Financial psychologist: mental patterns about money shape decisions without people noticing

Brad Klontz, a doctor of psychology, certified financial planner and associate professor at Creighton University, argues that people's relationship with money is shaped by beliefs formed since childhood, based on family experiences and their environment. Klontz calls these deep ideas "money scripts," which guide how people spend, save and invest, and warns that most people do not realize they influence their decisions. He therefore argues that knowledge about budgeting and investing is not enough: people also need to review their own history with money.