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Money and Shame: Exploring Financial Psychology with Dr. Brad Klontz

The MOVED Podcast

Release Date: 06/01/2025

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Are you ready to unravel the mysteries of your tangled relationship with money? 

We invited Dr. Brad Klontz, a distinguished psychologist, author, and innovator in the realm of financial psychology, to shed light on the emotions and beliefs that drive our financial behaviors. Engage with us as we navigate Brad's personal journey, and explore how his work with individuals across the socioeconomic spectrum has shaped his understanding of wealth psychology.

Delve into the world of money scripts with us and understand how they influence your financial health. Dr. Klontz guides us through the four types of money scripts - money avoidance, money worship, money status, and money vigilance.  Learn about the universal experience of money-related shame and its potential to lead to money avoidance. You'll be astounded at how our financial well-being hinges on our comparisons with others.

Lastly, we ponder over the concept of personal mission and how it can align our choices with our values. Dr. Klontz shares his personal mission statement and how it has steered his work.  We also discuss the existential crisis that success can trigger, leading to money avoidance, shame around money, and difficulty expressing values with money. This episode promises to challenge your views on money, wealth, and success - providing fresh insights that will foster a healthier relationship with your finances.  Tune in and embark on a journey to better financial mental health.

 

Key Takeaways:

 

(0:00:02) - Psychology and Wealth Intersection Exploration

(0:06:28) - Exploring Learned Helplessness and Financial Health

(0:17:41) - Exploring Money Scripts and Beliefs

(0:24:56) - Understanding Money Scripts and Overcoming Shame

(0:35:56) - Overcoming Shame and Comparison in Finances

(0:44:21) - Discovering Personal Mission and Healing

(0:52:16) - Navigating Post-Success Existential Crisis

(1:01:13) - Expressing Gratitude and Future Plans

 

Resources Mentioned:

Dr. Brad on IG

Dr. Brad on TikTok

Website

"What's your money script?" Assessment

 

About Brad:

Bradley T. Klontz, Psy.D., CFP® is an expert in financial psychology, financial planning, and applied behavioral finance.  He’s an Associate Professor of Practice at Creighton University Heider College of Business, Co-Founder of the Financial Psychology Institute, and Managing Principal of YYMW Advisors. 

Dr. Brad is co-author/co-editor of 8 books on the psychology of money: Psychology of Financial Planning (Wiley, 2023), The Practitioner's Toolkit (Wiley, 2023), Money Mammoth (Wiley, 2020) Facilitating Financial Health (NUCO, 2008; 2016), Financial Therapy (Springer, 2015), Mind Over Money (Broadway Business, 2009), Wired for Wealth (HCI, 2008), and The Financial Wisdom of Ebenezer Scrooge (HCI, 2005; 2008).

He is a Fellow of the American Psychological Association, and a Former President of the Hawaii Psychological Association. He was awarded the Innovative Practice Presidential Citation from the American Psychological Association for his application of psychological interventions to help people with money and wealth issues and his innovative practice in financial psychology for practitioners across the country.

Dr. Brad has been a columnist for the Journal of Financial Planning, On Wall Street, and PsychologyToday.com. His work has been featured on ABC News’ 20/20, Good Morning America, and in USA Today, The Wall Street Journal, New York Times, Washington Post, Los Angeles Times, Time, Kiplinger’s, Money Magazine, NPR and many other media outlets and professional magazines and journals.

He was appointed to the CNBC Financial Advisor Council in 2023 and received the 2018 and 2021 Montgomery-Warschauer Awards from the Journal of Financial Planning, honoring the most outstanding contribution to the betterment of the financial planning profession. He has partnered with organizations including Capital One, JP Morgan Chase, Mutual of Omaha, and H&R Block in efforts to help raise public awareness around issues related to financial health and financial psychology.

 

**episode note**

We are aware that the audio quality is not what we anticipated on our production side, but we felt the content was so rich (pun intended) that we decided to go ahead and share it with you despite the tech potholes.  Thanks for your understanding.