traits in their country of origin, since in the country of origin it is normal to have higher fertility, it is normal to carry out these similar behavior in their present country (Bean et al. 1977). For example, observers of traditional Mexican culture point out that family is their single most important component, with women finding their greatest satisfaction in the bearing and raising of children (Bean and Tienda 1985). Due to these household variances, it may be more difficult for Mexican American households to support other members in the house (dependents) with only a limited stream of income. Finally, there exist economic characteristics that have merit in distinguishing between Cuban Americans and Mexican Americans such as occupational distributions and earnings. For example, it has been stated that among the Latino groups, Mexican Americans were less likely than other groups to work in managerial or professional occupations and Mexican Americans had the lowest proportion of workers earning $50,000 or more. In addition, it was stated among the Hispanic group that represented 13.3% of the total population, 24.3% lived in poverty among which Hispanic children younger than 18 years of age were more likely to live in poverty than non-Hispanic Whites. Therefore, since most of the Cuban American population is an older population, and Mexican American population is younger, this impact of poverty, earnings, and occupational distributions has grounds to confirm their may exist different money attitudes in terms of retention. In examining the large differences that exist between Hispanic groups, Angel and Worobey (1991) conducted a study examining the health risks between Cuban Americans, Mexican Americans, and even Puerto Ricans. They believed since there is

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33 such a vast difference in economic well being between these groups, the health risk factors associated with poverty should manifest themselves differently as well for the three groups. For example, many Puerto Ricans (like African Americans) are living in innercity neighborhoods that have experienced rapid economic decline due to the lack of entry level jobs which causes a lack of economic mobility that results in chronic poverty (Wilson 1987, and Kasarda 1989). In contrast, Cuban Americans are considered similar to non-Hispanic Whites in terms of economic success because of their ethnic enclave formed in Miami, Florida while Mexican Americans are considered somewhat in between (Portes and Bach 1985). As a result Angel and Worobey (1991) believed since the economic welfare between these groups are so different, and that children are among the most dependent members of society, (i.e. they are particularly vulnerable to the negative health consequences of poverty) the childrens level of health will be affected by their parents varying physical health caused by different socioeconomic status. Thus, the results indicated that Cuban American children suffered the least health problems compared to Mexican American children and Puerto Rican children. In addition, out of the respondents surveyed, Cuban American parents reported that their children health was great while Mexican American parents and Puerto Rican parents reported their children to have poorer health. Evidently, the subjective evaluation is clearly parallel to the objective data of varying socioeconomic conditions (i.e. health and economic well being) from these groups providing evidence to the anecdotal research justifying how Cuban Americans are economically better off than Mexican Americans.

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34 Since there are variances in socioeconomic status, physical appearances, countries of origin, age, time or generation in the United States, language spoken, acculturation into the U.S. mainstream culture, and educational background between Cuban Americans and Mexican Americans, it is justifiable to contend that there may exists differences in money attitudes between these groups as well. As a result, humor is next used to examine if any attitudinal and/or behavioral preferences exist between Cuban Americans and Mexican American due to their possible variances in money attitudes. Humor Humor Defined With the increasing Latino subculture population and purchasing power, it is tenant of this paper to discover if a humor appeal plays an important role with different Latino subcultures in terms of attitudes and behaviors (i.e. purchasing a financial product). Financial advertisement spending has been increasing over the years and many corporations are increasing their ad budgets for their financial products. For example, TNS Media Inteligence/CMR a New York based research firm, reported financial advertisement spending increased 7.1% (in just the first seven months of 2003) to $3.7 billion from 2002 (Vranica 2003). More specifically, humor has been used in much research and has been known to have many advocates compared to non-humor. For example, studies showed that 55% of advertising research executives believe humor to be superior to non-humor in gaining attention and 94% of advertising practitioners see humor as an effective way to gain attention (Madden and Weinberger 1984). In addition it is stated that on a given day, the average American is exposed to about 300 advertisement messages (McCarthy 1991).

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35 In more practical terms, more than $150 billion dollars is spent on advertisement (per year) of which 10-30% of those advertisements are humorous (Weinberger et al. 1995). For example, one of the largest events watched by Americans is the Super Bowl. The Super Bowl draws in more than 130 million Americans to watch at least part of the game and the rest mainly for the commercials. An advertisement on the Super Bowl, costs about $2.1 million for 30 seconds (in 2003), and has proven appealing to big-budget companies such as Pepsi, General Motors, Sony, and Anheuser Bush which all believe in using the conventional humor for results (Ethridge 2003). In determining what humor consists of, there are many definitions that have been conceptualized as to what humor actually is. For illustration, in some of the earlier work humor has been defined in terms of stimulus properties, examination of the responses elicited to a stimulus (e.g. smiles and laughs), and perceptual responses to audiences, i.e. actual audiences perception of humor (Sternthal and Craig 1973). Moreover, humor has been defined by content such as aggressive, sexual, or nonsense (Goldstein and McGhee 1972) and by technique saying whether or not humorous ads contains puns, jokes, satire, and irony (Kelly and Solomon 1975, and Riech 1997). For example, Raskin (1985) states that funny situations, stories, and thoughts occur everyday virtually to everybody. Moreover, laughter (which is caused by humor) has different meaning from different occasions of circumstances to different cultures; nevertheless, humor, how variable it may be, is shared and appreciated by everyone. Therefore, each individual occurrence of a funny stimulus is considered an humor act which is comprised of certain elements such as: human participation (i.e. the speaker and the hearer), a stimulus where something happens in the humor act, the experience of an

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36 individual, the predisposition of an individual to the humor act (a.k.a. the psychology), the situation which is the situational context that denotes the factor of the humor act, and finally the society where the humor is shared by individuals belonging to a certain group to make humor more effective. In regards to the humor theories in the literature, there have been three major groups/classes of theories such as, cognitive-perceptual, social-behavioral, and psychoanalytical. For example, Raskin (1985) states that the first class (cognitive-perceptual) is associated with incongruity humor where a form of inappropriateness, paradox, and dissimilarity (incongruent components) are brought together, synthesized, and made similar. An example consists of a punch line which provides a shift from one level of abstraction to another in a matter of seconds which seems incongruous to the main body of the joke. He further relates that the incongruity-based theories make a statement about the stimulus in his humor act description. Next, the second set of theories (social-behavioral) comprises approaches based on hostility, malice, aggression, disparagement, derision, and superiority. Some examples include laughing at other peoples minor mishaps, laughing at misfortunes of others because we do not share the same situations, and laughing at our own events in the past. These theories are related to the humor act example by characterizing the relationships or attitudes between the speaker and the hearer. Finally, the third set of theories (psychoanalytical) comprises approaches of humor involving releases. For example, since individuals operate under a great number of constraints (i.e. to think clearly, to be logical, to talk sense) it is easier to release and diverge from a line of thought (via humor) we have embarked on, than keep it. For

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37 example when jokes liberate an individual from an inhabitation (e.g. sex and viciousness jokes), a release of psychic energy is exerted; these psychoanalytical theories relate to the humor act example by commenting on the feelings and psychology of the hearer. It is evident that there is no real mundane accepted classification of humor, which has also been in accord by other researchers in the past (e.g. Weinberger and Gulas 1992). As a result, some more recent researchers has addressed this issue and defined humor in terms of the Reicks practitioner-oriented classification system (Codruta and Gail 2001). In this research, these authors sought out to find that different types of humor are more effective and better suited for different types of media. For example, humor was defined in 7 categories (comparison, personification, exaggeration, pun, sarcasm, silliness, and surprise) and was found that sarcasm was the most popular form of humor used in magazines. In their research, the authors operationalized sarcasm as blatant ironic responses or situations, where they provided an example of a brother and sister conflict illustrating their tenant. In the Lexmark advertisement, the brother had his legs up on the desk contemplating signs to put up in his room, where his sister walks in and sarcastically says How about for rent? Humor Executional Factors In addition to different types of humor being targeted towards different types of media, executional factors (i.e. how and when to actually use humor) vary greatly as well. Humor in advertising represents billions of dollars in spending a year, and the role of advertising goals and the impact of humor on these goals play a significant role in the appropriate use of humor. For example, when thinking of utilizing humor, there are many influences from a humorous message that come into play such as humor placement, humor relatedness, the nature of the product, and audience factors.

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38 Humor Placement In terms of which medium humor will be placed in, major consensus from past research has shown that humor is used more frequently in television commercials than print commercials (Weinberger and Campbell 1991, Weinberger et al. 1995). For example, in the Weinberger et al. work (1995), these researchers discovered that television and radio used humor two to three times more often than magazine ads. Also in a survey from the 150 top United States companies, advertising research and creative executives felt that humor is best suited for television (88%) and radio (88%) as opposed to magazines (39%) (Madden and Weinberger 1984). Many times this is a major consensus because companies want to be most cost efficient and effective in terms of maximum exposure per advertising dollar. Therefore, since the breadth of television can be possibly more cost efficient than print in terms of the reach and frequency, many advertisers choose to use this medium. Yet, since this current researchs motive is not necessarily to generalize the findings to the mass public (i.e. to all print advertisements), but to test for internal validity, print media was chosen as an effective and cost efficient way to conduct a laboratory experiment; also, it was chosen to broaden the scant work done with humor and print advertisements relatively compared with other mediums such as television and radio. Humor Relatedness In determining the most effective method in terms of advertising performance, it was found that message dominant humor should be used in magazine ads because it appeared to work best at capturing and maintaining attention (Spotts et al. 1997). For example, in their research, the authors incorporated the typology of Speck (1991) and a variety of product grids introduced to the market (e.g. Rossiter et al. 1991) and conducted

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39 a content analysis of the ads. Message dominance was used in the study and defined (from Specks typology) as humor being subordinate to the overall message, which if removed from the advertisement, no loss in the comprehension of the message will incur; message dominant ads can also be image (containing verbal and/or visual content that reinforces the image or reputation of the product) or information-focused (containing information that focuses explicitly on the more tangible features or price of the product). Humor Product Factors In addition to where humor should be placed, and how humor should be used, product factors play an imperative role as well. To illustrate, in their research, Spotts et al. (1997) concluded that for white good products (i.e. high risk products that are mostly based on price, expensive, and requires consumers to do due diligence because of the risk involved) information or image-focused humor should be used. For example, the authors found that for white good products, information-focused humor was used most often (59%) and image focused humor was used 18% of the time. Thus, for their conclusion, they recommended that using humor should be limited to white goods, message dominant ads should be used in magazines because it appears most effective in capturing attention, and most of the ads in the content analysis used incongruity-based humor (i.e. this type of humor should be used). Humor Audience Factors Only after describing the main ingredients of humor, it is the tenant of this paper to see how humorous advertising appeals affect unprecedented audience characteristics, i.e. both Cuban Americans and Mexican Americans in terms of attitudes and behaviors towards financial products. In regards to audience characteristics, humor can go far back

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40 as Sternthal and Craigs work (1973) that proposed humorous messages attract attention and audience characteristics may confound the effect of humor. In an examination of the literature review they concluded that there has been relatively little research on the persuasive effects of humor on audiences with particular profiles and that variables such as age, education, and involvement with the message mediate the persuasive effects of humor. For example, they stated that if humor targets an audience with low intelligence, and low intelligence inhibits humor, then the audience would have low understanding and a lack of interest of the message resulting in little persuasion of humor. Furthermore, to add to the scant research on audience characteristics, Madden and Weinberger (1982) conducted research providing empirical evidence about the effects of humor on attention in magazine advertising in a non-laboratory setting. They used a sample of advertisements from the Starch/Inra/Hooper, Inc. advertising files and measured attention on 3 Starch recall scores. The product category used was liquor ads, and the ads were coded as nonsense ads; the humorous ad sample was drawn from 12 different magazines. For example, in their sample of liquor ads found in magazines, humor was considered to be dependent on the respondents gender and racial characteristics. Humor was found to work better for men than women and humor hurt attention levels for the black magazine audiences. They stated that humor preference is related to sex, race, origin, personality, and/or social attitudes of the audience because attention scores for white magazine readers were greater than scores for black magazine readers.

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41 In another study, it was found that people of different cultural backgrounds respond to humor differently. For example, in an experiment that involved Israeli Jews from Eastern vs. Western descent, the ones from the Eastern descent found absurd humor not as funny as the Jews from the Western descent because of cultural differences (Weller et al. 1976). The authors stated that these differences are habits of thought and mental attitude rooted in cultural backgrounds where if the language differences are removed, jokes are not as easily translatable between different cultures. In a lab experiment involving 403 undergraduate students, it was found when Black vs. White audiences witnessed humor via radio and television, humor was more effective for the White subjects (Shama and Coughlin 1979). Finally from a cross-cultural perspective, the content of humorous communications from diverse cultures (i.e. Korea, Germany, Thailand, and the United States) has been found to be variable among countries (Alden et al. 1993). Unfortunately with all the research conducted in examining humor differences among cultures and/or racial characteristics, there has been no research dealing with humor variances between intra subculture Hispanic groups. Theoretically, the closest circumstances we can apply to attitude and behavioral differences between Cuban Americans and Mexican Americans rests in their cognitive processing efforts. For example, it has been theorized that individuals differ in their tendency to engage in effortful cognitive processing and these differences significantly influence the degree of success in using humor advertising. (Underwood and Shaughnessy 1975, Cacioppo and Petty 1982, Cacioppo et al. 1986, Zhang 1996a, and Geuens and Pelsmacker 2002).

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42 For example, it is argued that individuals who are intrinsically interested in analyzing and processing discrete pieces of information and enjoy thinking about product -related information cues, are likely to form their attitudes based on the strength of the product-related arguments in the ad. In contrast, individuals who enjoy the outcome rather than process the thinking, and only prefer to think as hard when necessary, will be less motivated to analyze the argument in the ad and base their attitude of the product by associating it with likable cues in the ad such as humor (Cacioppo et al. 1983, and Batra and Stayman 1990). This issue-relevant thinking and attitude formation about a persuasive communication has also been seen in context by the elaboration likelihood model (ELM) proposed by Petty and Cacioppo (1986). According to the model, when individuals are motivated to engage in processing an argument extensively, they will be persuaded by issue relevant arguments also known as the central route to persuasion. In contrast, when individuals are unmotivated or unable to process issue-relevant arguments, attitude changes may still occur if peripheral cues are present (a.k.a. peripheral route to persuasion); a peripheral cue is an element of the ad that is not directly related to the merit of the product advertised such as humor. So if an individual favors the peripheral route to persuasion, than likable cues such as humor will dictate persuasion. Contrarily, if the individual favors the central route to persuasion, than the cogency of the argument will dictate persuasion. Empirical evidence has confirmed these theories on cognitive processing from an individual perspective and confirmed that those individuals who enjoy thinking and processing an arguments thoroughly focus more on central information cues (Baker and Lutz 2000), process information more extensively than those who do not think as

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43 elaborately (Mantel and Kardes 1999), collect information on more aspects of a problem and excel in problem-solving tasks (Nair and Ramnarayan 2000), develop more topic-relevant cognitions (Haughtvedt et al. 1992), and respond more positively to factual appeals, informationally dense ads, and ads containing high quality arguments (Cacioppo et al. 1996). In addition it has been evident that those who are less likely to engage in an abundance of cognitive resources to process a message are more likely to respond to periphreral cues such as celebrities (Ul et al. 1996), an attractive endorser (Cacioppo et al. 1996), promotional cues (Inman et al. 1990), and humor (Zhang 1996b). For example, Zhang (1996a) tested a humorous (comprised of a funny cartoon) and a non-humorous print ad containing weak and strong arguments for a fictitious brand. An experiment was conducted with 240 student subjects from an undergraduate business class where the results confirmed the hypothesis that advertising humor was more effective when the viewers took less cognitive effort to process a message argument and when they were not likely to engage in evaluating the claims of the ad or the attributes of the product. Moreover, when viewers were more likely to engage evaluative processing, the presence of humor had a minimal effect. Zhang (1996b) further concluded by providing implications for advertisers and their agencies to question what audience conditions humor may work under, and stated that understanding target audience characteristics are imperative in guaranteeing a successful humorous execution. Hypothesis Development It was the object of this paper to further understand the audience characteristics of both Cuban Americans and Mexican Americans by (1) investigating their differences in money orientation towards retention (i.e. saving and planning for their future) and (2) to

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44 investigating the effects of their money orientation in cognitive and affective responses to advertising appeals (humor vs. non humor). Already from empirical evidence it has been shown that Hispanics are more present oriented than their counterparts Anglo Americans (i.e. they are less likely to plan and prepare for their future), are high brand status oriented, and will spend more money on high quality consumer products falling prey to the minority rich vacuum (i.e. individuals who live paycheck to paycheck acquiring products that loose value from the moment upon purchase such as clothes, cars, music, and electronics). This is detrimental because Hispanics are much more likely to be unemployed, live in poverty, and have a lower annual median income than non-Hispanic Whites (United States Bureau of the Census 2002a). Yet despite these facts, Hispanic research has been conducted involving Mexican Americans and not other members of the Hispanic group especially since there is an abundance of variability between them. For example, in examining the differences between Cuban Americans and Mexican Americans, it has been shown throughout research that Cuban Americans are better off economically than Mexican Americans due to immigration, demographic, and socioeconomic reasons. Cuban American immigration patterns in the U.S. were far more favorable than Mexican Americans because they were not conquered immigrants, they were not discriminated against like Mexican Americans were (e.g. fair skin vs. dark skin), they had wealthy businessmen and entrepreneurs flee the communist Cuban country to pursue capitalism (unlike Mexican Americans who were forced into cheap labor), they had U.S. government support for political reasons (i.e. to embarrass Fidel Castro), and they formed economic enclaves which allowed them to utilize Spanish as a first language in Miami,

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45 Florida. This was sufficient enough to communicate, provide jobs, and build businesses for their subsequent second and third wave of immigrants family members (Taylor 1972, Tienda and Neidert 1984, Moore and Pachon 1985, Piloto and Roberto 1985, and Angel and Worobey 1991). Demographically, Cuban Americans (compared to Mexican Americans) have the lowest percentage of individuals who are under the age of 18 (i.e. the younger you are the greater the chance of becoming unemployed which leads to poverty), and have a greater likelihood of having a family household consisting of 2 people. Also, Cuban Americans are considered more likely to have at least graduated high school (74%) and obtained a bachelors degree (18.6%) than are Mexicans Americans graduating high school (50.6%) and obtaining a bachelors degree (7.6%)(U. S. Bureau of the Census 2002a, U.S. Bureau of the Census 2002b, and U.S. Bureau of the Census 2002c). Likewise, Cuban American women are better educated (i.e. have higher aspirations for upward mobility), have greater access to birth control, are less likely to stay at home, and are more prominent in the work force than Mexican American women (Goldscheider and Uhlenberg 1969, Bean et al. 1977, Moore and Pachon 1985, and Bean and Tienda 1985). Economically, Cuban Americans are more likely to work in managerial or professional occupations than Mexican Americans, and have a higher percentage of workers earning $50,000 a year or more. Likewise their medium income was $35, 831 in 2001 compared to $33,533 for Mexican Americans (U.S. Bureau of the Census 2002c). Therefore, with all these aforementioned facts, even though there is no research on Cuban Americans and retention/savings, it can be reasonably hypothesized that in comparison Cuban Americans will score higher than Mexican Americans on the retention dimension

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46 from the Money Attitude Scale since education and money is correlated to the Money Attitude Scale: Hypothesis (1). Cuban Americans will score higher on the retention dimension than Mexican Americans on the Money Attitude Scale. In regards to humor, there has been major consensus from past literature that different audience involvement variables impact the efficacy of humor such as sex, race, origin, personality, and social attitudes of the audience. For example, humorous ads have been found to better suit a target audience composed of better-educated younger males (Madden and Weinberger 1984), men vs. women (Madden and Weinberger 1982), Whites vs. Blacks (Shama and Coughlin 1979), and Western Israeli Jews vs. Eastern Israeli Jews (Weller et al. 1976). Yet, unfortunately there has been no research dealing with humor preferences between the intra subculture Hispanic groups. Nevertheless, humor has been intertwined with the individual cognitive processing efforts involving the demand to analyze a message argument thoroughly or not. Since advertising humor was found more effective in influencing audience members who are less motivated to analyze an argument presented in an ad (because they prefer peripheral, likable cues) and non-humorous ads are more effective for those who are intrinsically interested in processing an advertisement thoroughly (Cacioppo et al. 1983, Batra and Stayman 1990, Zhang 1996a, Mantel and Kardes 1999, and Baker and Lutz 2000), it is reasonably to assume that Cuban Americans will prefer a non-humorous advertising appeal and Mexican Americans will prefer a humorous advertising appeal because of their predisposition money attitudes.

