Researchers used the Klontz Money Script Inventory to measure behaviors of consumers associated with money avoidance, money status, money worship and money vigilance. Consumers generally have a dominant money script, and those whose dominant script is money avoidance, money status or money worship are associated with lower levels of net worth and income while money vigilance is tied to frugality and positive saving.

Consumers with a dominant money avoidance script tend to believe that money is "bad, fear-inducing and is associated with feelings of disgust," according to the researchers. Those who have this script tend to avoid looking for help for financial issues, and they have a negative association with trusting financial professionals. Researchers say this tendency aligns with their "poor behaviors, lower net worth and income, and money taboo beliefs." If they do look for advice, they are more likely to turn to family members and friends to help.

"Given that money scripts are passed on generationally, family members may also be money avoidant and not wish to discuss the topic, possibly resulting in no advice or uninformed advice," according to the study.

Meanwhile, people with a money status script attempt to collect possessions to socioeconomically differentiate themselves from others. Researchers found that the money status script is negatively associated with trusting one's own research, while carrying no significant relationship – positive or negative – with professional financial advice. Researchers noted that those with the money status script tend to have lower education levels and less understanding of the financial realm.

"Perhaps those with the money status script do not know enough to know that assistance is available or that help could benefit them and therefore never search it out," the study said.

On the other hand, money worship has a positive association with receiving investment advice from financial software and doing one's own research. Those who fall under the money worship umbrella believe that money solves problems and makes things better.

"Money worshippers were positively associated with using financial software and doing their own financial research," the study said. "They were not likely to seek professional financial advice or advice from friends and family. This finding might be linked to the complex connection that money worshippers have with continuous stressful money issues, like revolving debt, and feeling like there is never enough money."

Finally, money vigilance is positively associated with trusting advice that comes from either a financial professional or family and friends. Those with a dominant money vigilance script typically are considered watchful and concerned about their finances.

"It is not surprising, then, that they may be more willing to seek professional financial guidance as getting professional advice enlists another to watch over their finances … those with a vigilant personality may realize that having another set of eyes would help them achieve their goal of perhaps additional vigilance," researchers said.

Overall, the researchers said, the study provides new, helpful information for those working with investors or potential investors.

"The intersection between financial decision-making and psychology may even be a place of greater common ground or interest when compared to just starting to talk about investing and other financial principles," the researchers said.

"Clients may be intimidated to talk about subjects such as financial planning and investments, but might be less intimidated to discuss their thoughts and beliefs. For practitioners, it is important to have a solid understanding of what clients know and believe before embarking on teaching or making recommendations, as it can significantly impact the type of advice given and even the way it is delivered."