A key tool used by financial therapists is the Klontz Money Script Inventory, an assessment tool which is designed to give financial therapists insights into money beliefs that may be influencing their clients' financial behaviours and financial outcomes. Money scripts are money beliefs that are developed in childhood and which go on to drive financial behaviour in adulthood. There are three categories of money script which have been found to have a negative impact on financial health: Money avoidance, money status and money worship. Money status scripts equate self-worth with net worth – that is, the more wealth you have the more self-worth you will feel. Behavioural problems that occur with negative money scripts include compulsive buying, gambling addiction, compulsive hoarding of money or objects, workaholism, financial dependence and financial denial.

Source: Stuff February 08, 2019 15:56 UTC