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47 Hypothesis (2) Cuban Americans (compared to Mexican Americans) will show more favorable thoughts towards the message argument for the non-humorous appeal over the humorous appeal. Humor throughout the literature has been known to affect both ad attitude and brand attitude. For example, consumers may like an ad so much that they transfer their positive feelings from the ad to the brand (Derbaix 1995). This affect-laden ad attitude has been known to transfer affect from the ad to the brand and even to the purchase intentions of the product via the dual-mediation hypothesis (MacKenzie et al. 1986). This hypothesis claims that consumers can have favorable attitudes towards an ad because they find it believable and/or feel good about it. So, this favorable attitude towards the ad can affect brand attitudes either through believability or liking, which results in a possibility of affecting consumers intentions to purchase the brand. Therefore, when someone reads an ad, they can have responses that are cognitive (believable) and/or affective (positive feelings about the ad) which next may cause that person to like the ad that influences more acceptance of the brand belief, attitude, or positive feeling towards the brand (e.g. I like the ad so I like the brand) which eventually may leads to an intention to purchase the product. Empirical evidence has already shown humor to enhance liking for the ad (Belch and Belch 1984, and Yih and Mason 1999), brand (Gelb and Pickett 1983, Yih and Mason 1999), and has been seen to transfer liking from the ad to the brand while putting people in positive moods (Batra and Stayman 1990). As a result, it is reasonable to assume that Cuban Americans will produce more favorable ad, brand, and purchase intention for the non-humorous ads, while Mexican Americans will prefer more favorable

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48 ad, brand, and purchase intention evaluations for humorous ads because of their predisposition money attitudes: Hypothesis (3). Cuban Americans (compared to Mexican Americans) will show more positive attitude towards the ad for the non-humorous ad appeal over the humorous ad appeal. Hypothesis (4). Cuban Americans (compared to Mexican Americans) will show more positive brand attitudes towards the ad for the non-humorous ad appeal over the humorous ad appeal. Hypothesis (5). Cuban Americans (compared to Mexican Americans) will be more likely to purchase the financial product for the non-humorous ad appeal compared to the humorous ad appeal.

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CHAPTER 3 METHODOLOGY Design of the Experiment The goal of this study was to first compare different Hispanic subculture attitudes in terms of retention on the Money Attitude Scale and then to see which type of advertising appeal is most effective and congruent with their levels of retention. In order to test the above hypotheses, an experiment was conducted with approximately 210 undergraduate students comprised of 62 Hispanic students, 82 Caucasian students, 17 African American students, 11 Asian American students, and 23 other students (i.e. mixed races). Respectively, 28 Cuban Americans, 34 Mexican Americans, and 82 Caucasian students (as the control) each saw both the humorous and non-humorous ad. The experiment was a two-by-two design: high/low levels of retention vs. humor/non humorous ads. Independent variables in the study included ethnicity, retention, and humor. Dependent variables in the study included attitudes towards the message argument, ad, brand, and purchase intention. Manipulation Ethnicity was manipulated by having a sample of 62 undergraduate business students between the ages of 18-24 at one large southeastern university located in Florida to represent Cuban Americans, and one large southwestern university located in Texas to represent Mexican Americans due to their high population influx within those states (Radice 1997, Tharp 2001, and Kyriakos 1999). To increase motivation, subjects were provided with free food and drinks for their participation. The subjects were told that 49

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50 they were participating in an advertising-related study that would be used for academic purposes only. More specifically, they were told that the ads they were going to see were going to be blueprints for possible ads in upcoming magazines, for which consumer input was needed. Each subject received a booklet containing two stimulus ads, the dependent measures, the self-administered questionnaire containing the retention dimension from Yamauchi and Templers MAS scale (1982) and some basic demographic questions. The respondents answered the attitudinal statements with regards to the ads, the retention dimension questionnaire, and then some basic demographic questions. There was no time limit given and the students completed the questionnaire at their own pace. Finally the students were debriefed after completion of the study. Humor was manipulated within the stimulus development by being present in one ad (i.e. the picture component) and being absent in another. Two color print ads were produced, each consisting of a headline, picture component, and the verbal message, which was relevant and used to support the ad theme. Since the nature of incongruency of any ad information is determined by its relationship with the ad theme, the picture component from both ads were manipulated (i.e. one used a humorous picture component that was relevant to the ad theme and the other used a non-humorous picture component that was relevant to the ad themes (see Appendix B and C) while the headline and verbal component stayed the same across treatments (Heckler and Childers 1992, Yih and Mason 1999). The ad theme conveyed was a long-term investment theme which used a savings account as the investment product, which was operationalized as white good products,

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51 products that are high involvement products where information is needed in addition of humor to sell. The headline stated, Are you tired of your kids arranging your retirement plans for you, while the verbal message stated, Put just $100.00 in Aramis Investments savings account and watch it grow tax-free to $10,000 in 10 years. With A.I. enhanced financial expertise, we offer deep financial service knowledge which means keener insight, lower risks, and faster R.O.I. Pre-Test Humorous ads were presented to a panel of judges for them to judge the humor contents in the ads, which was subjected to a pre-test prior to the actual experiment to ensure that humor manipulation was effective. Both the picture components in each ad were designed and pre-tested to see the relationships with the ad themes. Thirty subjects were asked basic demographic questions and rated their agreement (after exposure to the two ads) on the following six-point scale: The degree to which think the picture in the advertisement is humorous (1=not humorous, 6=humorous; to test the level of humor). After the pre-test, the ads were used in the final study for future analysis (see Appendix B and C). Independent Variables In determining the measurement for ethnicity, ethnic self reporting had been implemented which is a way of classifying members of ethnic subgroups because it represents the internal belief of the individual and their perceived cultural reality (Cohen 1978, Hirschman 1981, and Medina et al. 1996) further eliminating any misclassification bias when using the subjects surname or country of birth (Valencia 1983). Next, in order to properly compare money attitudes between these sub cultures, chi-square tests were performed to make sure there were no significant differences between

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52 the two groups (Cuban Americans and Mexican Americans) in terms of socioeconomic status (gender, income, and age). Therefore, differences in socioeconomic status (SES) cannot be argued for observed differences because the two groups education level as well as socioeconomic standings are considered directly comparable. In terms of acculturation, the use of language has been found to be a strong indicator of acculturation for the Hispanic groups (Olmeda and Padilla 1978, Arce 1994, Valencia 1983, Deshpande et al. 1986, Lee and Um 1992, Webster 1992). As a result, the acculturation effect was measured based on the type of language used; the type of language used was assessed on a four-point semantic differential scale (1=only use the native language, 4=only use English) for at home, school, and among friends. A respondent with an acculturation score greater than the median was considered high, where a respondent with an acculturation score lesser than or equal to the median was categorized as low (Kim and Kang 2001). In determining the measurements for retention, the money attitude scale (29-item scale) developed by Yamauchi and Templer (1982) was used in this study because its Retention/Time dimension (Appendix A) has been shown to provide consistent reliability among Hispanic groups (Medina et al. 1996, and Roberts and Sepulveda 1999). Furthermore, the scores on the Money Attitude Scale were reversed and summed so that the higher scores on the subscales indicated a greater presence of the measured construct. Dependent Variables In determining the dependent measures for the experiment, subjects were asked to indicate their extent of agreement with attitudinal statements using four point scales collecting ad and brand attitudes (Zhang 1996b). For example, to evaluate attitude toward the ad, a four-item semantic differential scale (unpleasant-pleasant, unlikable

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53 likable, not irritating-irritating, and not interested-interested, with the third item reverse-scaled) was used. To evaluate the attitude towards the brand, a similar four-item semantic differential scale (bad-good, not nice-nice, unlikable-likable) was used. To evaluate purchase intention, a four-item scale (unlikely-likely, improbable-probable, impossible-possible) was used. Next, to evaluate message argument strength, a four item semantic differential scale was used consisting of 4 pairs of bipolar adjectives (weak-strong, unpersuasive-persuasive, not convincing-convincing, and bad argument-good argument).

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CHAPTER 4 RESULTS Pretest Analysis In examining the humorous advertisements, an analysis of variance (one way) was used for the pre-test, where source type was used as the categorical independent variable (humorous monkey ad and non-humorous old man ad) and attitude towards humor was used for the continuous dependent variable. The results indicated significance for humor (F (1,29)=39.6,p<0.01), which demonstrated that the ads were sufficient for the experiment. For example, on a scale from one to five (five=most humorous and one=least not humorous), the average number of the subjects that were given the humorous monkey ad found the ad to be humorous (M_3.64), while in contrast the average number of subjects given the non-humorous old man ad found the ad to be non humorous (M_1.31). Preliminary Data Analysis After conducting the pretest, a subject pool was recruited from several lecture classes in business administration at 2 large universities located in Florida and Texas to represent both Cuban Americans and Mexican Americans; the lecture classes were different from those used in the pretest. Subjects were randomly assigned to one of the two advertising packets according to the version of questionnaire instruments they received during experiment implementation. They were exposed to a single non-humorous message stimulus (i.e. old man ad) and a single humorous message stimulus (i.e. monkey ad) that measured attitudes towards the advertisement, brand, and purchase 54

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55 intention. All questionnaires were completed independently and took approximately 15 minutes to finish. A total of 210 college students participated in the study consisting of 28 Cuban Americans, 34 Mexican Americans, 82 Caucasians (as the control), with the rest (64 subjects) as a mixture of Asians, mixed Latinos, and African Americans. An analysis on the demographic profile of subjects indicated that 52% (n=110) reported their academic classification as seniors. The average age of the sample was 22 years, the average intended date of graduation was spring of 2004 or later (41%, n=86), the majority of the subjects were single (93%; n=196) and the majority of the subjects (62%) were female (n=79). Out of all the Latinos reported, 51% (n=108) lived in the U.S. their whole life, used English at home (38%, n=79), used English at school (52%, n=110), used English among friends (49%, n=103), spent less than one hour on Spanish speaking media (27%, n=56), and more than two hours on English speaking media (59%, n=123). Thirty-nine percent of the sample reported their race as Caucasian/White (n=82), 13% (n=28) as Cuban American, 16% (n=34) as Mexican American, 8% (n=17) as African American, 5% (n=11) as Asian American, 11% (n=23) as Latino, and 6% (n=12) as Latino other. Coefficient alpha reliability tests run for each dimension satisfied Nunallys (1978) criterion of .70 or higher as a standard for basic research (attitude towards the ad alpha=0.77, attitude towards the brand alpha=0.84, attitude towards purchase intention alpha=0.86, humor alpha=0.94, argument strength alpha=0.90). Furthermore, the reliability results for the seven retention questions measured by Yamauchi and Templer (1982) instrument were all found reliable as well (alpha=0.83).

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56 Descriptively, on a scale from one (minimum) to four (maximum), the average number of subjects had strong attitudes towards the ad (M_2.70; n=210), brand (M_2.87; n=210), and message argument (M_2.59; n=209). Also, on a scale from one (minimum) to five (maximum), the average number of subjects had stronger beliefs in purchasing the brand (M_2.45; n=208). Moreover, the average out of the seven questions that made up the retention scale fell above the mid point meaning that subjects were less interested in retention (M_2.89). Experimental Results The first hypothesis sought out to find if Cuban Americans scored higher on the retention dimension than Mexican Americans. An analysis of variance (one way) with race as the categorical independent variable and attitude towards retention as the dependent continuous variable suggested that on a scale from one (highest retention) to five (lowest retention), Cuban Americans (n=28) had a stronger inclination towards high retention (M_2.67) while Mexican Americans (n=33) had an inclination to astray from retention as hypothesized (M_3.13); however, this difference was not significant at the 0.05 level (F (1,60)=3.34, p>0.05). A second analysis of variance (two-way) was performed using language as an indicator of acculturation, as well as race for the independent variables. This analysis was performed to explore the possibility that race and acculturation (categorical independent variable) both had an effect on retention (continuous dependent variable). The interaction effect indicated significance at the 0.1 level (F (1,60)=3.88, p<0.10) {see Chart 1}. This result indicates that English dominant (high acculturated) Cuban Americans had stronger attitudes towards retention than English dominant (high

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57 acculturated) Mexican Americans; Spanish dominant Cuban and Mexican Americans showed relatively no difference: 2.932.463.522.892.002.202.402.602.803.003.203.403.60Cuban AmericanMexican American Spanish Dominant English Dominant Figure 1. The effect of race and acculturation on retention. The second hypothesis sought out to find whether or not Cuban Americans compared to Mexican Americans will show more favorable thoughts towards the message argument for the non-humorous advertising appeal over the humorous advertising appeal. An analysis of variance (one-way) with race as the independent categorical variable and attitudes towards message argument as the dependent continuous variable suggested that on a scale from one (lowest argument quality) to four (highest argument quality) for the serious advertising appeal, Cuban Americans (n=15) had a

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58 stronger inclination towards the message argument (M_2.80) while Mexican Americans (n=13) had strayed away from message argument as hypothesized (M_2.56). In the case of the humorous appeal, Mexican Americans (n=17) had a stronger inclination towards the message argument (M_2.91) while Cuban Americans (n=13) had strayed away from message argument as hypothesized (M_2.19); the results were statistically significant showing a main effect between race and attitudes towards message argument (F (1,61)=3.53, p<.05). The third hypothesis sought out to find whether or not Cuban Americans compared to Mexican Americans will show more positive attitudes towards the ad for the non-humorous advertising appeal over the humorous advertising appeal. An analysis of variance (one-way) with race as the independent categorical variable and attitudes towards the ad as the dependent continuous variable suggested that on a scale from one (low attitudes towards ad) to four (high attitudes towards ad), Cuban Americans (n=15) had stronger attitudes towards the non humorous advertising appeal (M_2.78) than Mexican Americans (n=17) who displayed lower attitudes towards the non humorous advertising appeal (M_2.54). In regards to the humorous advertising appeal, Mexican Americans (n=17) had (n=17) stronger attitudes towards the humorous appeal (M_3.14) while Cuban Americans (n=13) had weaker attitudes towards the humorous appeal (M_2.61) just as hypothesized; the results were statistically significant showing a main effect between race and attitudes towards the ad (F (1,61)=2.76, p<.05). The fourth hypothesis sought out to find whether or not Cuban Americans would show more positive attitudes towards the brand for the non-humorous ad appeal over the humorous ad appeal. An analysis of variance (one-way) with race as the independent

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59 categorical variable and attitudes towards the brand as the dependent continuous variable suggested that on a scale from one (low attitudes towards brand) to four (higher attitudes towards the brand), Cuban Americans (n=15) had stronger attitudes towards the brand (M_3.02) for the non-humorous advertising appeal than Mexican Americans (n=17) who had lower attitudes towards the brand (M_2.67). For the humorous appeal, Mexican Americans (n=17) were found to have more positive attitudes towards the humorous advertising appeal brand (M_3.16) while Cuban Americans (n=13) were found to have weaker attitudes towards the humorous advertising appeal brand (M_2.71) exactly as hypothesized; the results were statistically significant showing a main effect between race and attitudes towards the brand (F (1,61)=2.42, p<.05). Finally, the fifth hypothesis sought out to find whether or not Cuban Americans would be more likely to purchase the brand for the non-humorous ad appeal over the humorous ad appeal. An analysis of variance (one-way) with race as the independent categorical variable and attitudes towards purchase intention as the dependent continuous variable suggested that on a scale from one (less likely to purchase brand) to four (highly likely to purchase the brand), Cuban Americans (n=14) scored marginally lower to purchase the brand for the non humorous advertising appeal (M_2.48) compared to Mexican Americans (n=17) who scored slightly higher (M_2.57). In regards to the humorous advertising appeal, Mexican Americans were more likely to purchase the brand for the humorous advertising appeal (M_3.12) compared to Cuban Americans (n=13) who were less likely to purchase the brand (M_2.25); nevertheless, there was no significance (F (1,61)=2.22, p<0.05) and the hypothesis was not supported.

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60 Findings Even though this study has limitations that influence the ability to generalize the results, the purpose and significance of this study was to examine internal validity as opposed to external validity in an exploratory manner. The results here indicated that Cuban Americans did score higher on the retention dimension from the money attitude scale than Mexican Americans, but only after a second analysis of variance test combining acculturation and race, and with a probability level of 0.1 (10% chance of making a wrong decision about rejecting the null hypothesis) as opposed to 0.05 (5% chance of making a wrong decision about rejecting the null hypothesis) indicating a greater room for error. Moreover, Cuban American and Mexican American who used Spanish as a dominant language, were almost identical in terms of retention (i.e. saving and planning for the future) where the English dominance between Cuban Americans and Mexican Americans showed the differences between the groups. Therefore the English dominant Cuban Americans saved and planned for their future more than the English dominant Mexican Americans, confirming the theory that their favorable immigration, demographic, and socioeconomic patterns resulted in higher attitudes towards retention. Yet, even though these results showed an interaction effect between race and acculturation on attitude towards retention, the significance of these results were rather feeble since it allowed for greater room for error and consisted of a small student based sample. Cuban Americans were also found to display stronger attitudes towards the non-humorous ad and brand confirming the theory that they engaged in more cognitive ability to analyze the financial ad, while Mexican Americans displayed less cognitive abilities to

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61 analyze the financial ad and brand, which resulted in stronger attitudinal preferences for the humorous appeal. Unfortunately, purchase intentions was not significant illustrating that even though Cuban Americans on average were less likely to purchase the financial product than Mexican Americans, the means were not real (i.e. statistically significant).

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CHAPTER 5 DISCUSSION AND CONCLUSIONS Discussion With the growing population and purchasing power of the Hispanic population (i.e. Cuban Americans and Mexican Americans), it was the purpose of this paper to discover if their attitudes towards savings money and planning for their future (retention) were different due to their variances within their subculture. For example, it has been shown from past research that Mexican Americans are more present oriented and less willing to save and prepare for the future (Medina et al. 1996, Hall 1983, Holtzman et al. 1975, and Marin 1987). Taking precedence of the present oriented rationale over planning for the future is unfortunate because Roberts and Sepulveda (1999) found that compulsive buying and retention (saving/planning) was negatively related: careful financial planning is clearly at odds with compulsive buying. Compulsive buying has been described as Chronic, repetitive purchasing that becomes a primary response to negative events or feelings (OGuinn and Faber 1989, pg. 155). This paper further expanded on the money attitude literature by showing (with extreme caution) that English dominant Cuban Americans scored higher on the retention level than English dominant Mexican Americans. Thus, they have a tendency to favor planning and preparing for the future more than Mexican Americans. Moreover, from an advertising realm, the second part of this paper sought out to see if humor played a role in terms of congruency with the Cuban American and Mexican American levels of 62

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63 retentions. For example, the results indicated that Mexican Americans would prefer a financial ad and brand that is humorous while Cuban American would prefer a financial ad and brand that is serious. Yet, since this study was conducted in an exploratory nature to break ground within the Hispanic intracultural groups, the data was found to be just adequate; the results were not found as expected since other variables that confound the results need to be controlled. However, the exploratory study conducted still supported the theory illustrating marketers of financial products (i.e. savings accounts) should target these niche markets with the appropriate usage of humor. For example, practitioners should implement advertisements targeted towards Cuban Americans (involving long-term investment products) without the use of humor while Mexican Americans should be targeted (involving long-term investment products) with a more humorous approach to entice favorable attitudes towards the ads and brands. It is imperative to niche these sub culture differences since Hispanics are getting richer, in that their after tax income increased about 90 percent over ten years ago to about $325 billion in 1999 (Anderson 2000). In addition, Hispanics are growing 4 times faster than the White population, are younger (26 years old vs. 34 years old) and have more time to accumulate assets (Anderson 2000). Implications Humor as a role in advertising has been used in the trade for centuries and has many proponents and antagonists advocating or chiding its efficacy. For example, Dr. Pepper has been recorded in spending $75 million on advertising in 1999 as it rolled out with 10 TV spots using humor to sell its diet brands that were created by Young and Rubicam to market towards Hispanics (McMains and Howard 1998).

