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

Abstract

Financial planners seek to learn more about their clients' personalities and money scripts due to the significant influence these factors have on financial behavior and decision-making. This study surveyed 288 adults with a personality 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 Acceptance, and Competitiveness) related to the four money scripts measured by the KMSI-R (avoidant, worship, status, and vigilance). More Adjustable individuals were less likely to have Money Avoidance scripts, whereas more Competitive people had higher Money Worship and Money Status scripts. The study underlined the role of personality variables in understanding money beliefs.