64: Childhood Impacts Generosity

"...Consistent with social learning theory, individuals tend to carry beliefs about money and money skills learned in childhood into their adult lives..."

This week, I’m reading selected quotes from Money Beliefs and Financial Behaviors by Bradley Klontz, Sonya Britt, and Jennifer Mentzer, published in 2011.

Reflection Questions:

• Have you spent time thinking about your childhood and the beliefs around money you were raised with?

• Which money script have you been operating in and how might you break those patterns?

Reflection on Quote:

Earlier this week, I was talking with a person with new fund development responsibilities.  She talked about her fears with asking for money.  Like almost everyone I’ve met in the field, her fears were directly related to her childhood.  It’s a reminder that often we have to unpack our own beliefs around money before we can discuss generosity with our donors.

As I read this research, I immediately recognized correlations to fundraising.  Those with money avoidance scripts can struggle to ask for donations. Those with money worship scripts tend to engage in magical thinking around one major donation.  Those with money status scripts can find crossing wealth classes intimidating when building a relationship with a more wealthy donor.  Those with money vigilance scripts may find fundraising work too all-consuming in their lives.  And, there are more correlations that you may have immediately thought of as well.  The good news is that, in my experience, once a fund development professional recognizes their own money scripts, they are able to move past them and develop new patterns in discussing generosity.

Copyright: Klontz, B., Britt, S. L., Mentzer, J., & Klontz, T. (2011). Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy, 2 (1)

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Music credit: Woeisuhmebop

Transcript

Welcome back. This podcast explores the wisdom of generosity, from ancient to modern, and the beautiful space where generosity occurs.

Earlier this week, I was talking with a person with new fund development responsibilities.  She talked about her fears with asking for money.  Like almost everyone I’ve met in the field, her fears were directly related to her childhood.  It’s a reminder that often we have to unpack our own beliefs around money before we can discuss generosity with our donors.  This week, I’m reading selected quotes from Money Beliefs and Financial Behaviors by Bradley Klontz, Sonya Britt, and Jennifer Mentzer, published in 2011.

Quote 

Consistent with social learning theory, individuals tend to carry beliefs about money and money skills learned in childhood into their adult lives. Unfortunately, these money attitudes and skills may not be helpful if parents or other care providers did not have a healthy relationship with money.

Further the researchers hypothesized that money scripts–defined as beliefs individuals hold about money–are developed in childhood, often passed down from generation to generation in family systems, typically unconscious, contextually-bound, and a factor that drives much of one’s financial behaviors. They argued that emotionally charged “financial flashpoint” experiences can leave a lasting cognitive imprint as children try to make sense of the role money plays in their family, in their life circumstances, and in the world. Money scripts are often at the root of money disorders, and when associated with emotionally charged or traumatic events, these belief patterns can be highly resistant to change.

The researchers define four categories.

Money avoiders believe that money is bad or that they do not deserve money. For the money avoider, money is often seen as a force that stirs up fear, anxiety, or disgust. [For money worshippers], “more money will make things better” is the most common belief among Americans. Individuals who subscribe to this notion believe that an increase in income and/or financial windfall would solve their problems.“Money is status” scripts are concerned with the association between self-worth and net-worth. These scripts can lock individuals into the competitive stance of acquiring more than those around them. Individuals who believe that money is status see a clear distinction between socio-economic classes. For many people in the money vigilance category, money is a deep source of shame and secrecy, whether one has a lot or a little. The money vigilance factor, as identified in this study, appears to be linked to alertness, watchfulness, and concern about money, and the sense that one must be heedful of pending trouble or danger. 

Unquote

As I read this research, I immediately recognized correlations to fundraising.  Those with money avoidance scripts can struggle to ask for donations. Those with money worship scripts tend to engage in magical thinking around one major donation.  Those with money status scripts can find crossing wealth classes intimidating when building a relationship with a more wealthy donor.  Those with money vigilance scripts may find fundraising work too all-consuming in their lives.  And, there are more correlations that you may have immediately thought of as well.  The good news is that, in my experience, once a fund development professional recognizes their own money scripts, they are able to move past them and develop new patterns in discussing generosity.

Let’s reflection on two questions this week.

Have you spent time thinking about your childhood and the beliefs around money you were raised with?

Which money script have you been operating in and how might you break those patterns?

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