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64 With the knowledge of not all Hispanics being equal and being their own niche in terms of saving money and preparing for their future, it is imperative to find out how to get these consumers to start thinking in future terms as opposed to being present oriented (i.e. begin planning and investing for their future as opposed to present consumption of depreciating consumer products.) For example, why are Hispanic Americans spending more money on high quality consumer products, and attaching a high level of importance to high-status brand names (i.e. liabilities) compared to their counterpart Anglo Americans (Median et al. 1996) while they make less money in income, have bigger family sizes, and are more likely to live in poverty? The annual income for Hispanic families was only $33,447 in 2000 compared to the U.S. median family income of $42,148 (U.S. Bureau of the Census 2002c). This research confirmed that Hispanics are not all the same, and English dominant Cuban Americans (high acculturated) do save money as well as plan and prepare for their future more than English dominant Mexican Americans (high acculturated). In addition it was found that Cuban Americans (both high and low acculturated) preferred a serious financial advertising appeal while Mexican Americans (both high and low acculturated) preferred a humorous financial advertising appeal. Therefore, if marketers can use humor to effectively attract Mexican Americans and non-humor to attract Cuban Americans, they can aid both themselves (financially) in targeting this underserved market, and both Cuban Americans and Mexican Americans by indirectly awakening their financial genius by investing and planning for their future. Thus, by helping Hispanics break out of the minority rich vacuum, Cuban Americans and Mexican Americans can possibly focus on allocating their income to

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65 invest in their future; instead of allocating their discretionary and/or disposable income on liabilities (i.e. products that depreciate from the moment of purchase-cars, furniture, and clothes) they can possibly focus on purchasing assets (i.e. products that make money on their moneystocks, certificate of deposits, bonds, and real estate) to plan financially for their future (Kiyosaki and Sharon 2000). Limitations The research goal undertaken here was designed to first see if the two Latino subculture groups (Cuban Americans and Mexican Americans) have similar attitudes towards retention, and next to see if a humor appeal plays a more vital role than a non humorous ad appeal in terms of attitudes and behaviors of the ad, brand, and purchase intention. It is important to note that since this study was very exploratory, to break ground within the different subcultures of the Hispanic population, the results in this experiment were rather weak, allowing for a greater buffer of error; the results must be taken with extreme caution. First, this research used only one service category, long-term savings account, and the findings should only be inferred to long-term savings account as opposed to other financial products/services that are geared towards investing money. Next, it is important to note that this study employed print ads as the medium as opposed to other mediums such as television and radio. Therefore, researchers using this study should take precaution generalizing the findings to other placement mediums. Dealing with the sample, since the majority of the sample were college students, it would be rash to generalize the findings to an older population and/or another college sample especially when the intent of this research was not to test for external validity but internal; also, gathering data and finding the target demographics was quite an onerous task since there seems to be a lack of Hispanics at the student sample level in colleges.

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66 Also, even though the scales used in the questionnaire were all reliable, variables that were not controlled in this experiment were work, class, and predisposition of financial status and education of Hispanics. Finally in terms of the data analysis, the results indicated differences in retention (i.e. saving and planning for the future) between Cuban Americans and Mexican Americans but only at a 0.1 probability level leaving greater room for error; the data must be taken with extreme precaution. Suggestions for Future Research It would be premature to say that this study would need no additional augmentation and therefore guidelines for future research are as follows. First, future researchers should implement this study with actual advertisements from magazines as opposed to manifested ads along with different subcultures of the Hispanic group (e.g. Puerto Ricans, Central Americans and South Americans) or among different cultures altogether (e.g. African American and Asian American) to test for different levels of money attitudes and humor preferences. Next, future research should replicate this study across different mediums (i.e. radio, television, and the Internet) to see if similar results do occur. In addition, different forms of financial products should be used since Cuban Americans were less likely to purchase the savings account product as hypothesized, which may be due to an insufficient conviction of purchasing the product even though favorable attitudes towards the ad and brand were present. Moreover, since the sample (student base) limits generalizability of the study, future researchers should use this study with an older adult population to see if the hypotheses hold. Next, different ad appeals should be implemented such as humor vs. fear, to see if there are other differences and/or anomalies among the subjects. Also, this

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67 study should be implemented with Spanish advertisements and across countries (e.g. U.S. and Mexico or Cuba) since the acculturation variable was found to affect attitudes towards retention (i.e. planning and preparing for the future). This exploratory research set the stage (as a pre-pilot) for a full-blown experiment that has much opportunity to grow within the Hispanic population, a look into different geographic areas across the nation with a stronger sample of Hispanics should be used. Finally, a scale that measures age and adequacy towards retention (e.g. measuring saving and planning for the future in terms of one to two years, as opposed to planning for retirement) should be implemented if another student sample is used; for example, an 19 year old student may not be planning and thinking for retirement at such an early age.

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APPENDIX A RETENTION DIMENSION SCALE Money Attitude (Retention/Time) Scale 1. I put money aside on a regular basis? 2. I do financial planning for the future? 3. I save now to prepare for my old age? 4. I have money available in the event of an economic depression? 5. I follow a careful financial budget? 6. I am prudent with the money I spent? 7. I keep track of my money? 68

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APPENDIX B NON-HUMOROUS APPEAL Put just $100.00 in Aramis Investment savings account And watch it accumulate tax free to $10,000 in 10 years. With A.I. enhanced financial expertise, we offer deep financial service knowledge which means keener insight, lower risk, and faster R.O.I. Managing money for people with other things to think about. A.I. Are you tired of your kids arranging your retirement plans for you? 69

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APPENDIX C HUMOROUS APPEAL Put just $100.00 in Aramis Investment savings account And watch it accumulate tax free to $10,000 in 10 years. With A.I. enhanced financial expertise, we offer deep financial service knowledge which means keener insight, lower risk, and faster R.O.I. Managing money for people with other things to think about. A.I. Are you tired of your kids arranging your retirement plans for you? 70

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APPENDIX D QUESTIONNAIRE Directions The following questionnaire asks you to indicate your opinion to a number of descriptive adjectives about the advertisements presented on the previous page. The scales included in the questionnaire are meant to gauge your reactions to the tag line message. There are no right or wrong answers. Read each set of adjectives carefully, and decide where your opinions would be most accurately reflected on the continuum. Then check the space on the scale that most closely reflects your opinion. You may refuse to answer any question. Proceed to Next Page 71

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72 1) Please list all thoughts occurred to you while viewing the advertisement. Please do not refer back to the test booklet. 2) Please rate (check) how the ad makes you feel with regards to the following questions on a scale of 1 to 4. There are no right or wrong answers. The advertisement was Unpleasant Pleasant 1 2 3 4 Unlikable Likable 1 2 3 4 Irritated Not Irritating 1 2 3 4 Not interesting Interesting 1 2 3 4

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73 3) Please rate (check) how the brand makes you feel with regards to the following questions on a scale of 1 to 4. There are no right or wrong answers. The brand was Bad Good 1 2 3 4 Not nice Nice 1 2 3 4 Unlikable Likable 1 2 3 4 4) If you were in the market to purchase stocks, how likely is it that you would purchase it from the company depicted in the ad, on a scale of 1to 3, where 1=I would be unlikely to buy from this company and 3=I would be likely to buy form this company. There are no right or wrong answers. (Check) Unlikely to buy Likely to buy 1 2 3 4 Improbable to buy Probable to buy 1 2 3 4 Impossible to buy Possible to buy 1 2 3 4

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74 5) Please rate (check) how the advertisement makes you feel with regards to the following questions on a scale of 1 to 5. There are no right or wrong answers. The advertisement was Not Humorous Humorous 1 2 3 4 5 Not Funny Funny 1 2 3 4 5 Not Playful Playful 1 2 3 4 5 Not Amusing Amusing 1 2 3 4 5 Dull Not Dull 1 2 3 4 5

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75 6) Please rate (check) how the advertisement message argument makes you feel with regards to the following questions on a scale of 1 to 4. There are no right or wrong answers. Weak Strong 1 2 3 4 Unpersuasive Persuasive 1 2 3 4 Not Convincing Convincing 1 2 3 4 Bad Argument Good Argument 1 2 3 4 7) Read each of the following statements. Then, place a check on each scale to indicate the extent to which you agree or disagree, if at all, with that statement. There are no right or wrong answers. 1. I put money aside on a regular basis? Strongly Slightly Neither Agree Slightly Strongly Agree Agree Nor Disagree Disagree Disagree 1 2 3 4 5

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76 2. I do financial planning for the future? Strongly Slightly Neither Agree Slightly Strongly Agree Agree Nor Disagree Disagree Disagree 1 2 3 4 5 3. I save now to prepare for my old age? Strongly Slightly Neither Agree Slightly Strongly Agree Agree Nor Disagree Disagree Disagree 1 2 3 4 5 4. I have money available in the event of an economic depression? Strongly Slightly Neither Agree Slightly Strongly Agree Agree Nor Disagree Disagree Disagree 1 2 3 4 5 5. I follow a careful financial budget? Strongly Slightly Neither Agree Slightly Strongly Agree Agree Nor Disagree Disagree Disagree 1 2 3 4 5

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77 6. I am prudent with the money I spent? Strongly Slightly Neither Agree Slightly Strongly Agree Agree Nor Disagree Disagree Disagree 1 2 3 4 5 7. I keep track of my money? Strongly Slightly Neither Agree Slightly Strongly Agree Agree Nor Disagree Disagree Disagree 1 2 3 4 5 The following questions will be used for statistical purposes only. Your answers will be held in the strictest confidence. (Check) What is your academic classification? 01._______Freshman 02._______Sophmore 03._______Junior 04._______Senior 05._______Graduate student What is your intended date of graduation? 01.______Fall 2003 02.______Spring 2004 03.______Summer 2004 04.______Fall 2004 05.______Spring 2004 or later In what year were you born?_____________ What is your gender? 01.______Male 02.______Female

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78 What is your marital status? 01.______Single (not divorced or separated) 02.______Married 03.______Divorced or legally separated 04.______Widowed What is your race? (Check one) 01._____Caucasian/White 02._____African American/Black 03._____Hispanic Latino Cuban American 04._____Hispanic Latino Mexican American 05._____Hispanic Latino Other (Specify_______________) 06._____Asian/Asian American/Pacific Islander 07._____Other________________(please specify) Please answer the following questions if you checked options 03, 04, and/or 05 from the previous question. If you did not, then please turn in your questionnaire. How long have you lived in the United States? (Check one) 01_____Your whole life 02_____15-20 years 03_____14-10 years 04_____9-5 years 05_____4 years and under What type of language do you use at home? Only Use Spanish Only use English 1 2 3 4 What type of language do you use at school? Only Use Spanish Only use English 1 2 3 4

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79 What type of language do you use among friends? Only Use Spanish Only use English 1 2 3 4 How much time do you spend on Spanish speaking media (T.V., radio, magazines)? 01_____Less than 1 hour 02_____1-2 hours 03_____More than 2 hours 04_____None at all How much time do you spend on English speaking media (T.V., radio, magazines)? 01_____Less than 1 hour 02_____1-2 hours 03_____More than 2 hours 04_____None at all Thank you for participating. If you have any problems or questions, please email Dr.Villegas at jvillegas@jou.ufl.edu

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APPENDIX E INSTITUTIONAL REVIEW BOARD CONSENT FORM

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81

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BIOGRAPHICAL SKETCH Aarambh Shah was raised in Miami, Florida. After completion of secondary school, he studied at DeVry University in New York City, graduating valedictorian from his class and earning a Bachelor of Arts degree in business information systems in 2001. He graduated from the University of Florida in May of 2004, with a Master of Arts in Mass Communication degree with a specialization in advertising. 93


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SUBCULTURE PERSPECTIVES OF MONEY AND
HUMOROUS ADVERTISING APPEAL


















By

AARAMBH SHAH


A THESIS PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT
OF THE REQUIREMENTS FOR THE DEGREE OF
MASTER OF ARTS IN MASS COMMUNICATION

UNIVERSITY OF FLORIDA


2004

































Copyright 2004

by

Aarambh Shah















This document was created and dedicated to Cuban and Mexican Americans, as

well as everyone else in the world who have been victims of marketing and have fallen

prey to the minority rich vacuum. Hopefully, by reading and implementing the concepts

in this research, you can plan and prepare for a future that will reap you far more benefits

than living in the present.















ACKNOWLEDGMENTS

First and foremost, my deepest regards goes out to my committee chairperson, Dr.

Jorge Villegas, for helping me craft this document and providing me with guidance and

direction every step of the way in completing this document. In addition, I would like to

thank my committee members, Dr. Marilyn Roberts, and Dr. Cynthia Morton for

providing resources, as well as knowledge in their areas of expertise. Also, I would like

to acknowledge my parents, Mukesh and Daksha Shah for financing my graduate school

and instilling in me the benefits of higher education; I am the product of your

foundations. Finally, I would like to thank my love Melissa for being by my side and

providing me with the motivation to accomplish all my goals.
















TABLE OF CONTENTS

page

A C K N O W L E D G M E N T S ................................................................................................. iv

ABSTRACT ............... ..................... ......... .............. vii

CHAPTER

1 IN TRODU CTION ................................................. ...... .................

2 LITER A TU R E REV IEW ............................................................. ........................ 8

M o n ey ............................. .... ................... ..................... ................8
Cognitive and Affective Significance ....................................... ............... 8
M oney A attitude Scale (retention) .................................. ............ ....................11
Cultural M oney Attitudes .............................................................................. 13
E th n city ................................................................................. 18
H ispanic Population ................................................ .... .... .. .......... .. 18
H ispanic Cultural D differences ........................................ ......... ............... 21
Intragroup Hispanic Cultural Differences ................................. ............... 25
C uban A m ericans ........................ .................... ........... ..... .... 26
M exican A m ericans .............................................. ...................... 28
Cuban and M exican American Variances ................................ ..................... 30
H u m o r ...................................... .................................................... 3 4
Hum or D defined .................. ...................................... ............... 34
H um or E xecutional F actors.................................................................. ...............37
H um or Placem ent .................. ............................................... .... 38
H um or R elatedness .................. ............................ .. ...... .. ........ .... 38
H um or Product Factors................................................ .............. ........ 39
H um or A audience Factors......................................................... ................ 39
Hypothesis Development..................... ................ .............................. 43

3 M E T H O D O L O G Y ............................................................................ ................... 49

Design of the Experim ent ........ ........ .. ............... .... ........................ 49
M manipulation .............. .................................................................................49
P re -T e st ................................................................................................................. 5 1
Independent V ariables ............................................................ 51
D dependent V ariables............ ............................................................ ......... ... ..52



v









4 R E SU L T S ....................................................... 54

P retest A n aly sis ................................................................54
Prelim inary D ata A nalysis................................................. ............................. 54
Experim mental R results .................. ................................................. 56
F in d in g s ..............................................................................6 0

5 DISCU SSION AND CON CLU SION S ........................................... .....................62

D isc u ssio n ............................................................................................................. 6 2
Im p licatio n s ................................................................6 3
L im station s ............................................................................................. ............ 65
Suggestions for Future Research ........................................................ 66

APPENDIX

A RETENTION DIMENSION SCALE .............................................................. 68

B NON-HUMOROUS APPEAL ..................................................69

C H U M O R O U S A PPE A L ....................................................................................... 70

D Q U E ST IO N N A IR E .............................................................................................. 7 1

E INSTITUTIONAL REVIEW BOARD CONSENT FORM ................. 80

L IST O F R E F E R E N C E S ............................................................................................. 82

B IO G R A PH IC A L SK E T C H ....................................................................................... 93















Abstract of Thesis Presented to the Graduate School
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Master of Arts in Mass Communication

DIFFERENT SUBCULTURE PERSPECTIVE OF MONEY AND
HUMOROUS ADVERTISING APPEAL

By

Aarambh Shah

May 2004

Chair: Dr. Jorge Villegas
Major Department: Journalism and Communications

Money is an object that is based on trust; it has served as a medium of exchange for

centuries, and was derived from the pre-capitalistic formations of barter. Economically,

money has been seen as objective and utilitarian, a commodity that is ordinary, mundane,

impersonal, neutral, and is comprised of quantitative meaning. However, many social

scientists see money as a subjective unit, an object where different individuals attach an

affective and emotional meaning to it.

This research tapped into the subjective components of money from a Hispanic intra-

subculture perspective due to the high demand from marketers to target financial products

towards them, and the vast complexities that lie between these groups in terms of

attitudes and behaviors. Unfortunately, a major consensus from empirical evidence has

been conducted illustrating how Hispanics are less likely to plan and prepare for their

future (i.e. they are present oriented) than their Anglo-American counterparts. Yet, the









majority of research has only focused on Mexican Americans, as opposed to other

Hispanic subcultures.

As a result, this research investigated differences in attitudinal and cognitive

abilities for both Cuban Americans and Mexican Americans in planning and preparing

for their future, as well as humorous advertising appeals. A major finding from this

research has shown that high-acculturated Cuban Americans are more likely to plan and

prepare for their future than high-acculturated Mexican Americans; also, Cuban

Americans (both high and low acculturated) prefer non-humorous financial

advertisements while Mexican Americans (high and low acculturated) prefer humorous

financial advertisements.

Therefore, utilizing non-humorous financial advertising appeals with Cuban

Americans and humorous financial advertising appeals with Mexican Americans can help

marketer's further tap into these Hispanic niche markets by creating and customizing ads

towards their preferences, while indirectly helping their economic status in our financial

market place.














CHAPTER 1
INTRODUCTION

Money, money, money! The term money is what many people think about from

the moment they wake up to the moment they die. Many have mass migrated from

developing countries to developed countries in search for the formula of economic

success (Furnham and Bochner 1996). Economically, money has been seen to be very

objective and utilitarian: a commodity that is ordinary, mundane, impersonal, neutral, and

has only a quantitative meaning (Mitchell and Mickel 1999). Yet, many social scientists

view money as being emotionally charged and having meaning attached to it.

For example, many people feel that money gives them a sense of power, prestige,

security, and drive while defining their social income status of say wealth and/or poverty.

For instance, social psychologist Krueger stated, "Money is probably the most

emotionally meaningful object in contemporary life: only food, and sex are its close

competitors as common carriers of such strong and diverse feelings, significance, and

strivings" (Krueger 1986, pg. 3).

To this date, research has been conducted in examining money and it's associations

with "sensitivity", "emotional stability", "compulsive behavior", "income", "education",

"age", and more importantly ethnic background. For example, past research has

indicated that Hispanics are more present oriented (are less likely to plan and prepare for

the future in terms of finances) than their Anglo-American counterparts (Medina et al.

