The present study contributes to the existing literature by examining the psychometric properties of Material Value Scale (MVS-c) for late adolescents and young adults. In addition to this, the study tries to explore differences for three constructs of MVS-c across gender and pocket money. Confirmatory factor analysis (CFA) was carried out on the responses of 714 late adolescents/young adults enrolled in classes ranging from matriculation (X) to postgraduation in schools and colleges of Punjab (India). The results provide support for the three original constructs—material success, material happiness and material centrality—but with 16 items instead of a priori 18 items. Moreover, Multivariate Analysis of Variance (MANOVA) results reflect significant differences amongst the constructs of MVS-c across gender and pocket money of late adolescents/young adults. The findings of the study also point to directions for future researchers.
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