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New research reveals how financial attitudes influence which consumers tend to seek investment advice and which consumers tend to avoid it, providing new insight for financial professionals and researchers into how to help people with different money attitudes weigh investment advice.
"The Money Scripts Related to the Use and Trust of Investment Advice," which was published in the Journal of Financial Therapy, uses the concept of money scripts to investigate financial-related attitudes in consumers. Money scripts are beliefs about money that are believed to develop in early childhood and profoundly affect one's approach to finances into adulthood, according to past research. Money scripts often are passed down through generations, leading to behavioral and emotional issues that can be difficult to alter.
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