1996). Also, Hispanic consumers attach greater levels of importance to brand names of






2


products than would their Anglo counterparts, and Hispanic consumers have a

higher propensity to be concerned with social status and/or prestige derived products than

Anglo consumers (Barbara et al. 1999). Hispanics are high brand status oriented, will

spend more money on high quality consumer products, and do not save for the future.

Unfortunately, in light of these facts, Hispanics in parallel are much more likely to be

unemployed, live in poverty, and have a lower annual median income than non-Hispanic

Whites (U.S. Bureau of the Census 2002a).

Despite these striking facts, researchers have only taken into consideration Mexican

American's and not other subcultures of the Hispanic population, especially when there

are striking differences among them. For example, out of the Hispanic population, Cuban

Americans are considered the most similar to Anglo-Americans, and are considered

economically the most successful group compared to any other Hispanic subculture such

as Mexican Americans (Tienda 1989, Angel and Worobey 1991). David Weiss,

president of Packaged Facts released a report on the Hispanic market, which stated: "The

group represents a mix of cultures, physical types, racial backgrounds and social

aspirations. The market's continuing inability to find a way to target these consumers

suggests a general inability to identify the needs of the emerging Hispanic market."

(Radice 1997, pg. 2).

As a result of these variances, an investigation of money attitude between Hispanic

subgroups was needed to further the literature on money and ethnic background.

Moreover, even though Hispanics as a group have lower annual medium incomes than

non-Hispanics Whites, their population and purchasing power are increasing









exponentially, creating demand for uncovering attitudinal and cognitive behaviors with

regards towards financial products between the different subculture groups.

Research has indicated that many financial institutions (e.g. banks and discount

brokerage firms) have come to see Hispanics as a profitable market but are facing

adversity in terms of marketing towards them (Joelson 2001, Reilly 2001, Wilson 1994,

and Negroni and Neill 2002). According to Manny Ruiz, C.E.O. of Hispanic PR Wire

Inc, "Latinos that do banking in the United States continue to harbor fears of financial

institutions because in their homeland, putting money in a bank is playing 'Russian

roulette,' due to major currency devaluation" (Joelson 2001, pg. 3).

Unfortunately, most of the literature on money and ethnic background deals with

Mexican Americans, but this research focuses on not only Mexican Americans but Cuban

Americans due to their vast differences in socioeconomic status and entry into the United

States. For example, the Cuban experience in the United States has been very favorable

(unlike Mexican Americans) which allowed them to enter the economic mainstream

rather quickly.

Historically, Cuba was first acquired by the United States as a consequence of the

Spanish-American War in 1898. During this time, cigar manufacturing brought many

Cuban businessmen to Key West, Miami, and Tampa, Florida (Llanes 1982, Moore and

Pachon 1985). For example, approximately 18,000 to 19,000 Cubans were living in the

United States during the 1930's, which soon jumped to 79,000 by the 1960s. The

causation of such a rapid influx to the United States was due to Fidel Castro and his

regime. Cuban Americans came to the United States to escape the political situation.

Many of them were wealthy businessmen, government officials, managers, professionals,









and capitalist who left Cuba to escape Fidel Castro's communist views; the majority of

them that came over crowded into only one city, which was Miami, Florida (Moore and

Pachon 1985).

Once arriving to the United States, the Anglo Americans welcomed them,

sympathized for them, and supported the brave refugees for taking a daring journey to

escape Castro's political powers. In fact, because of their similarities between race

(white/fair skinned), and class (entrepreneurs, wealthy), the United States depicted the

movement as a "perfect" immigration (Llanes 1982). As a result, they formed a cohesive

"ethnic enclave" which allowed Cubans to become very successful financially because

they kept their language and culture intact. For example, by having Spanish as a first

language in Miami, Cuban Americans prospered by conducting business among

themselves with the lack of fluency in English. Yet, a lack of fluency in English for

Mexican Americans has been considered a major socioeconomic handicap (Angel and

Worobey 1991).

On the contrary, the Mexican American immigration experience has been very

different than that of Cuban Americans. In 1848, when the Treaty of Guadalupe Hidalgo

was signed ending the war between Mexico and the United States for territorial rights of

Texas, the United States adopted Mexican Americans by annexing Texas and

"conquering" the Mexican Americans (Blauner 1977). Consequently, these Mexican

Americans lost contact with their parent country (Mexico) and lost their land.

Soon the Southwest was open for Anglo settlement, which took control of the land

and brought about the destruction of the social lives of the Mexican residents via

oppression (Blauner 1977). Anglo Americans used Mexican Americans for cheap labor









in agriculture, mining, and the railroad industry, which enhanced racism (largely due to

their dark skin, unlike Cuban Americans). Unfortunately, with the lack of power to

challenge the Anglo rulers in their guerilla tactics, Mexican Americans social mobility

became blocked which led to a deterioration of their social position (Bean and Tienda

1985).

Therefore, since some money attitude differences between Cuban Americans and

Mexican Americans may exist, the second part of this research sought to compare these

differences with humor preferences. For example, since humor has been known for

calling attention to an advertisement and brand, increasing comprehension to an ad, and

contributing to the positive attitudes towards an ad in hopes of selling products for the

company/client (Codruta and Tom 2001), it was the tenant of this research to give aid to

marketers a humor audience perspective for both Cuban Americans and Mexican

Americans.

Already throughout the humor literature, empirical evidence claims that different

audience characteristics may confound the effects of humor such as age, education,

gender, and involvement with the message issue (Stemthal and Craig 1973). As a result,

other successors have investigated this issue and found that humor does in fact relate to

many variables such as sex, race, origin, personality, and/or social attitudes of the

audience (Madden and Weinberger 1982)

Research suggests that humorous ads are best suited to a target audience composed

of better educated younger males (Madden and Weinberger 1984), humor works better

for men than women (Madden and Weinberger 1982), humor is more effective for white









subjects than black ones (Shama and Coughlin 1979), and humor was found more

favorable to Western Israeli Jews than Eastern Israeli Jews (Weller et al 1976).

Nevertheless, even though people of different cultural backgrounds respond to

humor differently and humor is considered a "universal human process exhibited by

people of all cultures throughout recorded history," (Alden et al. 1933) there has been a

lack of research done in examining humor between the Hispanic subcultures. As a result,

this research aids the humor literature by examining humor preferences between both

Cuban Americans and Mexican Americans as well as giving marketers an aid to target

these niche markets for financial products.

Accordingly, this research had two significant roles. The first goal was to further

the literature on both the money attitude and the humor research from a Hispanic intra-

cultural approach. The second role was to provide marketers an aid to target Cuban

Americans and Mexican Americans more effectively and efficiently by providing them

insights on the different subculture humor preferences for financial products. As a result,

this study will benefit consumers and marketers by understanding the different Hispanic

subculture attitudes towards saving money and planning for their future, while measuring

this attitude with a humorous and non-humorous appeal to see which appeal is most

effective and draws most favorable attitudes. Therefore, not only will marketers of

financial products better understand these two fast growing subculture Hispanic groups

(and which type of ad appeal is most effective), but these groups themselves will see the

importance in saving money and thinking for the long-term as opposed for the short-term.

As a result, Chapter 2 which is the literature review, provides a summary of current

research in advertising, included but not limited to money attitudes, ethnicity, and humor.






7


Chapter 3 on methodology explains the research design and rationale of the experimental

procedures. Chapter 4 provides an analysis of the data, and finally Chapter 5 discusses

the conclusions, limitations, and recommendations for future research.














CHAPTER 2
LITERATURE REVIEW

Money

Cognitive and Affective Significance

Money is an object where its initial formations have derived from the concept and

idea of barter. Money serves as a medium of exchange such as acquiring goods and

services, and is used as a unit of account such as measuring the "cheapness or dearness"

of goods by using money (Mitchell and Mickel 1999). Money also serves many other

functions such as savings, storing of value (i.e. it is not perishable- changing value over

time), and used as a credit for standard of deferred payment such as when buying and

selling takes place before a commodity goes on to the open market (Furnham and Argyle

1998).

Money's functionality derives from circulation throughout our economy. For

example, individuals in our society earn money in exchange for producing goods and

services. Next, the money they earn (a.k.a. wages, salaries) is spent on consuming the

goods produced such as food, shelter, and entertainment. Some individuals may continue

this cycle of earning and spending presently (eam-spend), while others invest their

money for future prosperity (earn-invest-spend). Finally the government controls money

by limiting the supply of it, in order to prevent both depression and inflation (Furnham

and Argyle 1998).

While this all may be true, the underlying dimensions of money is based on trust; if

our country suddenly believes that "cards" will be the next medium of exchange instead









of this paper bill called money, then money will dissipate faster than unchased dreams.

This happens because our country has departed from the gold standard, and the amount of

cash exceeds the amount of gold, which averts to a cash turnover causing an erosion of

money (Kiyosaki and Sharon 2000). Money from an economic standpoint has been seen

to be very objective and utilitarian: a commodity that is ordinary, mundane, impersonal,

neutral, and has only a quantitative meaning (Mitchell and Mickel 1999). Economists

note that money may be analyzed according to substance: copper, paper, gold, or silver

and has no intrinsic value other than a medium of exchange. They also believe that

people want goods and services that provide satisfaction and that money is the measure of

how much of these goods and services can be afforded.

On the other hand, social scientists believe money is emotionally charged and has

meaning attached to it. For example, people have different views about money that stem

from their age, social case, wealth, and political beliefs. Furnham and Argyle (1998)

reviewed different studies on money and happiness and came to the conclusion that there

exists an average correlation of .25 between life satisfaction and financial status. For

example, in measuring income and the level of happiness and/or satisfaction, small

positive correlations have occurred between .15 and .20.

Moreover, in a study conducted across 55 countries, money and happiness was

found to have a positive correlation of .50. Furnham and Argyle (1998) also state that net

wealth is a possible source of happiness and there exists a positive correlation between

well-being and national economic growth. Therefore, even though there exists a small

positive correlation, the satisfaction with most aspects of one's life is consistently and

positively related to one's financial holdings. Money has also the ability of bringing out









the irrational in an individual by tapping into their core personality and releasing avarice,

jealousy, resentment, and fear (Furnham and Argyle 1998). Many sociologists defend

that money is defined in cultural norms and values where people perceive, value, and

treat money differently. For example, sociologists contend that the market economy is a

social institution, where individuals in this institution see money as good, valuable,

important, and attractive, while others see it as shameful, evil, useless, and dishonest

(Lane 1991, Tang 1992, Tang 1993, and Tang 1995). Money is also claimed to have

symbolic components where money is seen as an achievement and recognition, status and

respect, freedom and control, and power (Goldberg and Lewis 1978, Parsons 1967,

Kirkcaldy and Furnham 1993, and Tang 1992).

Finally the behavioral component of money is seen as saving and/or investing.

Many people save for security. Furnham and Argyle (1998) states: "Emotional security

is represented by financial security and the relationship is believed to be linear-more

money, more security. Money is an emotional life jacket, a security blanket, a method of

starving off anxiety" (pg. 83). They also state that turning to money for security may be

harmful because people tend to alienate themselves by thinking they are superior. As a

consequence, this leads to an emotional wall, which causes fear of being hurt, rejected,

deprived, and even a financial loss.

There have also been money types formed that state all people, conscious or not,

fall into as a symbol of security. For example, there are the "compulsive savers" who

save for their own reward. The "self-deniers" are savers who save a little and spend a lot

on themselves; they even may spend a little money on others just to emphasize their

martyrdom. The "compulsive bargain hunters" are people who retain money only until









there exists a perfect situation and then joyfully spend. Finally, the "fanatical collectors"

are those who collect many material possessions and are reluctant to let go as a sense of

security (Goldberg and Lewis 1978).

Money Attitude Scale (retention)

In terms of measuring money, there are currently three categories of measurement

in the money and individual-difference literature: peripheral (constructs that are similar to

money scales like sensation-seeking and materialism), idiosyncratic (scales that have

only been used once and have little reliability and validity like Thierry's new meaning of

pay), and finally well-developed measures which have been fully developed and used

more frequently (Mitchell and Mickel 1999). Some examples of the well-developed

measures are the "money ethics scale", "money belief and behavioral scale", "money

importance scale", and the "money attitude scale."

The money ethics scale, developed by Tang (1992, 1993) was used for the ethical

meanings people ascribe to money; the six factors that resulted from this scale are good,

evil, achievement, respect, budget, and freedom. Next, the Money Belief and Behavioral

Scale (MBBS) developed by Kirkcaldy and Furnham (1993) resulted in six factors which

are obsession, power, retention, security, inadequacy, and effort/ability. Further, the third

scale was the money importance scale developed by Mitchell et al. (1988) that showed

factors of value importance of money, personal involvement with money, time spent

thinking about financial affairs, knowledge of financial affairs, comfort in taking

financial risks, skill in handling money, and money as a source of power and status.

Unfortunately, these aforementioned scales have been either inadequate for

investing purposes or shown to have weak reliability such as the money belief and

behavior scale (Bailey et al. 1994, and Furnham et al. 1996). As a result, the final scale,









the money attitude scale (29-item scale which records responses on a 5 point Likert type

scale ranging from strongly agree to strongly disagree) developed by Yamauchi and

Templer (1982), was the one used in this study because it shows several advantages

towards its predecessors making it a reliable successor.

For example, the retention-time dimension has been shown to provide consistent

reliability among Hispanic groups (Medina et al. 1996, and Roberts and Sepulveda 1999).

Medina et al. (1996) recommended it for future research, stating that: "the external

validity of the construct being measured by the scale across other ethnic and national

groups remains to be demonstrated." Yamauchi and Templer (1982) developed the

Money Attitude Scale from three broad psychological content areas commented on by

many prominent psychotherapists and personality theorists such as Freud, Ferencze,

Klein, Abraham, Fenichel, Adler, Murray and McClelland.

From all their research, three major areas have developed involving money that the

Western industrial society possesses such as greed, fame, and power. The three major

content areas consist of security, retention, and power-prestige. Security concerned

optimism-pessimism, confidence-insecurity, and comfort-dissatisfaction. Retention

consisted of parsimony, hoarding, and obsessive personality traits, where power prestige

comprised of status, importance, superiority, and acquisition. Yamauchi and Templer

(1982) generated 62 items to reflect the 3 content domains which were then broken down

to 34 items representing 5 factors after "scree" test and factor analysis were formed.

Factor one was the "power- prestige factor", where items that loaded high on this factor

all pointed to the use of money to impress and influence others and as a symbol of

success. The "time-retention factor" was the second factor where items that loaded









highly on this factor described behaviors aimed at the future that required planned

preparation; so, people scoring high on this factor could be described as placing great

value on the process of preparation as well as the goal of security in the future.

Factor three was the "distrust" factor where people scoring high on this factor

appear to maintain hesitant, suspicious, and doubtful attitudes in regards towards money.

Factor four was called the "quality" factor where people scoring highly on this factor

believed in getting the best or paying the most to get the quality described. Finally, the

last factor was the "anxiety" factor where people scoring high on this factor held a view

that money is a source of anxiety as well as a source of protection from anxiety. From

the five factors, factor four (quality) was not included because the authors believed it was

too similar to the first factor-power/prestige and consequently the birth of the new 29

item Money Attitude Scale took place; in order to test validity, the 4 factors were

hypothesized (correctly) to correlate with various psychometric instruments rationally

predicted to measure similar theoretical constructs.

Cultural Money Attitudes

Money as a concept is an extremely important subject towards different individuals

whether emotionally, economically, or behaviorally. Many studies have been performed

on consumer behavior such as price and quality, brand loyalty, propensity to shop,

acculturation, and personality traits (Medina et al. 1996). For example, many personality

traits have been investigated showing associations between money and

sensitivity/emotional stability (Bailey and Gustafson 1991), income (Tang 1992),

education (Furnham 1984), age (Bailey and Lown 1993), gender (Graham et al. 2002)

and compulsive behavior (Hanley and Wilhelm 1992, and Roberts and Sepulveda 1999).









In terms of cultural differences with regards towards money, it has been shown

throughout research that Anglo Americans are highly preoccupied with wealth

(O'Guinnet al. 1986, and Penaloza 1994) while Hispanic Americans have a high

propensity to shop, are brand loyal, consider price and quality, and are more present

oriented. (Saegert and Hoover 1985, Saegert et al. 1985, Wilkes and Valencia 1985,

Medina et al. 1996). For example, in a study on generic purchasing between different

cultures, it was found that African Americans were more likely to purchase generic

brands than Mexican Americans (Wilkes and Valencia 1985).

Money has been found to influence more people that are in lower income groups

and as a result they are more likely to use money for power. In addition, females are

found to be more conservative, risk averse, and security conscious than males. Also,

older adults (65yrs +) have been found to be more satisfied with their financial resources

than younger and middle-aged adults, while income, work ethic, political, and religious

values have a strong influence on how people perceive money. Furnham and Argyle

(1988) also stated that there has been relatively little research in examining cultural

background (ethnic groups) variables and money attitudes, and that the role of individual

differences and personality traits is needed in the study of money attitudes and behavior.

The most relevant research in this area is a cross-cultural study conducted by

Medina et al. (1996), that compared attitude towards money of Mexican and Anglo-

American consumers (student samples) via the money attitude scale developed by

Yamauchi and Templer (1982). The Money Attitude Scale was used because it was an

original attempt to measure attitudes towards money not derived from any other scale, it

was developed in a more ethnically diversified region of the United States, and the scale









has shown valid consistency in its results unlike other money scales (e.g. Money Beliefs

and Behaviors Scale). The scale measured 4 dimensions: power/prestige, retention/time,

distrust/anxiety, and quality.

The power-prestige dimension involved status seeking, competitiveness, external

recognition, and acquisition of material good. Next, the retention-time dimension

measured behaviors and attitudes, which require planning and preparing for the future.

The distrust/anxiety dimension dealt with a suspicious nature towards the price of

goods/services and a lack of faith in the ability to make efficient purchase decisions.

Finally, the quality dimension pertained to purchasing a high quality product as a

predominant behavior; for example, those that score high on this dimension believe in

buying the best and paying more to get high quality brands.

Medina et al. (1996) formulated 4 cross-cultural hypotheses: compared with Anglo

Americans, Mexican Americans will have lower Power-Prestige and Retention -Time,

but higher Distrust-Anxiety and Quality scores; the results confirmed only hypothesis

two (retention/time dimension). As a result, the authors came to the conclusion that

Mexican Americans were less likely to engage in behaviors involving medium to long-

term personal saving, investing, and speculating with money at the expense of present

consumption.

Moreover the authors came to the conclusion that Mexican Americans strayed

away from any offers involving products/services that required planning and long-term

consumption; some services affected were listed as bank saving accounts, saving bonds

for children's education, investment options, and retirement plans. In addition, the

authors suggested that Mexican Americans tended to be heavier users of credit cards and









personal loans than Anglo Americans because the immediate (perceived) benefits of

consumption took precedence over long-term planning.

In a survey illustrating a relationship between "traditional" values and the income

of Mexican Americans, the poor Mexicans in all three cities (Los Angeles, San Antonio,

Albuquerque) were content with whatever came their way rather than expecting too much

from life (Moore and Pachon 1985). Even though they worried about the future, their

main philosophy was to plan for the present; the authors stated that Mexicans were serene

and calm people, who even though are "improvident" in planning for their future, the

pleasure in life and living compensates fully (Moore and Pachon 1985).

In a survey conducted by Employee Benefit Research Institution (1999), only 48%

of Hispanic Americans are saving for retirement compared with 77% of White Americans

(Anderson 2000). In a comparison to African Americans, the insurer All State

Corporation stated that 17% of Hispanics have never saved for retirement compared to

70% of Blacks who did". (Porter and Kranhold 2003). Finally in a poll of attitudes and

behaviors of different culture groups (i.e. African, Asian, Jewish, Italian, and Arab

Americans) Hispanic Americans were the least likely to own a savings account and most

likely to have a credit card further illustrating the contention of present-oriented thinking

(Zogby 2001).

