May 27, 2024

Bucks: Study Finds 4 Unhealthy Attitudes Toward Money

Paul Sullivan, in his Wealth Matters column this week, writes about a new study that looks at people’s attitudes toward money.

The study concludes that there are four basic attitudes that can hurt people’s finances. Money avoidance, in which people seek to distance themselves from money, is one. Those who fall into the second category, money worship, seek the status derived from the things that money can buy. Money status, the third, occurs when people’s self-worth is tied to their net worth. And people who fall into the last category, money vigilance, are wary of spending.

The study was intended to help therapists and financial advisers quickly understand their clients’ beliefs about money.

Do you see yourself falling into any of these categories? Do you have any advice that would help people get over some of their unhealthy attitudes toward money?

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