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What they Are – How they Work?
- By Brad Klontz PsyD CFP®
- By Ted Klontz PhD
- By Eugene Schmuckler PhD MEd MBA CTS
- By Kenneth Shubin-Stein MD CFA
- By David Edward Marcinko FACFAS MBA CMP®
- By Sonya Britt PhD CFP®
Money Scripts are unconscious beliefs about money that are typically only partially true, are developed in childhood, and drive adult financial behaviors.
Money Scripts may be the result of “financial flashpoints,” which are salient early experiences around money that have a lasting impact in adulthood. Money Scripts are often passed down through the generations; and social groups often share similar Money Scripts. The animal brain stores associations around money based on early experiences, which can result in rigid and often problematic money attitudes.
And so, we argue that Money Scripts are at the root of all illogical, ill-advised, self-destructive, or self-limiting financial behaviors.
The Research
In research at Kansas State University [KSU], researchers identified four distinct Money Script patterns, which are associated with financial health and predict financial behaviors
The 4 Money Scripts
- Money Avoidance
- Money Worship
- Money Status
- Money Vigilance
When Money Scripts are identified, it is helpful to examine where they came from. What three lessons did you learn about money from your mother?
Examination
A simple technique involves reflecting on the following questions:
- What three lessons did you learn about money from your father?
- What is your first memory around money?
- What is your most painful money memory?
- What is your most joyful money memory?
- What money scripts emerged for you from this experience?
- How have they helped you?
- How have they hurt you?
- What Money Scripts do you need to change?
Conclusion
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Filed under: Ethics, Experts Invited | Tagged: “Money Scripts”, Brad Klontz PsyD CFP®, financial psychology, Ted Klontz PhD | 4 Comments »
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