financial therapy, mental health, financial planning, financial counseling
Much of the existing literature on financial behavior focuses on basic money management tasks (e.g., balancing a checkbook). However, it can be equally important to identify problematic financial behaviors that can sabotage one’s financial health. The purpose of this study was to create an assessment tool that can be used by mental health and financial professionals to identify disordered money behaviors that may impede on progress towards one’s financial goals. This study asked 422 respondents to indicate their agreement with disordered money behaviors, including compulsive buying, pathological gambling, compulsive hoarding, workaholism, financial enabling, financial dependence, financial denial, and financial enmeshment, which were correlated with demographic characteristics and financial outcomes. The results identified eight subscales derived from 68 disordered money behavior items. All eight subscales were found to have high reliability in measuring disordered behaviors, and six were associated with negative financial health indicators (e.g. less net worth, less income, and/or more revolving credit).
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License
Klontz, B., Britt, S. L., Archuleta, K. L., & Klontz, T. (2012). Disordered Money Behaviors: Development of the Klontz Money Behavior Inventory. Journal of Financial Therapy, 3 (1) 2. https://doi.org/10.4148/jft.v3i1.1485
Administrative Office of the United States Courts (2010). Bankruptcy Statistics December, 1990- December, 2010. Retrieved February 18, 2012 /18/2012, from http://www.uscourts.gov/Statistics/BankruptcyStatistics.aspx.
American Psychiatric Association. (2000). Diagnostic Statistical Manual-IV-TR (4thed.). Washington, DC: Author.
Anderson, M. A., Gillig, P. M., Sitaker, M., McCloskey, K., Malloy, K., & Grigsby, N. (2003). Why doesn’t she just leave? A descriptive study of victim reported impediments to her safety. Journal of Family Violence, 18(3), 151-155.
Aquilino, W., & Supple, A. (2001). Long term effects of parenting practices during adolescence on well-being outcomes in young adulthood. Journal of Family Issues, 22, 289-308.
Benson, A. (Ed.) (2000). I shop, therefore I am: Compulsive buying and the search for self. New York, NY: Rowman & Littlefield Publishers, Inc.
Bureau of Economic Analysis, U.S. Department of Commerce. (2006, January 30). Personal income and outlays: December, 2005. Retrieved September 25, 2011, from http://www.bea.gov/newsreleases/national/pi/2006/pi1205.htm.
Faber, R. J., & O’Guinn, T. C. (1992). A clinical screener for compulsive buying. The Journal of Consumer Research, 19(3), 459-469.
Field, A., & Miles, J. (2010). Discovering Statistics using SAS. Sage: Los Angeles.
Forman, N. (1987). Mind over Money. Toronto: Doubleday.
Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personality and Individual Differences, 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.
Gallen, R. (2002). The money trap: A practical program to stop self-defeating financial habits so you can reclaim your grip on life. New York: Harper Collins Publishers.
Hanley, A., & Wilhelm, M. S. (1992). Compulsive buying: An exploration into self-esteem and money attitudes. Journal of Economic Psychology, 13, 5-18.
Hollander, E., & Allen, A. (2006). Is compulsive buying really a disorder, and is it really compulsive? American Journal of Psychiatry 163, 670-1672.
Klontz, B., Bivens, A., Klontz, P., Wada, J., & Kahler, R. (2008a). The treatment of disordered money behaviors: Results of an open clinical trial. Psychological Services, 5(3), 295-308.
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), 1-22.
Klontz, B., & Klontz, T. (2009). Mind over money: Overcoming the money disorders that threaten our financial health. New York: Broadway Business.
Klontz, B., Kahler, R., & Klontz, T. (2008b). Facilitating financial health: Tools for financial planners, coaches, and therapists. Cincinnati, OH: The National Underwriter Company.
Medintz, S. (2004). Secrets, lies, and money. Money, 34(4), 121-128.
Newcomb, M. D., & Rabow, J. (1999). Gender, socialization and money. Journal of Applied Social Psychology, 29(4), 852-869.
Ng, T., Sorenson, K., & Feldman, D. (2007). Dimensions, antecedents, and consequences of workaholism: A conceptual integration and extension. Journal of Organizational Behavior, 28, 111-136.
Nichols, M. P., & Schwartz, R. C. (2007). The essentials of family therapy (3rded.). Boston: Pearson Education.
Petry, N. M. (2005). Pathological gambling: Etiology comorbidity, and treatment. Washington, D.C.: American Psychological Association.
Robinson, B. E., & Kelley, L. (1998). Adult children of workaholics: Self-concept, anxiety, depression, and locus of control. The American Journal of Family Therapy, 26, 223-238.
Rodriquez-Villarino, R., Gonzalez-Loreno, M., Fernandez-Gonzalez, A., Lameiras-Fernandez, M., & Foltz, M.L. (2006). Individual factors associated with buying addiction: An empirical study. Addiction Research and Theory, 14(5), 511-525.
Rohling, M. L., Binder, L. M., & Langhinrichsen-Rohling, J. (1995). A meta-analytic review of the association between financial compensation and the experience and treatment of chronic pain. Health Psychology, 14, 537-547.
Schneider, J. (2000). The increasing financial dependency of young people on their parents. Journal of Youth Studies, 3(1), 5-20.
Spence, J. T., & Robbins, A. S. (1992). Workaholism: Definition and preliminary results. Journal of Personality Assessment, 58(1), 160-178.
Steketee, G., Frost, R. O., & Kyrios, M. (2003). Cognitive aspects of compulsive hoarding. Cognitive Therapy and Research, 27(4), 463-479.
Tolin, D., Frost, R., & Steketee, G. (2007). Buried in treasures: Help for compulsive acquiring, saving and hoarding. Oxford, England: Oxford University Press.
Warren, E., & Tyagi, A.W. (2004). The two income trap: Why middle-class parents are going broke. New York: Basic Books.