Money Scripts and Financial Behaviour Among Millennials in India

Abstract

The purpose of this paper is to understand the concept, of “Money Scripts” and evaluate the different types
of financial behaviour by measuring the relationship strength among the factors contributing to Money
Scripts/ Beliefs among Millennials in India. The primary data was collected based on the standardised
Klontz’s Money Script Inventory; based on a set of seventy-two questions categorised under four independent
factorial heads- Avoidance, Adoration, Status, and Constant Money Monitoring; obtained from two hundred
and thirty-five respondents approximately. The common space between the variables was examined based on
Multidimensional Scaling. Among the factors considered contributing to the Money Scripts of Millennials,
‘Money Scripts’ were highly and positively correlated with ‘Money Status’. There were no significant
associations identified between Money Scripts and the demographic variables (age, gender, income level and
occupation) of millennials in India. ‘Money Avoiders’ were found moving too far distances, experiencing
high levels of financial happiness and moderate frugality in savings. Both ‘Money Status’ and ‘Money
Vigilance’ type millennials were found very strange in their approach toward money actions. Persons with
high ‘status’ type behaviour were longing not to save more, but looking for comforting themselves in the
present moment. They were found deriving ‘financial happiness’ from their spending pattern and savings
made, which was much better than those of ‘Vigilant’ Millennials. Those with ‘Money Worship’ thoughts,
though good at saving high; were found the least to derive financial happiness.