This is extremely detrimental in terms of saving and preparing for the future

because it has been shown to cause depression, anxiety, frustration, and low self-esteem

(Desarbo and Edwards 1996). This is crucial because the more Mexican Americans

compulsively spend, the less money they have towards investing or purchasing "assets,"

(Kiyosaki and Sharon 2000). This supports previous research that indicates Hispanics









have present-oriented attitudes and are more flexible toward time than Anglo-Americans;

Hispanics therefore may be less willing to delay gratification or to plan for future

acquisitions (Holtzman et al.1975, Hall 1983, and Marin 1987).

Yet, even though there has been homogenous consensus in Hispanics lack of

planning and preparation for their future, research has failed to study more than just one

sub culture of this Hispanic group and thus much of the current research can only be

inferred to Mexican Americans and not the larger Hispanic population especially when

there exists much variability between them. (Holtzman et al. 1975, Medina et al. 1996)

Research has shown that different sub cultures of Hispanics have different values

and perceive information differently. For example, Andrew Nuttney, Research Director

for the Research and Advisory Group in New York, recommended plotting different

tactics for different geographic Hispanic markets such as micromarketing to specific

Hispanic populations whose characteristics vary according to national origin,

acculturation, and location in the U.S. (Byrne and Marx 2003). In addition, David Weiss,

President of Package Facts states: "In many ways, Hispanics are typical of the future of

the United States... The group represents a mix of cultures, physical types, racial

backgrounds, and social aspirations," (Radice 1997, pg. 2).

Jake Byrne, Collections Director for Sears in Los Angeles, reported that each

culture has its own accents and opinions. Mexican and Central American employees

reported Cuban customers treated them condescendingly, saying 'I don't speak Mexican,'

for example after a customer service call (Byrne and Marx 2003). Laura Starita, a

Financial Services Technology Analyst with Gartner Group Inc., says it's better to target

than treat all Hispanics as one big market (Joyce 2000). Finally, Holland and Gentry









(1999) state that "segmenting schemes are being developed that recognize that the

Hispanic market, for example, is not a single entity, but rather a preliminary

categorization that warrants further analysis of variables such as values, lifestyles, and

country of origin"(pg. 66).

Nevertheless, along with their variances, many current financial firms still see this

market as a great potential: "Marketing products such as credit cards and home

mortgages to Hispanics has been a hot trend over the past several years because U.S.

financial institutions are facing near-saturation levels in the general consumer markets"

(Byrne and Marx 2003). According to Spectrum Group, 401K plan providers are seeking

to market to small and midsize businesses because of saturation-97% of companies with

more than 1000 employees already have 401Ks; similarly well over 70% of the Hispanic

population works for small businesses (Anderson 2000).

Ethnicity

Hispanic Population

According to the United States Bureau of the Census (2000), the projected Hispanic

population will double in size from 26.9 million in 1995 to 50.7 million by the year 2020

(Kyriakos 1999). In addition, according to Tina Kyriakos, "reports suggest that there are

about 6.8 million undocumented Hispanics that would edge numbers close to $40 million,

making them the most attractive of all multiethnic markets." (pg. 1) Moreover, according

to Strategic Research Corporation, Hispanic's purchasing power is estimated at about

$273 billion dollars; as a result their purchasing power represents about 10%of the U.S.

consumer market potential (Tharp 2001).

This group is potentially a very lucrative group to understand and market to, since

their rise in purchasing power and growth rate. For illustration, within the next 10 years,









Hispanics will become the largest ethnic group in the United States, surpassing African-

Americans (Radice 1997). Already, geographically Cuban Americans dominate the

Latinos of southern Florida (approximately 80%) and Mexican Americans dominate the

Latinos of Los Angeles (approximately 70%).

According to market research done by HISPANIC broadcasting corp., the top 3

Hispanic markets are Los Angeles, New York City, and Miami-Ft. Lauderdale.

According to this special report on multicultural media, there are about 6.2 million

Hispanics living in the L.A. area, the majority being Mexicans with $70 billion dollars

worth of buying power. Similarity, there are 1.4 million Hispanics living in the Miami-

Ft. Lauderdale area, the majority being Cubans with an estimated buying power close to

$22.6 billion (Rubi 2000). In addition, these demographic numbers have been reported in

being static because of recent immigration and high birth rates among long time Hispanic

residents (Kyriakos 1999).

As a result of these facts, many researchers have begun trying to uncover Hispanic

attitudes and behaviors towards money and consumption. According the United States

Bureau of the Census (2002a), Hispanics refers to people whose origin are Mexican,

Puerto Rican, Cuban, South or Central American, or other Hispanic/Latino, regardless of

race. In addition, many times the terms Hispanic and/or Latino are seen as highly

symbolic and used to distinguish from other Americans (Marin and Marin 1991, and

Braus 1993). Nevertheless, the term originated from the political organization (i.e. U.S.

Government) to classify people of Spanish speaking origins (Portes and MacLeod 1996).

Unfortunately, in determining Hispanic attitudes and behaviors, many researchers

tend to define this group into one segment; however not all Hispanics are the same in









terms of culture or linguistic background (Tharp 2001). There are many variables that

play a role in uncovering their attitudes and behaviors such as: socioeconomic status,

physical appearances, countries of origin, age, time or generation in the United States,

language spoken, acculturation into the U.S. mainstream culture, and educational

background. Some common themes research depicts among Hispanics in the United

States are the levels of culture change in mainstream America (i.e. acculturation).

For example, Hispanics can assimilate into mainstream America (i.e. their culture

begins to mimic the Anglo American culture), Hispanics can gain Anglo culture traits

without totally losing Hispanic culture traits (a.k.a. biculturalism), and Hispanics can

adopt a hybrid culture composed of both Anglo and Hispanic traits (Moore and Pachon

1985). Mostly, the general consensus in research has shown that important dimensions

for the Hispanic individual are language familiarity and usage, interaction with fellow

Hispanics, ethnic loyalty and identity, cultural awareness, and generational proximity

(Olmedo and Padilla 1978; Cuellar 1980).

For illustration, Hispanic members of established communities that assist newer

immigrants in adjusting to U.S. lifestyle and work style, help perpetuate the concentration

of immigrants in particular localities by country of origin, which affect behaviors and

attitudes in that region (Tharp 2001). As a result, many research firms have begun

segmenting Hispanic groups in terms of schemas that affect the Hispanic identity. For

example, NuStats' Infosource have classified Hispanics by five stages (Arce 1994).

Stage one, "New Comers," are those who have only spent part of their lives in the United

States, less than one-fourth total. Stage two, "Transitionals," are those who have spent

part of their lives in the United States, less than one-fourth total. Stage three,









"Transplants," are those who have spent one-fourth to one-half of their lives in the United

States. Stage four, "First Born," are those who are born in the United States with one

foreign parent. And finally stage five, "Deep Roots," are those who are at least second

generation Hispanic where both parents are from the United States.

Similarly, Bromley Aguilar and Associates created an Acculturation Index Group

which is broken up into three indexes: AIG I (Spanish Dominant)-Hispanics who read,

write, speak, and think Spanish; AIG II (Bilingual/Bicultural)-Hispanics are considered

dominant in Spanish language and culture (first half) and Hispanics that are dominant in

English language and culture (second half). Finally, AIG III (English dominant) where

Hispanics are most comfortable in English (Bromley 1992).

Hispanic Cultural Differences

More specific variances in culture and linguistic background deal with Hispanics

being different to Mainstream America. For example, it has been noted that Hispanic

Americans maintain a strong ethnic identity and commitment to their cultural traditions

(Berman 1995, Hamstra 1996, and Radice 1997). In addition, Hispanics are known to be

more interdependent, be more likely to be influenced by family members, and are more

likely to conform than Anglo Americans (Bellinger and Valencia 1982, Penaloza and

Gilly 1986, and Nicholls et al. 1997). To illustrate with an example between the different

Mexican American and Anglo American culture, Diaz-Guerrero (1967) summarizes:

The historical traditional pattern of the United States will produce individuals who
are active...they will be independent, individualistic, autonomous, oriented toward
achievement, competitive, somewhat impulsive and aggressive, and rather tense
and nervous. The Mexican historical-socio-cultural pattern, on the other hand, will
produce individuals who are obedient, affiliative, interdependent, orderly,
cooperative, not oriented toward achievement, and not self-initiated... Whenever
members of the U.S. culture face stress, they seem to feel that the way to resolve
the problem is to modify the environment... Mexicans seem to feel that the best
way to resolve the problem is to modify oneself. (pg. 74)









Two strong characteristics of Hispanics supported throughout research are that they

portray familistic and patriarchal views unlike the Anglo American views which are

individualized. Valuing the family (familistic) relationships has been shown to take

precedence over anything, even themselves as the individual. Family is referred to not

just the immediate family but also an extended family of several generations including

cousins. Next, patriarchal views have been common themes between Hispanic

households were the authority is vested in the male head of the family. Many social

scientists also refer to this as "machismo" where the male figure is considered to have

much respect and can command respect at his leisure while women are to abide by their

husbands (Moore and Pachon 1985).

Another major difference rests in demographic and socioeconomic characteristics.

For example, according to the United States Bureau of the (2002a), Hispanic Americans

are more geographically concentrated in the West and South and less likely to live in the

Northeast and Midwest. More specifically, Hispanics are more likely to live inside

central cities of metropolitan areas than non-Hispanic Whites. Also, Hispanics are more

likely than non-Hispanic Whites to be under age 18 and two in five Hispanics are foreign

born. In terms of family size, Hispanic households tend to be larger than non-Hispanic

Whites. Researchers, Alaniz and Gilly (1986), believe that cultural values play a role in

accepting the large family households such as Hispanic favoritisms towards large family

houses, the Catholic Church prohibiting birth control, and the extended family tradition

(Edington and Hays 1978, Guernica 1982).

Next, Hispanics are much more likely than non-Hispanic Whites to be unemployed

and Hispanic workers earn less than non-Hispanic White workers. There were variances









evident between the Hispanic group and non Hispanic White group when researchers

performed studies involving the consumption habits between the two groups. For

example, research that has show lots of attention in the literature has been brand loyalty.

Hispanics have been considered to be brand loyal and strongly influenced by

product/brand status and prestige (Watanabe 1981, Hoyer and Deshpande 1982, Guernica

1982, Segal and Sosa 1983, Yankelovichet al. 1984).

Alaniz and Gilly (1986) believe that differences in the Hispanic structure and

composition affect their consumption patterns. They state that since Hispanic families

are larger and younger than Anglo families, a higher consumption of product needs and

wants occurs. For illustration, Guernica (1982) stated that since Hispanic families have a

lower income and are of larger sizes, they spend between 4 and 10% more than the

average non-Hispanic family on food and other consumer items. Also, since the

Hispanics are younger than Anglo Americans, larger amounts of consumption have been

allocated towards records, tapes, and soft drinks (O' Guinn and Meyer 1983).

In terms of purchasing high status items compared to Anglo Americans, Hispanic

consumers are considered to value advertised brands (Segal and Sosa 1983), have higher

agreements with statements dealing with brand loyalty (Yankelovich et al. 1984), and

place higher stress on brand names (Barbara et al. 1999). For example, over 80% of

Hispanics surveyed stated that once they found a brand they liked, they stuck with it

(Yankelovich et al. 1984). Hoyer and Deshpande (1982) state that the reasons why

Hispanics purchase and use high-status, high-visibility products are to emphasize their

Hispanic values of individual identity and family pride. They further state that Hispanic









values and attitudes may be communicated by the ownership and use of certain high

product quality goods.

Theoretical differences between the Hispanic culture and mainstream America are

illustrated by Hall (1983) who defines culture as "a set of unspoken, implicit rules of

behavior and thought that controls everything we do. This hidden cultural grammar

defines the way in which people view the world, determines their values, and establishes

the basic tempo and rhythms of life"(pg.6). He mentions time as a cultural system and

states that time is a foundation of each culture. For example, he defines time as a cluster

of concepts, events, and rhythms covering an extremely wide range of phenomena. More

specifically, the author says there are two types of time that societies engage in,

"polychronic time (p-time)" and "monochromic time (m-time)." Polychronic time is a

system used when people do many things at once, where monochromic time is doing one

thing at a time.

Those individuals that engage in polychronic time are individuals oriented towards

people, human relationships, and the family (i.e. family takes precedence over everything

else). Monochronic time, on the other hand, is oriented to tasks, procedures, schedules,

and is very individualized. North American culture is further noted in being conducted in

m-time and is very depersonalized, low context (explicit) and everything is in written

form (contract). Furthermore, Latin American culture is noted in being conducted in p-

time and is very personalized, high-context (implicit), where people depend more on

human relationships that they consider permanent (rather than a contract).

For example, Hall (1983) illustrates with an example of working-class Hispanic

woman (p-time) engaging in a monochromic culture (i.e. U.S.A.). This "Chicana









woman," a founder of a private school for battered children, has to actually go out and

pick up the children (her clients) because of their parents inability to adapt to a

routine/schedule. She states: "We have to go out and get them, because they can't plan

far enough ahead to catch the bus" (pg. 66). Once again, this emphasizes the present

orientation of Hispanic Americans and does justice to the cultural differences between

Hispanics and Anglo Americans.

Intragroup Hispanic Cultural Differences

With all the empirical evidence stating the differences between Hispanics and

Anglo Americans, it is important to note that there are many differences between the

subculture Hispanic groups such as age, education, language preference, socio-economic

levels, and acculturation levels. In first attempting to distinguish between Hispanic

cultures, it is important to get a clear concise definition on what "culture" consists of.

From the naked eye, culture can be viewed from the exterior visible surface such as

modes and dress of hair, food, diet, dancing, myths about medicine, and music.

Nevertheless, beneath the surface lie the socio-culture systems that represent the many

complexities of Hispanic life such as poverty. One fact about the Hispanic cultures is

that they are revolving.

For example, the northern New Mexico villages represent a different way of life

than the Hispanics living in New York or Los Angeles. Culture differences within

regions, age, and sex exist such as new immigrants having stronger Mexican values than

second or third generation U.S. domestic born. Hispanic culture is therefore considered

as pluralistic; there are many Hispanic subcultures and ways of life that are at often many

times over looked (Moore and Pachon 1985, and Angel and Worobey 1991). One great

example in examining the differences between both Cuban Americans and Mexican









Americans is to take a look at their nationalities and economic well being from when they

first arrived to the United States. This historical viewpoint will set the stage for the

rationale of why Cuban Americans and Mexican Americans may display different

attitudes and behaviors towards saving and planning for their future.

Cuban Americans

Cuban Americans (i.e. businessmen) first arrived to the United States during the 1800s in

search of their economic success in cigar manufacturing due to their unstable markets in

their homeland; the most memorable immigration has been the Cuban Revolution in

1959. Because Fidel Castro's revolutionary objectives directly affected professionals and

managers, many of them migrated to Key West, Miami, and Tampa Florida (Moore and

Pachon 1985).

Chronologically, Cuban Americans came in three waves. The first wave brought

about 280,000 Cubans to America and began when Castro took office in 1959 until

around the Cuban Missile Crisis in 1962. Demographically, the first wave was mostly

white (94%), middle-aged (approximately 34 yrs old), and well-educated (an average of

14 years of schooling). Moreover, politically they shared similar beliefs with right wing

conservatives in the American Republic Party.

The second wave of Cubans emerged during 1965 when the U.S. and Cuban

governments negotiated an air bridge from Camarioca, Cuba to Miami, Florida. This air

bridge transported 1000 Cubans a week, with approximately 273,000 Cubans coming to

the United States. Demographically, the second wave was less white (80%), younger,

and poorer. Finally the last wave took place in 1980, where 125,000 Cubans escaped to

the United States because of a hostile takeover by 10,000 Cubans who took over the

Peruvian Embassy in Havana, Cuba. This third wave was known as the "Marielitos", the









group was only 60% white, much younger, and much poorer (Llanes 1982), Marielitos

stigmatized all those who came to the U.S. during the Mariel boatlift who were

considered criminals or social misfits (Piloto and Roberto 1985).

From the three-wave migration, the most interesting thing to review was how

Americans viewed these immigrants, which kept them the most financially successful

group among Hispanics until this day. For example, because the first wave of immigrants

believed in overthrowing the Cuban government (which was congruent with American

foreign policy at that time) they had support from a series of federal administrators from

the U.S. such as CIA backing and unofficial government endorsements (Moore and

Pachon 1985 and Piloto and Roberto 1985). Politically, the "open door policy" for all

Cubans to enter the United States was done to drain Fidel Castro's labor resources (e.g.

physicians, teachers, technicians), and discredit Castro's regime (via embarrassment)

through encouraging the flight of thousands from a "Communist" to a "free" country

(Piloto and Roberto 1985).

In the eyes of the American public, the first wave of Cubans were given much

support and were empathized for. The United States at that time gave much affection

towards them and gave them an open door to enter. A maj or reason why they

encountered such generosity was due to their demographic characteristic of being white

(the majority) just like the Anglo Americans. In addition, since they were well educated,

entrepreneurs, and wealthy, the United States depicted the immigration as a perfect

"successful" immigration (Angel and Worobey 1991).

As a result, Miami, Florida opened up as a safe haven for all the exiles, which

brought about the tight Cuban community where everyone participated as a team. For









example, because the first wave had found difficulty finding jobs, they were forced to

start their own business and took care of the second and third wave immigrants who came

at a later date by providing employment (Bach 1980, and Llanes 1982).

This class structure has been often referred to as an "enclave economy" where the

successful entrepreneurs in various industries such as construction, real estate, and

tobacco provide jobs for the professional managerial Cubans (second wave) and the

prison/labor workers (third wave) all in an enclosed Spanish speaking community. This

highly cohesive and economically vital enclave has contributed to the financial success of

Cuban Americans to this day (Angel and Worobey 1991).

Mexican Americans

In contrast to the restorative expedition Cuban Americans had when they entered

the United States, the Mexican Americans' voyages were quite onerous. After being

conquered and loosing territorial rights over Texas in 1846, Mexican Americans became

subordinates to Anglo Americans; they were put to work for cheap labor and were

victims of discrimination and hatred which dramatically affected their economic, social,

and political roles in America (Moore and Pachon 1985). For example, when public land

became private land after the American conquest, and cotton plantations began moving to

the South particularly Texas, and much of the Mexican livestock wealth disappeared.

In addition, since African American slaves were no longer available, the demand

for Mexican cheap labor to cultivate cotton and brush out new land acquired became a

parameter for Mexicans to adhere to. Once Mexicans in Texas were considered slaves to

Anglo Americans, they took the same brutality, as did the African American slaves.

They were lynched by the "Texas Rangers" in masses and discriminated harshly due to









the lack of African Americans and American Indians to lynch (Taylor 1972, Staples

1974, and Barrera 1979).

Similar instances of oppression occurred to Mexican Americans in Arizona and

California (Texas border states). For example, after the railroads emerged (during the mid

1800s) new markets came about for mineral resources such as wool, meat, and hides.

Soon the Anglo Americans used these markets to form enterprises and conglomerate

companies (for profit) at the expense of cheap Mexican American labor. Much of this

remained static until the Mexican Revolution in 1910, the Great Depression in 1929, and

World War II in 1939 where Mexican Americans finally had a chance to improve their

economic condition by serving in the armed forces (Moore and Pachon 1985).

