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What Makes Us Tick with Money

What Makes Us Tick with Money 9/27/19Money management is a key factor to the success and happiness of any relationship, including a marriage.  It is also key to family living.  Beyond physical survival, a family's emotional survival often depends on financial stability and tranquility.

Although some financial problems are simply caused by poor financial understanding resulting in unwise decisions, research suggests that most financial problems are caused by non-financial, behavior problems such as:

  • Impulse buying
  • Excessive materialism
  • Preoccupation with social image
  • Using money to control others
  • Addictive behavior

Scholars have identified several factors that drive financial behavior.  The top three are  emotions, personality, and an individual's values and his/her attitude toward money.

The good folks at Michigan State University Extension developed a money personality assessment tool that can help you understand your money values and give you valuable insight into how your values and emotions influence your money decisions.  Doing so allows you to gain control and make better money decisions.

The money personality assessment is available online at https://www.canr.msu.edu/uploads/234/69595/Money_Personality_assessment.pdf?language_id=1 

Sources:  https://foreverfamilies.byu.edu/Pages/managing-family-finances and https://www.canr.msu.edu/mimoneyhealth/money-management/index

Photo Source: https://pixabay.com/images/search/money/ (downloaded 10/1/19)

 

 

 

 

 

 

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