Exploring the relationship between personalityand money scripts while controlling for demography,ideology, and self-esteem

Abstract

Financial planners seek to learn more about their clients' personalities andmoney scripts due to the significant influence these factors have on financialbehavior and decision-making. This study surveyed 288 adults with a personal-ity assessment (HPTI: High Potential Trait Indicator), and their money scripts(KMSI-R: Klontz Money Script Inventory) while controlling for demography(sex, age, and education), ideology (religious, political beliefs, and optimism),and self-esteem (measurements of personal ratings on a variety of scales).The results indicated that each of the six traits measured by the HPTI(Conscientiousness, Adjustment, Curiosity, Risk Approach, Ambiguity Accep-tance, and Competitiveness) related to the four money scripts measured by theKMSI-R (avoidant, worship, status, and vigilance). More Adjustable individ-uals were less likely to have Money Avoidance scripts, whereas more Competi-tive people had higher Money Worship and Money Status scripts. The studyunderlined the role of personality variables in understanding money beliefs.

Exploring the relationship between personalityand money scripts while controlling for demography,ideology, and self-esteem