Nevertheless, the early arrivals of Mexicans were remembered for cheap labor for

sugar beet (in Texas), electric railway construction and fruit harvesting (in California),

cotton harvesting (in Arizona), and wage labor in meat packing plants, and steel mills (in

Chicago). Moreover, they appeared in the mines of Arizona and Colorado as well as in

the railroad maintenance throughout the United States (Kerr 1975). Much of this was due

to the immigration policies involving the U.S. and Mexico where there was a constant

theme of "admitting, deporting, and admitting again" based on economical reasons. For

example, since both the price and demand of products increased dramatically in the

Southwestern mines and agriculture due to World War I, the U.S. allowed 50,000

"temporary" Mexican Americans to enter and be exploited to the Anglo American

enterprises (Moore and Pachon 1985).

Even during the 1950s discrimination, Mexican Americans were haunted by

instances such as "Operation Wetback" where hundreds of thousands of Mexican









Americans were deported back to Mexico. Moreover, in Texas there existed segregated

bowling alleys, municipal facilities, and housing facilities. It was only until about 1954

after the Supreme Court ruled for desegregation of schools that Mexican Americans in

the U.S. were liberated of discrimination (legally that is). Nevertheless, even though

there exists much immigration today from Mexico (legally and illegally), the unfortunate

subordination upon the early Mexican Americans has played a major impact upon the

economic, social, and political roles of the Mexican Americans to this day.

Cuban and Mexican American Variances

It has been argued that the highly cohesive and economically vital enclave has

contributed to the financial success for Cuban Americans, unlike their counterparts

Mexican Americans (Portes and Bach 1985). For example, since English proficiency and

nativity (i.e. dependability of the language) are major determinants of Mexican American

success (Tienda and Neidert 1984), and Mexican immigration is an everlasting process

(unlike Cuban immigrating), the lack of English fluency and the reliance of Spanish has

caused a socioeconomic handicap for Mexican Americans due to the lack of an enclave

economy like the Cuban Americans (Angel and Worobey 1991).

To illustrate, the United States Bureau of the Census (2002c) has reported some

demographic and socioeconomic data that differentiates both Cuban Americans and

Mexican Americans. For example, Mexican Americans had the highest proportion of

individuals who were under the age of 18 (37.1%) while Cuban Americans origin

population had the lowest (19.6%). This is imperative because the younger a person is,

the higher the chance that person has of becoming unemployed since younger people earn

less than older people. Furthermore, it has been noted that Cuban Americans have the









least probability of becoming unemployed because relatively they are an older group

(Moore and Pachon 1985).

More variances between the two cultures are household status and education.

Mexican family households were more likely to have 5 or more people while Cuban

Americans were more likely to have family households of only 2 people. A major

predictor of these statistics deals with fertility rates and how Mexican American women

have lower access to birth control, work less frequently, and are more likely to stay home

than Cuban American women. In addition, it has been noted that Cuban American

women not only have fewer children, but also are better educated than other Mexican

American women which help them obtain better jobs and higher income (Moore and

Pachon 1985). For example, the United States Bureau of the Census (2002b) reports that

Cuban Americans were more likely to graduate high school (74%) compared to Mexican

Americans (50.6%).

The causation of these facts has been accredited to some hypotheses such as the

"minority group status hypothesis" and the subculturall hypothesis." To illustrate, the

minority group status hypothesis claims that being a member of a minority group creates

an individual effect of frustration and marginality, which has the potential to reduce the

fertility among women with higher socioeconomic status. For example, since higher

educated women (e.g. Cuban American women) have higher aspirations for upward

mobility than less educated women (e.g. Mexican American women) and these women

find their aspiration more difficult to realize, they lower their fertility in order to achieve

and sustain socioeconomic goals (Goldscheider and Uhlenberg 1969, and Bean and

Tienda 1985).









The subcultural hypothesis claims that the cause of higher fertility is due to traits in

their country of origin, since in the country of origin it is normal to have higher fertility,

it is normal to carry out these similar behavior in their present country (Bean et al. 1977).

For example, observers of traditional Mexican culture point out that family is their single

most important component, with women finding their greatest satisfaction in the bearing

and raising of children (Bean and Tienda 1985). Due to these household variances, it

may be more difficult for Mexican American households to support other members in the

house (dependents) with only a limited stream of income.

Finally, there exist economic characteristics that have merit in distinguishing

between Cuban Americans and Mexican Americans such as occupational distributions

and earnings. For example, it has been stated that among the Latino groups, Mexican

Americans were less likely than other groups to work in managerial or professional

occupations and Mexican Americans had the lowest proportion of workers earning

$50,000 or more. In addition, it was stated among the Hispanic group that represented

13.3% of the total population, 24.3% lived in poverty among which Hispanic children

younger than 18 years of age were more likely to live in poverty than non-Hispanic

Whites. Therefore, since most of the Cuban American population is an older population,

and Mexican American population is younger, this impact of poverty, earnings, and

occupational distributions has grounds to confirm their may exist different money

attitudes in terms of retention.

In examining the large differences that exist between Hispanic groups, Angel and

Worobey (1991) conducted a study examining the health risks between Cuban

Americans, Mexican Americans, and even Puerto Ricans. They believed since there is









such a vast difference in economic well being between these groups, the health risk

factors associated with poverty should manifest themselves differently as well for the

three groups. For example, many Puerto Ricans (like African Americans) are living in

innercity neighborhoods that have experienced rapid economic decline due to the lack of

entry level jobs which causes a lack of economic mobility that results in chronic poverty

(Wilson 1987, and Kasarda 1989).

In contrast, Cuban Americans are considered similar to non-Hispanic Whites in

terms of economic success because of their ethnic enclave formed in Miami, Florida

while Mexican Americans are considered somewhat in between (Portes and Bach 1985).

As a result Angel and Worobey (1991) believed since the economic welfare between

these groups are so different, and that children are among the most dependent members

of society, (i.e. they are particularly vulnerable to the negative health consequences of

poverty) the children's level of health will be affected by their parents varying physical

health caused by different socioeconomic status.

Thus, the results indicated that Cuban American children suffered the least health

problems compared to Mexican American children and Puerto Rican children. In

addition, out of the respondents surveyed, Cuban American parents reported that their

children health was "great" while Mexican American parents and Puerto Rican parents

reported their children to have poorer health. Evidently, the subjective evaluation is

clearly parallel to the objective data of varying socioeconomic conditions (i.e. health and

economic well being) from these groups providing evidence to the anecdotal research

justifying how Cuban Americans are economically better off than Mexican Americans.









Since there are variances in socioeconomic status, physical appearances, countries

of origin, age, time or generation in the United States, language spoken, acculturation

into the U.S. mainstream culture, and educational background between Cuban Americans

and Mexican Americans, it is justifiable to contend that there may exists differences in

money attitudes between these groups as well. As a result, humor is next used to

examine if any attitudinal and/or behavioral preferences exist between Cuban Americans

and Mexican American due to their possible variances in money attitudes.

Humor

Humor Defined

With the increasing Latino subculture population and purchasing power, it is tenant

of this paper to discover if a humor appeal plays an important role with different Latino

subcultures in terms of attitudes and behaviors (i.e. purchasing a financial product).

Financial advertisement spending has been increasing over the years and many

corporations are increasing their ad budgets for their financial products. For example,

TNS Media Inteligence/CMR a New York based research firm, reported financial

advertisement spending increased 7.1% (in just the first seven months of 2003) to $3.7

billion from 2002 (Vranica 2003).

More specifically, humor has been used in much research and has been known to

have many advocates compared to non-humor. For example, studies showed that 55% of

advertising research executives believe humor to be superior to non-humor in gaining

attention and 94% of advertising practitioners see humor as an effective way to gain

attention (Madden and Weinberger 1984). In addition it is stated that on a given day, the

average American is exposed to about 300 advertisement messages (McCarthy 1991).









In more practical terms, more than $150 billion dollars is spent on advertisement

(per year) of which 10-30% of those advertisements are humorous (Weinberger et al.

1995). For example, one of the largest events watched by Americans is the Super Bowl.

The Super Bowl draws in more than 130 million Americans to watch at least part of the

game and the rest mainly for the commercials. An advertisement on the Super Bowl,

costs about $2.1 million for 30 seconds (in 2003), and has proven appealing to big-budget

companies such as Pepsi, General Motors, Sony, and Anheuser Bush which all believe in

using the conventional humor for results (Ethridge 2003).

In determining what humor consists of, there are many definitions that have been

conceptualized as to what humor actually is. For illustration, in some of the earlier work

humor has been defined in terms of stimulus properties, examination of the responses

elicited to a stimulus (e.g. smiles and laughs), and perceptual responses to audiences, i.e.

actual audiences perception of humor (Stemthal and Craig 1973). Moreover, humor has

been defined by content such as aggressive, sexual, or nonsense (Goldstein and McGhee

1972) and by technique saying whether or not humorous ads contains puns, jokes, satire,

and irony (Kelly and Solomon 1975, and Riech 1997).

For example, Raskin (1985) states that funny situations, stories, and thoughts occur

everyday virtually to everybody. Moreover, laughter (which is caused by humor) has

different meaning from different occasions of circumstances to different cultures;

nevertheless, humor, how variable it may be, is shared and appreciated by everyone.

Therefore, each individual occurrence of a funny stimulus is considered an "humor act"

which is comprised of certain elements such as: human participation (i.e. the speaker and

the hearer), a stimulus where something happens in the humor act, the experience of an









individual, the predisposition of an individual to the humor act (a.k.a. the psychology),

the situation which is the situational context that denotes the factor of the humor act, and

finally the society where the humor is shared by individuals belonging to a certain group

to make humor more effective.

In regards to the humor theories in the literature, there have been three major

groups/classes of theories such as, "cognitive-perceptual", "social-behavioral", and

"psychoanalytical". For example, Raskin (1985) states that the first class (cognitive-

perceptual) is associated with incongruity humor where a form of inappropriateness,

paradox, and dissimilarity incongruentt components) are brought together, synthesized,

and made similar. An example consists of a "punch line" which provides a shift from

one level of abstraction to another in a matter of seconds which seems incongruous to the

main body of the joke. He further relates that the incongruity-based theories make a

statement about the stimulus in his "humor act" description.

Next, the second set of theories (social-behavioral) comprises approaches based on

hostility, malice, aggression, disparagement, derision, and superiority. Some examples

include laughing at other people's minor mishaps, laughing at misfortunes of others

because we do not share the same situations, and laughing at our own events in the past.

These theories are related to the "humor act" example by characterizing the relationships

or attitudes between the speaker and the hearer.

Finally, the third set of theories (psychoanalytical) comprises approaches of humor

involving releases. For example, since individuals operate under a great number of

constraints (i.e. to think clearly, to be logical, to talk sense) it is easier to release and

diverge from a line of thought (via humor) we have embarked on, than keep it. For









example when jokes liberate an individual from an inhabitation (e.g. sex and viciousness

jokes), a release of psychic energy is exerted; these psychoanalytical theories relate to the

"humor act" example by commenting on the feelings and psychology of the hearer.

It is evident that there is no real mundane accepted classification of humor, which

has also been in accord by other researchers in the past (e.g. Weinberger and Gulas

1992). As a result, some more recent researchers has addressed this issue and defined

humor in terms of the Reick's practitioner-oriented classification system (Codruta and

Gail 2001). In this research, these authors sought out to find that different types of humor

are more effective and better suited for different types of media.

For example, humor was defined in 7 categories (comparison, personification,

exaggeration, pun, sarcasm, silliness, and surprise) and was found that sarcasm was the

most popular form of humor used in magazines. In their research, the authors

operationalized sarcasm as "blatant ironic responses or situations," where they provided

an example of a brother and sister conflict illustrating their tenant. In the Lexmark

advertisement, the brother had his legs up on the desk contemplating signs to put up in

his room, where his sister walks in and sarcastically says "How about for rent?"

Humor Executional Factors

In addition to different types of humor being targeted towards different types of

media, executional factors (i.e. how and when to actually use humor) vary greatly as well.

Humor in advertising represents billions of dollars in spending a year, and the role of

advertising goals and the impact of humor on these goals play a significant role in the

appropriate use of humor. For example, when thinking of utilizing humor, there are

many influences from a humorous message that come into play such as humor placement,

humor relatedness, the nature of the product, and audience factors.









Humor Placement

In terms of which medium humor will be placed in, major consensus from past

research has shown that humor is used more frequently in television commercials than

print commercials (Weinberger and Campbell 1991, Weinberger et al. 1995). For

example, in the Weinberger et al. work (1995), these researchers discovered that

television and radio used humor two to three times more often than magazine ads. Also

in a survey from the 150 top United States companies, advertising research and creative

executives felt that humor is best suited for television (88%) and radio (88%) as opposed

to magazines (39%) (Madden and Weinberger 1984).

Many times this is a major consensus because companies want to be most cost

efficient and effective in terms of maximum exposure per advertising dollar. Therefore,

since the breadth of television can be possibly more cost efficient than print in terms of

the reach and frequency, many advertisers choose to use this medium. Yet, since this

current research's motive is not necessarily to generalize the findings to the mass public

(i.e. to all print advertisements), but to test for internal validity, print media was chosen

as an effective and cost efficient way to conduct a laboratory experiment; also, it was

chosen to broaden the scant work done with humor and print advertisements relatively

compared with other mediums such as television and radio.

Humor Relatedness

In determining the most effective method in terms of advertising performance, it

was found that "message dominant humor" should be used in magazine ads because it

appeared to work best at capturing and maintaining attention (Spotts et al. 1997). For

example, in their research, the authors incorporated the typology of Speck (1991) and a

variety of product grids introduced to the market (e.g. Rossiter et al. 1991) and conducted









a content analysis of the ads. Message dominance was used in the study and defined

(from Speck's typology) as humor being subordinate to the overall message, which if

removed from the advertisement, no loss in the comprehension of the message will incur;

message dominant ads can also be image (containing verbal and/or visual content that

reinforces the image or reputation of the product) or "information-focused" (containing

information that focuses explicitly on the more tangible features or price of the product).

Humor Product Factors

In addition to where humor should be placed, and how humor should be used,

product factors play an imperative role as well. To illustrate, in their research, Spotts et

al. (1997) concluded that for "white good products" (i.e. high risk products that are

mostly based on price, expensive, and requires consumers to do "due diligence" because

of the risk involved) information or image-focused humor should be used. For example,

the authors found that for white good products, information-focused humor was used

most often (59%) and image focused humor was used 18% of the time. Thus, for their

conclusion, they recommended that using humor should be limited to white goods,

message dominant ads should be used in magazines because it appears most effective in

capturing attention, and most of the ads in the content analysis used incongruity-based

humor (i.e. this type of humor should be used).

Humor Audience Factors

Only after describing the main ingredients of "humor," it is the tenant of this paper

to see how humorous advertising appeals affect unprecedented audience characteristics,

i.e. both Cuban Americans and Mexican Americans in terms of attitudes and behaviors

towards financial products. In regards to audience characteristics, humor can go far back









as Sternthal and Craig's work (1973) that proposed humorous messages attract attention

and audience characteristics may confound the effect of humor.

In an examination of the literature review they concluded that there has been

relatively little research on the persuasive effects of humor on audiences with particular

profiles and that variables such as age, education, and involvement with the message

mediate the persuasive effects of humor. For example, they stated that if humor targets

an audience with low intelligence, and low intelligence inhibits humor, then the audience

would have low understanding and a lack of interest of the message resulting in little

persuasion of humor.

Furthermore, to add to the scant research on audience characteristics, Madden and

Weinberger (1982) conducted research providing empirical evidence about the effects of

humor on attention in magazine advertising in a non-laboratory setting. They used a

sample of advertisements from the Starch/Inra/Hooper, Inc. advertising files and

measured attention on 3 Starch recall scores. The product category used was liquor ads,

and the ads were coded as "nonsense" ads; the humorous ad sample was drawn from 12

different magazines.

For example, in their sample of liquor ads found in magazines, humor was

considered to be dependent on the respondents' gender and racial characteristics. Humor

was found to work better for men than women and humor hurt attention levels for the

"black" magazine audiences. They stated that humor preference is related to sex, race,

origin, personality, and/or social attitudes of the audience because attention scores for

"white" magazine readers were greater than scores for "black" magazine readers.









In another study, it was found that people of different cultural backgrounds respond

to humor differently. For example, in an experiment that involved Israeli Jews from

Eastern vs. Western descent, the ones from the Eastern descent found absurd humor not

as funny as the Jews from the Western descent because of cultural differences (Weller et

al. 1976). The authors stated that these differences are "habits of thought and mental

attitude rooted in cultural backgrounds" where if the language differences are removed,

jokes are not as easily translatable between different cultures.

In a lab experiment involving 403 undergraduate students, it was found when

"Black vs. White" audiences witnessed humor via radio and television, humor was more

effective for the White subjects (Shama and Coughlin 1979). Finally from a cross-

cultural perspective, the content of humorous communications from diverse cultures (i.e.

Korea, Germany, Thailand, and the United States) has been found to be variable among

countries (Alden et al. 1993). Unfortunately with all the research conducted in

examining humor differences among cultures and/or racial characteristics, there has been

no research dealing with humor variances between intra subculture Hispanic groups.

Theoretically, the closest circumstances we can apply to attitude and behavioral

differences between Cuban Americans and Mexican Americans rests in their cognitive

processing efforts. For example, it has been theorized that individuals differ in their

tendency to engage in effortful cognitive processing and these differences significantly

influence the degree of success in using humor advertising. (Underwood and

Shaughnessy 1975, Cacioppo and Petty 1982, Cacioppo et al. 1986, Zhang 1996a, and

Geuens and Pelsmacker 2002).









For example, it is argued that individuals who are intrinsically interested in

analyzing and processing discrete pieces of information and enjoy thinking about product

-related information cues, are likely to form their attitudes based on the strength of the

product-related arguments in the ad. In contrast, individuals who enjoy the outcome

rather than process the thinking, and only prefer to think as hard when necessary, will be

less motivated to analyze the argument in the ad and base their attitude of the product by

associating it with likable cues in the ad such as humor (Cacioppo et al. 1983, and Batra

and Stayman 1990). This issue-relevant thinking and attitude formation about a

persuasive communication has also been seen in context by the "elaboration likelihood

model" (ELM) proposed by Petty and Cacioppo (1986). According to the model, when

individuals are motivated to engage in processing an argument extensively, they will be

persuaded by issue relevant arguments also known as "the central route to persuasion."

In contrast, when individuals are unmotivated or unable to process issue-relevant

arguments, attitude changes may still occur if peripheral cues are present (a.k.a.

"peripheral route to persuasion"); a peripheral cue is an element of the ad that is not

directly related to the merit of the product advertised such as humor. So if an individual

favors the "peripheral route" to persuasion, than likable cues such as humor will dictate

persuasion. Contrarily, if the individual favors the "central route" to persuasion, than the

cogency of the argument will dictate persuasion.

Empirical evidence has confirmed these theories on cognitive processing from an

individual perspective and confirmed that those individuals who enjoy thinking and

processing an arguments thoroughly focus more on central information cues (Baker and

Lutz 2000), process information more extensively than those who do not think as









elaborately (Mantel and Kardes 1999), collect information on more aspects of a problem

and excel in problem-solving tasks (Nair and Ramnarayan 2000), develop more topic-

relevant cognitions (Haughtvedt et al. 1992), and respond more positively to factual

appeals, informationally dense ads, and ads containing high quality arguments (Cacioppo

et al. 1996).

In addition it has been evident that those who are less likely to engage in an

abundance of cognitive resources to process a message are more likely to respond to

periphreral cues such as celebrities (Ul et al. 1996), an attractive endorser (Cacioppo et

al. 1996), promotional cues (Inman et al. 1990), and humor (Zhang 1996b). For example,

Zhang (1996a) tested a humorous (comprised of a funny cartoon) and a non-humorous

print ad containing weak and strong arguments for a fictitious brand. An experiment was

conducted with 240 student subjects from an undergraduate business class where the

results confirmed the hypothesis that advertising humor was more effective when the

viewers took less cognitive effort to process a message argument and when they were not

likely to engage in evaluating the claims of the ad or the attributes of the product.

