Hi - Kevin: Interesting question
IMHO: “it depends” – I’ve always been under the impression that the answer to money as a motivating factors is dependant upon where one falls on Maslow’s hierarchy.
1) Physiological: hunger, thirst, bodily comforts, etc.; - $ Definitely a factor & Huge motivator
2) Housing/Safety/security: out of danger; - $ Most Likely a solid Motivator
3) Belonginess and Love: affiliate with others, be accepted; - $ May or may not be a motivator
4) Esteem: to achieve, be competent, gain approval and recognition. - $ Probably plays a part in motivation
5) Cognitive: to know, to understand, and explore; - $ begins to become less of a motivator
6) Aesthetic: symmetry, order, and beauty; - $ as motivation become a small or neutral issue
7) Self-actualization: to find self-fulfillment and realize one's potential; - $ are most likely not a motivator
8) Transcendence: to help others find self-fulfillment and realize their potential. - $ Not a motivator at all.
Other interesting viewpoints and reading materials speaking to this can be found here:
Maslow's Hierarchy of Needs