Janney Mongomery Scott senior vice president of investments Chris DiGregorio has worked in the financial services field for almost two decades. Chris DiGregorio’s work at Janney includes helping people plan for their financial future, a practical, emotional issue that should include some consideration of beliefs around money and communication with older and younger generations.
A study in the Journal of Financial Therapy found many people have basic beliefs about money that can prevent them from making the best decisions for their financial future.
Some people exhibit money avoidance, where they believe money is fundamentally bad or unethical, and may sabotage their ability to become financially stable. Others are money worshippers, who obsess about money at the cost of things in life such as health and relationships. A third group believes money equates to status, which can make them overspend in an attempt to appear wealthier than they are. A fourth group is overly vigilant about money: Their financial behaviors are sound, but they can have so much anxiety around it that they do not enjoy their lives as much as they could.
When considering financial planning and making big decisions about money, it’s helpful to consider which of these beliefs may be influencing financial choices. These beliefs often come from family, so it’s important to talk to parents and others in the family about their financial beliefs and patterns.