Moreover, when viewers were more likely to engage evaluative processing, the presence

of humor had a minimal effect. Zhang (1996b) further concluded by providing

implications for advertisers and their agencies to question what audience conditions

humor may work under, and stated that understanding target audience characteristics are

imperative in guaranteeing a successful humorous execution.

Hypothesis Development

It was the object of this paper to further understand the audience characteristics of

both Cuban Americans and Mexican Americans by (1) investigating their differences in

money orientation towards retention (i.e. saving and planning for their future) and (2) to









investigating the effects of their money orientation in cognitive and affective responses to

advertising appeals (humor vs. non humor). Already from empirical evidence it has been

shown that Hispanics are more "present oriented" than their counterparts Anglo

Americans (i.e. they are less likely to plan and prepare for their future), are high brand

status oriented, and will spend more money on high quality consumer products falling

prey to the minority rich vacuum (i.e. individuals who live paycheck to paycheck

acquiring products that loose value from the moment upon purchase such as clothes, cars,

music, and electronics). This is detrimental because Hispanics are much more likely to

be unemployed, live in poverty, and have a lower annual median income than non-

Hispanic Whites (United States Bureau of the Census 2002a).

Yet despite these facts, Hispanic research has been conducted involving Mexican

Americans and not other members of the Hispanic group especially since there is an

abundance of variability between them. For example, in examining the differences

between Cuban Americans and Mexican Americans, it has been shown throughout

research that Cuban Americans are better off economically than Mexican Americans due

to immigration, demographic, and socioeconomic reasons.

Cuban American immigration patterns in the U.S. were far more favorable than

Mexican Americans because they were not conquered immigrants, they were not

discriminated against like Mexican Americans were (e.g. fair skin vs. dark skin), they had

wealthy businessmen and entrepreneurs flee the communist Cuban country to pursue

capitalism (unlike Mexican Americans who were forced into cheap labor), they had U.S.

government support for political reasons (i.e. to embarrass Fidel Castro), and they formed

"economic enclaves" which allowed them to utilize Spanish as a first language in Miami,









Florida. This was sufficient enough to communicate, provide jobs, and build businesses

for their subsequent second and third wave of immigrants family members (Taylor 1972,

Tienda and Neidert 1984, Moore and Pachon 1985, Piloto and Roberto 1985, and Angel

and Worobey 1991).

Demographically, Cuban Americans (compared to Mexican Americans) have the

lowest percentage of individuals who are under the age of 18 (i.e. the younger you are the

greater the chance of becoming unemployed which leads to poverty), and have a greater

likelihood of having a family household consisting of 2 people. Also, Cuban Americans

are considered more likely to have at least graduated high school (74%) and obtained a

bachelors degree (18.6%) than are Mexicans Americans graduating high school (50.6%)

and obtaining a bachelors degree (7.6%)(U. S. Bureau of the Census 2002a, U.S. Bureau

of the Census 2002b, and U.S. Bureau of the Census 2002c). Likewise, Cuban American

women are better educated (i.e. have higher aspirations for upward mobility), have

greater access to birth control, are less likely to stay at home, and are more prominent in

the work force than Mexican American women (Goldscheider and Uhlenberg 1969, Bean

et al. 1977, Moore and Pachon 1985, and Bean and Tienda 1985).

Economically, Cuban Americans are more likely to work in managerial or

professional occupations than Mexican Americans, and have a higher percentage of

workers earning $50,000 a year or more. Likewise their medium income was $35, 831 in

2001 compared to $33,533 for Mexican Americans (U.S. Bureau of the Census 2002c).

Therefore, with all these aforementioned facts, even though there is no research on Cuban

Americans and retention/savings, it can be reasonably hypothesized that in comparison

Cuban Americans will score higher than Mexican Americans on the retention dimension









from the Money Attitude Scale since education and money is correlated to the Money

Attitude Scale:

Hypothesis (1). Cuban American's will score higher on the retention dimension

than Mexican American's on the Money Attitude Scale.

In regards to humor, there has been major consensus from past literature that

different audience involvement variables impact the efficacy of humor such as sex, race,

origin, personality, and social attitudes of the audience. For example, humorous ads have

been found to better suit a target audience composed of better-educated younger males

(Madden and Weinberger 1984), men vs. women (Madden and Weinberger 1982),

"Whites vs. Blacks" (Shama and Coughlin 1979), and Western Israeli Jews vs. Eastern

Israeli Jews (Weller et al. 1976). Yet, unfortunately there has been no research dealing

with humor preferences between the intra subculture Hispanic groups.

Nevertheless, humor has been intertwined with the individual cognitive processing

efforts involving the demand to analyze a message argument thoroughly or not. Since

advertising humor was found more effective in influencing audience members who are

less motivated to analyze an argument presented in an ad (because they prefer peripheral,

likable cues) and non-humorous ads are more effective for those who are intrinsically

interested in processing an advertisement thoroughly (Cacioppo et al. 1983, Batra and

Stayman 1990, Zhang 1996a, Mantel and Kardes 1999, and Baker and Lutz 2000), it is

reasonably to assume that Cuban Americans will prefer a non-humorous advertising

appeal and Mexican Americans will prefer a humorous advertising appeal because of

their predisposition money attitudes.









Hypothesis (2). Cuban American's (compared to Mexican Americans) will show

more favorable thoughts towards the message argument for the non-humorous appeal

over the humorous appeal.

Humor throughout the literature has been known to affect both ad attitude and

brand attitude. For example, consumers may like an ad so much that they transfer their

positive feelings from the ad to the brand (Derbaix 1995). This "affect-laden ad attitude"

has been known to transfer affect from the ad to the brand and even to the purchase

intentions of the product via the dual-mediation hypothesis (MacKenzie et al. 1986).

This hypothesis claims that consumers can have favorable attitudes towards an ad

because they find it believable and/or feel good about it. So, this favorable attitude

towards the ad can affect brand attitudes either through believability or liking, which

results in a possibility of affecting consumers' intentions to purchase the brand.

Therefore, when someone reads an ad, they can have responses that are cognitive

(believable) and/or affective (positive feelings about the ad) which next may cause that

person to like the ad that influences more acceptance of the brand belief, attitude, or

positive feeling towards the brand (e.g. I like the ad so I like the brand) which eventually

may leads to an intention to purchase the product.

Empirical evidence has already shown humor to enhance liking for the ad (Belch

and Belch 1984, and Yih and Mason 1999), brand (Gelb and Pickett 1983, Yih and

Mason 1999), and has been seen to transfer liking from the ad to the brand while putting

people in positive moods (Batra and Stayman 1990). As a result, it is reasonable to

assume that Cuban Americans will produce more favorable ad, brand, and purchase

intention for the non-humorous ads, while Mexican Americans will prefer more favorable









ad, brand, and purchase intention evaluations for humorous ads because of their

predisposition money attitudes:

Hypothesis (3). Cuban American's (compared to Mexican Americans) will show

more positive attitude towards the ad for the non-humorous ad appeal over the humorous

ad appeal.

Hypothesis (4). Cuban American's (compared to Mexican Americans) will show

more positive brand attitudes towards the ad for the non-humorous ad appeal over the

humorous ad appeal.

Hypothesis (5). Cuban American's (compared to Mexican Americans) will be

more likely to purchase the financial product for the non-humorous ad appeal compared

to the humorous ad appeal.














CHAPTER 3
METHODOLOGY

Design of the Experiment

The goal of this study was to first compare different Hispanic subculture attitudes

in terms of retention on the Money Attitude Scale and then to see which type of

advertising appeal is most effective and congruent with their levels of retention. In order

to test the above hypotheses, an experiment was conducted with approximately 210

undergraduate students comprised of 62 Hispanic students, 82 Caucasian students, 17

African American students, 11 Asian American students, and 23 "other" students (i.e.

mixed races). Respectively, 28 Cuban Americans, 34 Mexican Americans, and 82

Caucasian students (as the control) each saw both the humorous and non-humorous ad.

The experiment was a two-by-two design: high/low levels of retention vs. humor/non

humorous ads. Independent variables in the study included ethnicity, retention, and

humor. Dependent variables in the study included attitudes towards the message

argument, ad, brand, and purchase intention.

Manipulation

Ethnicity was manipulated by having a sample of 62 undergraduate business

students between the ages of 18-24 at one large southeastern university located in Florida

to represent Cuban Americans, and one large southwestern university located in Texas to

represent Mexican Americans due to their high population influx within those states

(Radice 1997, Tharp 2001, and Kyriakos 1999). To increase motivation, subjects were

provided with free food and drinks for their participation. The subjects were told that









they were participating in an advertising-related study that would be used for academic

purposes only. More specifically, they were told that the ads they were going to see were

going to be blueprints for possible ads in upcoming magazines, for which consumer input

was needed.

Each subject received a booklet containing two stimulus ads, the dependent

measures, the self-administered questionnaire containing the retention dimension from

Yamauchi and Templer's MAS scale (1982) and some basic demographic questions. The

respondents answered the attitudinal statements with regards to the ads, the retention

dimension questionnaire, and then some basic demographic questions. There was no

time limit given and the students completed the questionnaire at their own pace. Finally

the students were debriefed after completion of the study.

Humor was manipulated within the stimulus development by being present in one

ad (i.e. the picture component) and being absent in another. Two color print ads were

produced, each consisting of a headline, picture component, and the verbal message,

which was relevant and used to support the ad theme. Since the nature of incongruency

of any ad information is determined by its relationship with the ad theme, the picture

component from both ads were manipulated (i.e. one used a humorous picture component

that was relevant to the ad theme and the other used a non-humorous picture component

that was relevant to the ad themes (see Appendix B and C) while the headline and verbal

component stayed the same across treatments (Heckler and Childers 1992, Yih and

Mason 1999).

The ad theme conveyed was a long-term investment theme which used a savings

account as the investment product, which was operationalized as "white good products,"









products that are high involvement products where information is needed in addition of

humor to sell. The headline stated, "Are you tired of your kids arranging your retirement

plans for you," while the verbal message stated, "Put just $100.00 in Aramis Investments

savings account and watch it grow tax-free to $10,000 in 10 years. With A.I. enhanced

financial expertise, we offer deep financial service knowledge which means keener

insight, lower risks, and faster R.O.I."

Pre-Test

Humorous ads were presented to a panel of judges for them to judge the humor

contents in the ads, which was subjected to a pre-test prior to the actual experiment to

ensure that humor manipulation was effective. Both the picture components in each ad

were designed and pre-tested to see the relationships with the ad themes. Thirty subjects

were asked basic demographic questions and rated their agreement (after exposure to the

two ads) on the following six-point scale: The degree to which think the picture in the

advertisement is humorous (1=not humorous, 6=humorous; to test the level of humor).

After the pre-test, the ads were used in the final study for future analysis (see Appendix B

and C).

Independent Variables

In determining the measurement for ethnicity, ethnic self reporting had been

implemented which is a way of classifying members of ethnic subgroups because it

represents the internal belief of the individual and their perceived cultural reality (Cohen

1978, Hirschman 1981, and Medina et al. 1996) further eliminating any misclassification

bias when using the subjects surname or country of birth (Valencia 1983).

Next, in order to properly compare money attitudes between these sub cultures, chi-

square tests were performed to make sure there were no significant differences between









the two groups (Cuban Americans and Mexican Americans) in terms of socioeconomic

status (gender, income, and age). Therefore, differences in socioeconomic status (SES)

cannot be argued for observed differences because the two groups' education level as

well as socioeconomic standings are considered directly comparable.

In terms of acculturation, the use of language has been found to be a strong

indicator of acculturation for the Hispanic groups (Olmeda and Padilla 1978, Arce 1994,

Valencia 1983, Deshpande et al. 1986, Lee and Um 1992, Webster 1992). As a result,

the acculturation effect was measured based on the type of language used; the type of

language used was assessed on a four-point semantic differential scale (1=only use the

native language, 4=only use English) for at home, school, and among friends. A

respondent with an acculturation score greater than the median was considered "high,"

where a respondent with an acculturation score lesser than or equal to the median was

categorized as "low" (Kim and Kang 2001).

In determining the measurements for retention, the money attitude scale (29-item

scale) developed by Yamauchi and Templer (1982) was used in this study because its

Retention/Time dimension (Appendix A) has been shown to provide consistent reliability

among Hispanic groups (Medina et al. 1996, and Roberts and Sepulveda 1999).

Furthermore, the scores on the Money Attitude Scale were reversed and summed so that

the higher scores on the subscales indicated a greater presence of the measured construct.

Dependent Variables

In determining the dependent measures for the experiment, subjects were asked to

indicate their extent of agreement with attitudinal statements using four point scales

collecting ad and brand attitudes (Zhang 1996b). For example, to evaluate attitude

toward the ad, a four-item semantic differential scale (unpleasant-pleasant, unlikable-









likable, not irritating-irritating, and not interested-interested, with the third item reverse-

scaled) was used. To evaluate the attitude towards the brand, a similar four-item

semantic differential scale (bad-good, not nice-nice, unlikable-likable) was used.

To evaluate purchase intention, a four-item scale (unlikely-likely, improbable-

probable, impossible-possible) was used. Next, to evaluate message argument strength,

a four item semantic differential scale was used consisting of 4 pairs of bipolar adjectives

(weak-strong, unpersuasive-persuasive, not convincing-convincing, and bad argument-

good argument).














CHAPTER 4
RESULTS

Pretest Analysis

In examining the humorous advertisements, an analysis of variance (one way) was

used for the pre-test, where source type was used as the categorical independent variable

(humorous monkey ad and non-humorous old man ad) and attitude towards humor was

used for the continuous dependent variable. The results indicated significance for humor

(F (1,29)=39.6,p<0.01), which demonstrated that the ads were sufficient for the

experiment. For example, on a scale from one to five (five=most humorous and

one=least not humorous), the average number of the subjects that were given the

humorous monkey ad found the ad to be humorous (M_3.64), while in contrast the

average number of subjects given the non-humorous old man ad found the ad to be non

humorous (M_1.31).

Preliminary Data Analysis

After conducting the pretest, a subject pool was recruited from several lecture

classes in business administration at 2 large universities located in Florida and Texas to

represent both Cuban Americans and Mexican Americans; the lecture classes were

different from those used in the pretest. Subjects were randomly assigned to one of the

two advertising packets according to the version of questionnaire instruments they

received during experiment implementation. They were exposed to a single non-

humorous message stimulus (i.e. old man ad) and a single humorous message stimulus

(i.e. monkey ad) that measured attitudes towards the advertisement, brand, and purchase









intention. All questionnaires were completed independently and took approximately 15

minutes to finish.

A total of 210 college students participated in the study consisting of 28 Cuban

Americans, 34 Mexican Americans, 82 Caucasians (as the control), with the rest (64

subjects) as a mixture of Asians, mixed Latinos, and African Americans. An analysis on

the demographic profile of subjects indicated that 52% (n=l 10) reported their academic

classification as seniors. The average age of the sample was 22 years, the average

intended date of graduation was spring of 2004 or later (41%, n=86), the majority of the

subjects were single (93%; n=196) and the majority of the subjects (62%) were female

(n=79).

Out of all the Latinos reported, 51% (n=108) lived in the U.S. their whole life, used

English at home (38%, n=79), used English at school (52%, n= 10), used English among

friends (49%, n=103), spent less than one hour on Spanish speaking media (27%, n=56),

and more than two hours on English speaking media (59%, n=123). Thirty-nine percent

of the sample reported their race as Caucasian/White (n=82), 13% (n=28) as Cuban

American, 16% (n=34) as Mexican American, 8% (n=17) as African American, 5%

(n=l 1) as Asian American, 11% (n=23) as Latino, and 6% (n=12) as Latino other.

Coefficient alpha reliability tests run for each dimension satisfied Nunally's (1978)

criterion of .70 or higher as a standard for basic research (attitude towards the ad

alpha=0.77, attitude towards the brand alpha=0.84, attitude towards purchase intention

alpha=0.86, humor alpha=0.94, argument strength alpha=0.90). Furthermore, the

reliability results for the seven retention questions measured by Yamauchi and Templer

(1982) instrument were all found reliable as well (alpha=0.83).









Descriptively, on a scale from one (minimum) to four (maximum), the average

number of subjects had strong attitudes towards the ad (M_2.70; n=210), brand (M_2.87;

n=210), and message argument (M 2.59; n=209). Also, on a scale from one (minimum)

to five (maximum), the average number of subjects had stronger beliefs in purchasing the

brand (M_2.45; n=208). Moreover, the average out of the seven questions that made up

the retention scale fell above the mid point meaning that subjects were less interested in

retention (M_2.89).

Experimental Results

The first hypothesis sought out to find if Cuban Americans scored higher on the

retention dimension than Mexican Americans. An analysis of variance (one way) with

race as the categorical independent variable and attitude towards retention as the

dependent continuous variable suggested that on a scale from one (highest retention) to

five (lowest retention), Cuban Americans (n=28) had a stronger inclination towards high

retention (M_2.67) while Mexican Americans (n=33) had an inclination to astray from

retention as hypothesized (M_3.13); however, this difference was not significant at the

0.05 level (F (1,60)=3.34, p>0.05).

A second analysis of variance (two-way) was performed using language as an

indicator of acculturation, as well as race for the independent variables. This analysis

was performed to explore the possibility that race and acculturation (categorical

independent variable) both had an effect on retention (continuous dependent variable).

The interaction effect indicated significance at the 0.1 level (F (1,60)=3.88, p<0.10) {see

Chart 1}. This result indicates that English dominant (high acculturated) Cuban

Americans had stronger attitudes towards retention than English dominant (high










acculturated) Mexican Americans; Spanish dominant Cuban and Mexican Americans

showed relatively no difference:


3 60


Cuban American Mexican American
-1--Spanish Dominant --English Dominant


Figure 1. The effect of race and acculturation on retention.

The second hypothesis sought out to find whether or not Cuban Americans

compared to Mexican Americans will show more favorable thoughts towards the

message argument for the non-humorous advertising appeal over the humorous

advertising appeal. An analysis of variance (one-way) with race as the independent

categorical variable and attitudes towards message argument as the dependent continuous

variable suggested that on a scale from one (lowest argument quality) to four (highest

argument quality) for the serious advertising appeal, Cuban Americans (n=15) had a









stronger inclination towards the message argument (M_2.80) while Mexican Americans

(n=13) had strayed away from message argument as hypothesized (M_2.56). In the case

of the humorous appeal, Mexican Americans (n=17) had a stronger inclination towards

the message argument (M_2.91) while Cuban Americans (n=13) had strayed away from

message argument as hypothesized (M_2.19); the results were statistically significant

showing a main effect between race and attitudes towards message argument (F

(1,61)=3.53, p<.05).

The third hypothesis sought out to find whether or not Cuban Americans compared

to Mexican Americans will show more positive attitudes towards the ad for the non-

humorous advertising appeal over the humorous advertising appeal. An analysis of

variance (one-way) with race as the independent categorical variable and attitudes

towards the ad as the dependent continuous variable suggested that on a scale from one

(low attitudes towards ad) to four (high attitudes towards ad), Cuban Americans (n=15)

had stronger attitudes towards the non humorous advertising appeal (M 2.78) than

Mexican Americans (n=17) who displayed lower attitudes towards the non humorous

advertising appeal (M_2.54). In regards to the humorous advertising appeal, Mexican

Americans (n=17) had (n=17) stronger attitudes towards the humorous appeal (M_3.14)

while Cuban Americans (n=13) had weaker attitudes towards the humorous appeal

(M 2.61)just as hypothesized; the results were statistically significant showing a main

effect between race and attitudes towards the ad (F (1,61)=2.76, p<.05).

