money disorder, money script, financial therapy, destructive money belief, financial health
Financial matters have been identified in the literature as a significant source of stress for individuals and families. However, little is known about the psychological issues related to money that may be contributing to individual and family problems. Using a sample of 422 individuals who identified their level of agreement on 72 money-related beliefs, this study identified four distinct money belief patterns. Three of these belief systems were significantly correlated with income and net worth. Demographic features associated with the four money belief scales are provided. The results of this study may be useful for practitioners interested in quickly and accurately identifying money beliefs in their clients that can have a negative impact on financial health.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License
Klontz, B., Britt, S. L., Mentzer, J., & Klontz, T. (2011). Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy, 2 (1) 1. https://doi.org/10.4148/jft.v2i1.451
American Psychological Association (2009). Stress in America 2009. Retrieved October 10, 2010 from http://www.apa.org/news/press/releases/stress-exec-summary.pdf
Bandura, A. (1977). Social Learning Theory. New York: General Learning Press.
Brickman, P., Coates, D., & Janoff-Bulman, R. (1978). Lottery winners and accident victims: Is happiness relative? Journal of Personality & Social Psychology, 36(8), 917-927.
Csikszentmihalyi, M. (1999). If we are so rich, why aren’t we happy? American Psychologist, 54(10), 821-827.
Diener, E., & Seligman, M. E. P. (2004). Beyond money. Psychological Science in the Public Interest, 5(1), 1-31.
Dillman, D. A. (1999). Mail and Internet Surveys: The Tailored Design Method (2 ed.). New York, NY: Wiley.
Dortch, S. (1994). Money and marital discord. American Demographics, 16, 11-14.
Engelberg, E., & Sjöberg, L. (2006). Money attitudes and emotional intelligence. Journal of Applied Social Psychology, 36(8), 2027-2047.
Engelberg, E., & Sjöberg, L. (2007). Money obsession, social adjustment, and economic risk perception. Journal of Socio-Economics, 36(5), 686-697.
Furnham, A. (1984). Money sides of the coin: The psychology of money usage. Personality and Individual Difference, 5(5), 501-509.
Furnham, A. (1996). Attitudinal correlates and demographic predictors of monetary beliefs and behaviours. Journal of Organizational Behavior, 17(4), 375-388.
George, D., & Mallery, P. (2003). SPSS for Windows step by step: A simple guide and reference. 11.0 update (4th ed.). Boston: Allyn & Bacon.
Goldberg, H., & Lewis, R. T. (1978). Money madness: The psychology of saving, spending, loving, and hating money. New York: William Morrow and Company, Inc.
Hira, T.K., & Mugenda, O.M. (1999). The relationships between self-worth and financial beliefs, behavior, and satisfaction. Journal of Family and Consumer Sciences, 91(4), 76-82.
Kahneman, D., & Deaton, A. (2010). High income improves evaluation of life but not emotional well-being. Proceedings of National Academy of Science, 107(38), 16489–16493. Retrieved September 27, 2010 from www.pnas.org/cgi/doi/10.1073/pnas.1011492107.
Kasser, T., & Ahuvia, A. (2002). Materialistic values and well-being in business students. European Journal of Social Psychology, 32(1), 137-146.
Kirkcaldy, B., & Furnham, A. (1993). Predictors of beliefs about money. Psychological Reports, 73(3), 1079-1082.
Klontz, B., Bivens, A., Klontz, P., Wada, J., & Kahler, R. (2008). The treatment of disordered money behaviors: Results of an open clinical trial. Psychological Services, 5(3), 295-308.
Klontz, B., & Klontz, T. (2009). Mind over money: Overcoming the money disorders that threaten our financial health. New York: Broadway Business.
Klontz, B., Klontz, T., & Kahler, R. (2008). Wired for wealth: Change the money mindsets that keep you trapped and unleash your wealth potential. Dearfield Beach, FL: Health Communications, Inc.
Medintz, S. (2004). Secrets, lies and money. Money, 34(4), 121-128.
Nissle, S., & Bschor, T. (2002). Winning the jackpot and depression: Money cannot buy happiness. International Journal of Psychiatry in Clinical Practice, 6(3), 183-186.
Oggins, J. (2003). Topics of marital disagreement among African-American and EuroAmerican newlyweds. Psychological Reports, 92, 419-425.
Pett, M. A., Lackey, N. R., & Sullivan, J. J. (2003). Making Sense of Factor Analysis: The Use of Factor Analysis for Instrument Development in Health Care Research. Thousand Oaks: Sage Publications, Inc.
Tang, T. L. (1992). The meaning of money revisited. Journal of Organizational Behavior, 13(2), 197-202.
Tatzel, M. (2002). “Money worlds” and well-being: An integration of money dispositions, materialism and price-related behavior. Journal of Economic Psychology, 23(1), 103-126.
Trachtman, R. (1999). The money taboo: Its effects in everyday life and in the practice of psychotherapy. Clinical Social Work Journal, 27(3), 275-288.
Yamauchi, K. T., & Templer, D. J. (1982). The development of a money attitude scale. Journal of Personality Assessment, 46(5), 522-528.
Yao, R., Gutter, M.S., & Hanna, S.D. (2005). The financial risk tolerance of Blacks, Hispanics, and Whites. Journal of Financial Counseling and Planning, 16(1), 51-62.