Money Scripts

Chapter

Abstract

This chapter reviews the literature on money scripts. Money scripts are those typically unconscious, contextually bound, partially true beliefs about money that are developed in childhood and drive adult financial behaviors. Four categories of money scripts will be highlighted: money worship, money status, money avoidance, and money vigilance. Techniques for identifying, challenging, and changing money scripts will be presented.

References

  1. Bandura, A. (1969). Principles of behaviors modification. New York: Holt, Rinehart, & Winston.Google Scholar
  2. Cude, B. J., Lawrence, F. C., Lyons, A. C., Metzger, K., LeJeune, E., Marks, L., & Mactmes, K. (2006). College students and financial literacy: What they know and what we need to learn. Proceedings of the Eastern Family Economics and Resource Management Association, 102–109.Google Scholar
  3. Dubofsky, D., & Sussman, L. (2009). The changing role of the financial planner part 1: From financial analytics to coaching and life planning. Journal of Financial Planning, 22(8), 48–57.Google Scholar
  4. Forman, N. (1987). Mind over money. Toronto: Doubleday.Google Scholar
  5. Furnham, A., & Okamura, R. (1999). Your money or your life: Behavioral and emotional predictors of money pathology. Human Relations, 52(9), 1157–1177.Google Scholar
  6. Horwitz, E. J., & Klontz, B. T. (2013). Understanding and dealing with client resistance to change. Journal of Financial Planning, 26(11), 27–31.Google Scholar
  7. Jennett, H. K., & Hagopian, L. P. (2008). Identifying empirically supported treatments for phobic avoidance in individuals with intellectual disabilities. Behavior Therapy, 39(2), 151–161.PubMedCrossRefGoogle Scholar
  8. Kahneman, D., & Deaton, A. (2010). High income improves evaluation of life but not emotional well-being. Proceedings of the National Academy of Sciences of the United States of America, 107(38), 16489–16493.PubMedCrossRefPubMedCentralGoogle Scholar
  9. Kasser, T., & Ahuvia, A. (2002). Materialistic values and well-being in business students. European Journal of Social Psychology, 32(1), 137–146. doi:10.1002/ejsp.85.CrossRefGoogle Scholar
  10. Kershaw, S. (2008, September). How to treat a ‘money disorder’. The New York Times. http://www.onsiteworkshops.com/content/documents/the_new_york_times_92508.pdf.
  11. Klontz, B. (2011, April). Behavior modification. Financial Planning Magazine. http://www.financial-planning.com/fp_issues/2011_4/behavior-modification-2672132–1.html?pg=3&.
  12. Klontz, B. T., & Britt, S. L. (2012). How clients’ money scripts predict their financial behaviors. Journal of Financial Planning, 25(11), 33–43.Google Scholar
  13. Klontz, B., & Klontz, T. (2009). Mind over money: Overcoming the money disorders that threaten our financial health. New York: Crown Business.Google Scholar
  14. Klontz, P. T., Kahler, R., & Klontz, B. T. (2006). The financial wisdom of Ebenezer Scrooge: 5 principles to transform your relationship with money. Deerfield Beach: Health Communications, Inc.Google Scholar
  15. Klontz, B., Kahler, R., & Klontz, T. (2008a). Facilitating financial health: Tools for financial planners, coaches and therapists. Cincinnati: National Underwriter.Google Scholar
  16. Klontz, B. T., Bivens, A., Klontz, P., Wada, J., & Kahler, R. (2008b). The treatment of disordered money behaviors: Results of an open clinical trial. Psychological Services, 5(3), 295–308.CrossRefGoogle Scholar
  17. 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.CrossRefGoogle Scholar
  18. Klontz, B. T., Sullivan, P., Seay, M. C., & Canale, A. (under review). The one percent: A financial psychological profile.Google Scholar
  19. Leventhal, A. M. (2008). Sadness, depression, and avoidance behavior. Behavior Modification, 32(6), 759–779. doi:10.1177/0145445508317167.PubMedCrossRefGoogle Scholar
  20. Lowrance, J. (2011). Dismantling the money taboo: Mental health professionals’ call to action. Clinical Psychologist, 3, 1–24.Google Scholar
  21. Medintz, S., Caplin, J., Feldman, J., & McGirt, E. (2005). Secrets, lies and money. Money, 34(4), 121–128.Google Scholar
  22. Miller, W. R., & Rollnick, S. (2002). Motivational interviewing: Preparing people for change. New York: Guilford Press.Google Scholar
  23. Pullen, C. (2010). The power of money. Journal of Financial Planning, 23(12), 50–51.Google Scholar
  24. Richins, M. L., & Dawson, S. (1992). A consumer values orientation for materialism and its measurement: Scale development and validation. Journal of Consumer Research, 19(3), 303.Google Scholar
  25. Rubinstein, C. (1981). Survey report on money. Psychology Today, 5, 24–44.Google Scholar
  26. Sirgy, M. J. (1998). Materialism and quality of life. Social Indicators Research, 43(3), 227–260.CrossRefGoogle Scholar
  27. Tang, T. L. P. (1992). The meaning of money revisited. Journal of Organizational Behavior, 13(2), 197–202.CrossRefGoogle Scholar
  28. Tatzel, M. (2002). “Money worlds” and well-being: An integration of money dispositions, materialism and price-related behavior. Journal of Economic Psychology, 23, 103–126.CrossRefGoogle Scholar
  29. Trachtman, R. (1999). The money taboo: Its effects in everyday life and in the practice of psychotherapy. Clinical Social Work Journal, 27, 275–288.CrossRefGoogle Scholar
  30. Williams, G. (2013, September). Are you afraid to spend your money? MSN Money. http://money.msn.com/saving-money-tips/post–are-you-afraid-to-spend-your-money.
  31. Yamauchi, K. T., & Templer, D. I. (1982). The development of a money attitude scale. Journal of Personality Assessment, 46, 522–528.PubMedCrossRefGoogle Scholar

Copyright information

© Springer International Publishing Switzerland 2015

Authors and Affiliations

  • Derek Lawson
    • 1
  • Bradley T. Klontz
    • 2
  • Sonya L. Britt
    • 2
  1. 1.Kansas State UniversityManhattanUSA
  2. 2.Family Studies and Human ServicesKansas State UniversityManhattanUSA

Personalised recommendations