The fourth hypothesis sought out to find whether or not Cuban Americans would

show more positive attitudes towards the brand for the non-humorous ad appeal over the

humorous ad appeal. An analysis of variance (one-way) with race as the independent









categorical variable and attitudes towards the brand as the dependent continuous variable

suggested that on a scale from one (low attitudes towards brand) to four (higher attitudes

towards the brand), Cuban Americans (n=15) had stronger attitudes towards the brand

(M_3.02) for the non-humorous advertising appeal than Mexican Americans (n=17) who

had lower attitudes towards the brand (M 2.67). For the humorous appeal, Mexican

Americans (n=17) were found to have more positive attitudes towards the humorous

advertising appeal brand (M_3.16) while Cuban Americans (n=13) were found to have

weaker attitudes towards the humorous advertising appeal brand (M_2.71) exactly as

hypothesized; the results were statistically significant showing a main effect between race

and attitudes towards the brand (F (1,61)=2.42, p<.05).

Finally, the fifth hypothesis sought out to find whether or not Cuban Americans

would be more likely to purchase the brand for the non-humorous ad appeal over the

humorous ad appeal. An analysis of variance (one-way) with race as the independent

categorical variable and attitudes towards purchase intention as the dependent continuous

variable suggested that on a scale from one (less likely to purchase brand) to four (highly

likely to purchase the brand), Cuban Americans (n=14) scored marginally lower to

purchase the brand for the non humorous advertising appeal (M_2.48) compared to

Mexican Americans (n=17) who scored slightly higher (M 2.57). In regards to the

humorous advertising appeal, Mexican Americans were more likely to purchase the brand

for the humorous advertising appeal (M_3.12) compared to Cuban Americans (n=13)

who were less likely to purchase the brand (M 2.25); nevertheless, there was no

significance (F (1,61)=2.22, p<0.05) and the hypothesis was not supported.









Findings

Even though this study has limitations that influence the ability to generalize the

results, the purpose and significance of this study was to examine internal validity as

opposed to external validity in an exploratory manner. The results here indicated that

Cuban Americans did score higher on the retention dimension from the money attitude

scale than Mexican Americans, but only after a second analysis of variance test

combining acculturation and race, and with a probability level of 0.1 (10% chance of

making a wrong decision about rejecting the null hypothesis) as opposed to 0.05 (5%

chance of making a wrong decision about rejecting the null hypothesis) indicating a

greater room for error.

Moreover, Cuban American and Mexican American who used Spanish as a

dominant language, were almost identical in terms of retention (i.e. saving and planning

for the future) where the English dominance between Cuban Americans and Mexican

Americans showed the differences between the groups. Therefore the English dominant

Cuban Americans saved and planned for their future more than the English dominant

Mexican Americans, confirming the theory that their favorable immigration,

demographic, and socioeconomic patterns resulted in higher attitudes towards retention.

Yet, even though these results showed an interaction effect between race and

acculturation on attitude towards retention, the significance of these results were rather

feeble since it allowed for greater room for error and consisted of a small student based

sample.

Cuban Americans were also found to display stronger attitudes towards the non-

humorous ad and brand confirming the theory that they engaged in more cognitive ability

to analyze the financial ad, while Mexican Americans displayed less cognitive abilities to






61


analyze the financial ad and brand, which resulted in stronger attitudinal preferences for

the humorous appeal. Unfortunately, purchase intentions was not significant illustrating

that even though Cuban Americans on average were less likely to purchase the financial

product than Mexican Americans, the means were not real (i.e. statistically significant).














CHAPTER 5
DISCUSSION AND CONCLUSIONS

Discussion

With the growing population and purchasing power of the Hispanic population (i.e.

Cuban Americans and Mexican Americans), it was the purpose of this paper to discover

if their attitudes towards savings money and planning for their future (retention) were

different due to their variances within their subculture. For example, it has been shown

from past research that Mexican Americans are more present oriented and less willing to

save and prepare for the future (Medina et al. 1996, Hall 1983, Holtzman et al. 1975, and

Marin 1987).

Taking precedence of the present oriented rationale over planning for the future is

unfortunate because Roberts and Sepulveda (1999) found that compulsive buying and

retention (saving/planning) was negatively related: "careful financial planning is clearly

at odds with compulsive buying." Compulsive buying has been described as "Chronic,

repetitive purchasing that becomes a primary response to negative events or feelings"

(O'Guinn and Faber 1989, pg. 155).

This paper further expanded on the money attitude literature by showing (with

extreme caution) that English dominant Cuban Americans scored higher on the retention

level than English dominant Mexican Americans. Thus, they have a tendency to favor

planning and preparing for the future more than Mexican Americans. Moreover, from an

advertising realm, the second part of this paper sought out to see if humor played a role in

terms of congruency with the Cuban American and Mexican American levels of









retentions. For example, the results indicated that Mexican Americans would prefer a

financial ad and brand that is humorous while Cuban American would prefer a financial

ad and brand that is serious. Yet, since this study was conducted in an exploratory nature

to break ground within the Hispanic intracultural groups, the data was found to be just

adequate; the results were not found as expected since other variables that confound the

results need to be controlled.

However, the exploratory study conducted still supported the theory illustrating

marketers of financial products (i.e. savings accounts) should target these niche markets

with the appropriate usage of humor. For example, practitioners should implement

advertisements targeted towards Cuban Americans (involving long-term investment

products) without the use of humor while Mexican Americans should be targeted

(involving long-term investment products) with a more humorous approach to entice

favorable attitudes towards the ads and brands. It is imperative to niche these sub culture

differences since "Hispanics are getting richer", in that their after tax income increased

about 90 percent over ten years ago to about $325 billion in 1999 (Anderson 2000). In

addition, Hispanics are growing 4 times faster than the "White" population, are younger

(26 years old vs. 34 years old) and have more time to accumulate assets (Anderson 2000).

Implications

Humor as a role in advertising has been used in the trade for centuries and has

many proponents and antagonists advocating or chiding its efficacy. For example, Dr.

Pepper has been recorded in spending $75 million on advertising in 1999 as it rolled out

with 10 TV spots using humor to sell it's diet brands that were created by Young and

Rubicam to market towards Hispanics (McMains and Howard 1998).









With the knowledge of not all Hispanics being equal and being their own niche in

terms of saving money and preparing for their future, it is imperative to find out how to

get these consumers to start thinking in future terms as opposed to being present oriented

(i.e. begin planning and investing for their future as opposed to present consumption of

depreciating consumer products.) For example, why are Hispanic Americans spending

more money on high quality consumer products, and attaching a high level of importance

to high-status brand names (i.e. liabilities) compared to their counterpart Anglo

Americans (Median et al. 1996) while they make less money in income, have bigger

family sizes, and are more likely to live in poverty? The annual income for Hispanic

families was only $33,447 in 2000 compared to the U.S. median family income of

$42,148 (U.S. Bureau of the Census 2002c).

This research confirmed that Hispanics are not all the same, and English dominant

Cuban Americans (high acculturated) do save money as well as plan and prepare for their

future more than English dominant Mexican Americans (high acculturated). In addition

it was found that Cuban Americans (both high and low acculturated) preferred a serious

financial advertising appeal while Mexican Americans (both high and low acculturated)

preferred a humorous financial advertising appeal. Therefore, if marketers can use humor

to effectively attract Mexican Americans and non-humor to attract Cuban Americans,

they can aid both themselves (financially) in targeting this underserved market, and both

Cuban Americans and Mexican Americans by indirectly awakening their financial genius

by investing and planning for their future.

Thus, by helping Hispanics break out of the minority rich vacuum, Cuban

Americans and Mexican Americans can possibly focus on allocating their income to









invest in their future; instead of allocating their discretionary and/or disposable income

on liabilities (i.e. products that depreciate from the moment of purchase-cars, furniture,

and clothes) they can possibly focus on purchasing assets (i.e. products that make money

on their money- stocks, certificate of deposits, bonds, and real estate) to plan financially

for their future (Kiyosaki and Sharon 2000).

Limitations

The research goal undertaken here was designed to first see if the two Latino

subculture groups (Cuban Americans and Mexican Americans) have similar attitudes

towards retention, and next to see if a humor appeal plays a more vital role than a non

humorous ad appeal in terms of attitudes and behaviors of the ad, brand, and purchase

intention. It is important to note that since this study was very exploratory, to break

ground within the different subcultures of the Hispanic population, the results in this

experiment were rather weak, allowing for a greater buffer of error; the results must be

taken with extreme caution. First, this research used only one service category, long-term

savings account, and the findings should only be inferred to long-term savings account as

opposed to other financial products/services that are geared towards investing money.

Next, it is important to note that this study employed print ads as the medium as

opposed to other mediums such as television and radio. Therefore, researchers using this

study should take precaution generalizing the findings to other placement mediums.

Dealing with the sample, since the majority of the sample were college students, it would

be rash to generalize the findings to an older population and/or another college sample

especially when the intent of this research was not to test for external validity but

internal; also, gathering data and finding the target demographics was quite an onerous

task since there seems to be a lack of Hispanics at the student sample level in colleges.









Also, even though the scales used in the questionnaire were all reliable, variables that

were not controlled in this experiment were work, class, and predisposition of financial

status and education of Hispanics. Finally in terms of the data analysis, the results

indicated differences in retention (i.e. saving and planning for the future) between Cuban

Americans and Mexican Americans but only at a 0.1 probability level leaving greater

room for error; the data must be taken with extreme precaution.

Suggestions for Future Research

It would be premature to say that this study would need no additional augmentation

and therefore guidelines for future research are as follows. First, future researchers

should implement this study with actual advertisements from magazines as opposed to

manifested ads along with different subcultures of the Hispanic group (e.g. Puerto

Ricans, Central Americans and South Americans) or among different cultures altogether

(e.g. African American and Asian American) to test for different levels of money

attitudes and humor preferences.

Next, future research should replicate this study across different mediums (i.e.

radio, television, and the Internet) to see if similar results do occur. In addition, different

forms of financial products should be used since Cuban Americans were less likely to

purchase the savings account product as hypothesized, which may be due to an

insufficient conviction of purchasing the product even though favorable attitudes towards

the ad and brand were present.

Moreover, since the sample (student base) limits generalizability of the study,

future researchers should use this study with an older adult population to see if the

hypotheses hold. Next, different ad appeals should be implemented such as humor vs.

fear, to see if there are other differences and/or anomalies among the subjects. Also, this









study should be implemented with Spanish advertisements and across countries (e.g. U.S.

and Mexico or Cuba) since the acculturation variable was found to affect attitudes

towards retention (i.e. planning and preparing for the future).

This exploratory research set the stage (as a pre-pilot) for a full-blown experiment

that has much opportunity to grow within the Hispanic population, a look into different

geographic areas across the nation with a stronger sample of Hispanics should be used.

Finally, a scale that measures age and adequacy towards retention (e.g. measuring

saving and planning for the future in terms of one to two years, as opposed to "planning

for retirement") should be implemented if another student sample is used; for example, an

19 year old student may not be planning and thinking for retirement at such an early age.














APPENDIX A
RETENTION DIMENSION SCALE


Money Attitude (Retention/Time) Scale

1. I put money aside on a regular basis?

2. I do financial planning for the future?

3. I save now to prepare for my old age?

4. I have money available in the event of an economic depression?

5. I follow a careful financial budget?

6. I am prudent with the money I spent?

7. I keep track of my money?















APPENDIX B
NON-HUMOROUS APPEAL














APPENDIX C
HUMOROUS APPEAL


Are you tired of your kids arranging
your retirement plans for you?














APPENDIX D
QUESTIONNAIRE

Directions

The following questionnaire asks you to indicate your opinion to a number of
descriptive adjectives about the advertisements presented on the previous page. The
scales included in the questionnaire are meant to gauge your reactions to the tag line
message. There are no right or wrong answers.

Read each set of adjectives carefully, and decide where your opinions would be most
accurately reflected on the continuum. Then check the space on the scale that most
closely reflects your opinion. You may refuse to answer any question.































Proceed to Next Page











1) Please list all thoughts occurred to you while viewing the advertisement.
Please do not refer back to the test booklet.







2) Please rate (check) how the ad makes you feel with regards to the following
questions on a scale of 1 to 4. There are no right or wrong answers.

The advertisement was...


Unpleasant


Unlikable


Irritated


1


Pleasant


Likable


Not Irritating


2


4


Not interesting


Interesting


1 2






73


3) Please rate (check) how the brand makes you feel with regards to the
following questions on a scale of 1 to 4. There are no right or wrong answers.

The brand was...


Bad


Good


Not nice


1


Unlikable


Nice


2


4


Likable


4) If you were in the market to purchase stocks, how likely is it that you would
purchase it from the company depicted in the ad, on a scale of Ito 3, where
1=I would be unlikely to buy from this company and 3=1 would be likely to
buy form this company. There are no right or wrong answers. (Check)


Unlikely to buy


Likely to buy


Improbable to buy


Probable to buy


Impossible to buy


Possible to buy


1 2






74



5) Please rate (check) how the advertisement makes you feel with regards to the
following questions on a scale of 1 to 5. There are no right or wrong answers.

The advertisement was...

Not Humorous Humorous


1 2 3 4 5


Not Funny Funny


1 2 3 4 5



Not Playful Playful


1 2 3 4 5


Not Amusing Amusing


1 2 3 4 5

Dull Not Dull


1 2 3 4 5









6) Please rate (check) how the advertisement message argument makes you feel
with regards to the following questions on a scale of 1 to 4. There are no right
or wrong answers.


Weak


Strong


Unpersuasive


Persuasive


Not Convincing


Convincing


Bad Argument


Good Argument


7) Read each of the following statements. Then, place a check on each scale to
indicate the extent to which you agree or disagree, if at all, with that
statement. There are no right or wrong answers.

1. I put money aside on a regular basis?


Neither Agree

Nor Disagree


Slightly


Strongly


Disagree Disagree


1 2


Strongly


Agree


Slightly

Agree


4 5









2. I do financial planning for the future?

Strongly Slightly Neither Agree Slightly Strongly

Agree Agree Nor Disagree Disagree Disagree



1 2 3 4 5

3. I save now to prepare for my old age?

Strongly Slightly Neither Agree Slightly Strongly

Agree Agree Nor Disagree Disagree Disagree



1 2 3 4 5

4. I have money available in the event of an economic depression?

Strongly Slightly Neither Agree Slightly Strongly

Agree Agree Nor Disagree Disagree Disagree



1 2 3 4 5

5. I follow a careful financial budget?

Strongly Slightly Neither Agree Slightly Strongly

Agree Agree Nor Disagree Disagree Disagree



1 2 3 4 5









6. I am prudent with the money I spent?

Strongly Slightly Neither Agree

Agree Agree Nor Disagree



1 2 3

7. I keep track of my money?

Strongly Slightly Neither Agree

Agree Agree Nor Disagree


1 2 3 4

The following questions will be used for statistical purposes only.
be held in the strictest confidence. (Check)

What is your academic classification?

01. Freshman
02. Sophmore
03. Junior
04. Senior
05. Graduate student

What is your intended date of graduation?

01. Fall 2003
02. Spring 2004
03. Summer 2004
04. Fall 2004
05. Spring 2004 or later

In what year were you born?

What is your gender?

01. Male
02. Female


5

Your answers will


Slightly

Disagree


Slightly

Disagree


Strongly

Disagree



5



Strongly

Disagree









What is your marital status?

01. Single (not divorced or separated)
02. Married
03. Divorced or legally separated
04. Widowed

What is your race? (Check one)

01. Caucasian/White
02. African American/Black
03. Hispanic Latino Cuban American
04. Hispanic Latino Mexican American
05. Hispanic Latino Other (Specify_
06. Asian/Asian American/Pacific Islander
07. Other (please specify)

Please answer the following questions if you checked options 03, 04, and/or 05 from
the previous question. If you did not, then please turn in your questionnaire.

How long have you lived in the United States? (Check one)

01 Your whole life
02 15-20 years
03 14-10 years
04 9-5 years
05 4 years and under

What type of language do you use at home?

Only Use Spanish Only use English


1 2 3 4

What type of language do you use at school?

Only Use Spanish Only use English


1 2









What type of language do you use among friends?


Only Use Spanish


Only use English


How much time do you spend on Spanish speaking media (T.V., radio, magazines)?

01 Less than 1 hour
02 1-2 hours
03 More than 2 hours
04 None at all

How much time do you spend on English speaking media (T.V., radio, magazines)?

01 Less than 1 hour
02 1-2 hours
03 More than 2 hours
04 None at all



Thank you for participating. If you have any problems or questions, please email
Dr.Villegas at jvillegas@jou.ufl.edu.















APPENDIX E
INSTITUTIONAL REVIEW BOARD CONSENT FORM











APPROVED BY
I I .-*' .!, ,a f Florida
Student Inlormend Consent Disclosure Agreement Fr.-'', 1 c ,I R.i,, w Board (IRB 02)
Prctncol Zol-u g27
Purpose of Study: For Use Thu-u ', Z-72"-E

The purpose of this questionnaire is to get %o.me consumer input on advertisement campaigns Ihat
will be used in upcoming magazines this year.

What you will be asked to do In the study:

If you choose to participate in the study, you will be asked to review two print ads and provide
your reactions to them. All responses will be recorded on the questionnaire provided and should
take approximately 15 minutes to complete.

Benefits/Risks:

There are no direct health benefits to the subjects for participating in the study. In addition. there
are no personal discomfort, stress, or personal risks associated with participating in this study.

Compensation:

Everyone will be entitled to receive free food and drinks for participating in this study.

Confidentiality:

\ our responses will be confidential to the extent provided by law. In addition, the results of your
participation will be anonymous and the researcher will have no way of associating your
responses directly with you.

Your participation is entirely voluntary and you may withdraw your consent at any time during
the survey without penalty. In the event that you do withdraw consent, the results of your
participation, to the extent that they can be identified as yours, will be returned to you, removed
from the research records, or destroyed.

Whom to contact if you have questions about the study:

If you would like to learn more about the study, you may contact Dr. Jorge Villegas. Department
of Advertising (2093 Weimer Hall) by telephone at (352) 392-5059 or by email at
i. illegas:'iou ufl.edu. Also you can contact Aarambh Shah, principal investigator, at (305) 710-
7180 or by e-mail at aanuOI000. ilahoo corn

Whom to contact about your rights as a research participant in the study:

UFIRB Office, Box 112250). University of Flonda, Ganmsville, FL 32611-2250; (352)-392-0433.

Agreement:

I have read, received a copy, and voluntarily agree to participate in the procedures above.

Participant: Date:

Principal Invetigalor Date:















LIST OF REFERENCES


Alaniz, P.L., & Gilly, M.C. (1986). The Hispanic family-consumer research issues.
Psychology and Marketing, 3, 291-304.

Alden, D.L., Hoyer, W.D., & Lee, C. (1933). Identifying global and culture-specific
dimensions of humor in advertising: A multinational analysis. Journal of
Marketing, April (Vol. 56), pg 64.

Anderson, J. (2000). 401 que?. Institutional Investor, 34, 87-92.

Angel, R.J., & Worobey, J.L. (1991). Intra-group differences in the health of Hispanic
children. Social Science Quarterly, 72, 361-378.

Arce, C. (1994). Info Source's Hispanic assimilation segmentation. Paper presented at
The New Americas Advertising Forum, University of Texas at Austin (April).

Bach, L.R. (1980). The new Cuban emigrants: Their background and prospects. Monthly
Labor Review, 103 (10), 39-46.

Bailey, W., & Gustafson, W. (1986). Gender and gender-role orientation differences in
attitudes and behaviors toward money. In K. Kitt (Ed.), Proceedings of the
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