financial health, money scripts, money disorders, occupation, mental health professionals


Recent research has suggested that mental health professionals may be at greater risk of endorsing money scripts associated with lower income, lower net worth, and problematic financial behaviors. This study more closely examined the financial health of mental health professionals using the Klontz-Britt Financial Health Scale (FHS). Data was collected from 264 individuals recruited through financial seminars given by the researchers and through social media. Results indicated that when compared to other occupations, mental health professionals report significantly lower levels of financial health. Regardless of occupation, money status and money worship scripts were associated with lower levels of financial health, while money vigilance scripts were associated with higher levels of financial health. These results are of interest to financial counselors and educators to inform their work with those in the mental health profession who may be at greater risk of lower financial health.

Creative Commons License

Creative Commons Attribution-Noncommercial 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License


American Psychological Association. (2012). Stress in America: Our health at risk. Retrieved from http://www.apa.org/news/press/releases/stress/2011/final-2011.pdf

Bandura, A. (1977). Social Learning Theory. Englewood Cliffs, NJ: Prentice Hall.

Beck, J., & Beck, A.T. (2011). Cognitive behavioral therapy, second edition: Basics and beyond. New York, NY: The Guildford Press.

Christelis, D., Dobrescu, L., & Motta, L. (2012). Early life conditions and financial risk-taking. A working paper from ARC Centre of Excellence in Populating Ageing Research.

Diener, E., Emmons, R. A., Larsen, R. J., & Griffin, S. (1985). The satisfaction with life scale. Journal of Personality Assessment, 49(1), 71-75. doi: 10.1207/s15327752jpa4901_13

Engelberg, E., & Sjoberg, L. (2006). Money attitudes and emotional intelligence. Journal of Applied Social Psychology, 36(8), 2027-2047. doi: 10.1111/j.0021-9029.2006.00092.x

Engelberg, E., & Sjoberg, L. (2007). Money obsession, social adjustment, and economic risk perception. Journal of Socio-Economics, 36(5), 686-697. doi: 10.1016/j.socec.2007.01.005

Falahati, L., & Paim, L. (2011). A comparative study in money attitude among university students: a gendered view. Journal of American Science, 7(6), 1144-1148.

Freud, S. (1989). Character and anal eroticism. In P.Gay (Ed), The Freud reader. New York, NY: Norton, Inc.

Herron, W. G., & Welt, S. R. (1992). Money matters: The fee in psychotherapy and psychoanalysis. New York, NY: The Guilford Press.

Hira, T. K., & Mugenda, O. M. (1999). The relationship between self-worth and financial beliefs, behavior, and satisfaction. Journal of Family and Consumer Sciences, 91(4), 76-82.

Jones, J. M. (2011). Americans set “rich” threshold at $150,000 in annual income. Retrieved from http://gallup.com/poll/151427/americans-set-rich-threshold-150-00-annual-income.

Joo, S. (2008). Personal financial wellness. In J. J. Xiao (Ed.), Handbook of consumer finance research (pp. 21–33). New York, NY: Springer.

Joo, S., & Bagwell, D. C. (2003). Tools for the financial professional: Personal financial wellness. Journal of Personal Finance, 2, 39-53.

Klontz, B. T. (2012). Psychologists and money: Mortal enemies or ambivalent bedfellows? Hawai’i Psychologist, Summer, 7-10.

Klontz, B. T., Bivens, A., Klontz, P. T., Wada, J., & Kahler, R. (2008). The treatment of disordered money behaviors: Results of an open clinical trial. Psychological Services, 5(3), 295-308. doi: 10.1037/1541-1559.5.3.295

Klontz, B. T., & Britt, S. L. (2012). How clients’ money scripts predict their financial behaviors. Journal of Financial Planning, 25, 46-53.

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. doi: 10.4148/jft.v2i1.451

Klontz, B., Kahler, R., & Klontz, T. (2008). Facilitating financial health: Tools for financial planners, coaches, and therapists. Cincinnati, OH: National Underwriter Company.

Lee, Y., & Dunn, C. (2012). Divorce effect and financial wellness: Comparing currently married and single older women, Consumer Interests Annual 58, 12. Retrieved from http://www.consumerinterests.org/pdffiles/2012-conference/2012-12%20Divorce%20Effect%20and%20Financial%20Wellness.pdf.

Mellan, O., & Christie, S. (2004). The advisor’s guide to money psychology, Shrewsbury, New Jersey: Investment Advisor Press.

Mitchell, T. R., & Mickel, A. (1999). The meaning of money: An individual-difference perspective. The Academy of Management Review, 24(3), 568-578. doi: 10.2307/259143

Monger, J. (1998). The gap between theory and practice: A consideration of the fee. Psychodynamic Counseling, 4(1), 93-106. doi: 10.1080/13533339808404171

Orman, S. (1997). The 9 steps to financial freedom. New York, NY: Crown Publishers, Inc.

Porter, N. M., & Garmen, E. T. (1993). Testing a conceptual model of financial well-being. Financial Counseling and Planning, 4, 135-165.

Prince, M. (1993). Self concept, money beliefs and values. Journal of Economic Psychology, 14(1), 161-173. doi: 10.1016/0167-4870(93)90044-L

Ramsey, D. (2003). Financial peace revisited. New York, NY: Penguin Putnam, Inc.

Robb, C., & Woodyard, A. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60-70.

Saad, L. (2012). U.S. financial comfort falls to new low. Retrieved from http://www.gallup.com/poll/154106/financial-comfort-falls-new-low.

Shields, J. D. (1996). Hostage of the fee: Meanings of money, countertransference, and the beginning therapist. Psychoanalytic Psychotherapy, 10(3), 233-259. doi: 10.1080/02668739600700221

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.

Trachtman, R. (2011) Money and psychotherapy: A guide for mental health professionals. Washington, DC: NASW Press.

Woodyard, A., & Robb, C. (2012). Financial knowledge and the gender gap. The Journal of Financial Therapy, 3(1), 1-6. doi: 10.4148/jft.v3i1.1453.

Yamauchi, K. T., & Templer, D. J. (1982). The development of a money attitude scale. Journal of Personality Assessment, 46(5), 522-528. doi: 10.1207/s15327752jpa4605_14