Abstract
Despite the evidence that payment mode can influence spending behaviour, researchers have yet to explain why this happens. Evidently, all payment modes serve as a store of value and most economic transactions involve a transfer of ownership. This study examines how the cognitive and emotional elements that people associate with 'owned money' differ from those of not "owned money.” The aim is to examine the underlying reasons for money ownership using qualitative data. We found evidence that the sensory perceptions arising through handling of notes and coins influence our cognitions and emotions, and hence judgments and behaviours. The result suggests that the knowledge of owned vs. borrowed money effects how we account for our daily expenses and savings in mental accounts.