Chapter 4
Money Scripts: Exploring a Client's Beliefs About Money

In our attempts to make sense of our financial flashpoints, we develop beliefs about money called money scripts. Often these beliefs about money are partially true, incomplete, and conflicting, but subconsciously followed in adulthood.1 Identifying one's money scripts can be an important part of understanding an individual's financial psychology.

Figure 4.1 Klontz-Chaffin Model of Financial Psychology

Exercise 11: The Klontz Money Script Inventory-Revised (KMSI-R)

There is a strong link between money scripts and financial outcomes. The Klontz Money Script Inventory was developed to help people discover their money scripts. It has been researched extensively and scores on the KMSI have been found to be associated with income, net worth, credit card debt, socioeconomic status in childhood, financial behaviors, and other aspects of financial health.2,3

For many people, discovering and exploring their money scripts are important steps in increasing their income, net worth, and financial health. The KMSI offers a valid, efficient, and reliable tool to help measure money beliefs and attitudes.4 In the revised version of the test, there are 32 money statements that fall into four categories: (1) money avoidance; (2) money worship (often referred to as money focus when used in a financial planning context); (3) money status; and (4) money vigilance.

To get the most value from this test, try to avoid falling prey to "social desirability," which is the psychological impulse that tells us that we must show our best selves. No one else needs to see your scores, so you have no reason to try to appear smart or perfect. You will get the most value from the KMSI if you read each statement and go with your first impulse, even if you know that it may be "incorrect." Your first impulse is likely the best reflection of what is happening in your subconscious and what is driving your actual financial behaviors. You can take the test below to examine your own money scripts. A free online version of this test with an automatically generated custom report is available to the readers of this book at: https://www.bradklontz.com/moneyscriptstest.

Klontz Money Script® Inventory-Revised (KMSI-R)

Please indicate how strongly you agree with the following statements using the following scale:

1 = Strongly Disagree, 2 = Disagree, 3 = Disagree a Little, 4 = Agree a Little, 5 = Agree, 6 = Strongly Agree

Scoring Procedures

In the following, place the point value on the line corresponding to the item. Add the points in each column and divide them by the number of items to determine the average score.

Your Results

Scores on the money script scales range from 1 to 6. Higher scores indicate stronger levels of conviction in the particular category of money beliefs. It is not uncommon to have money scripts that seem at...