Psychology of Money

Financial decisions are rarely purely rational. Research in behavioral economics and cognitive psychology shows that deep-seated attitudes, emotional states, and social norms influence how people choose to spend, save, or invest. This course offers a systematic breakdown of the psychological mechanisms that shape money behavior and helps you understand why, even with financial literacy, many people continue to make unprofitable choices.

The course program covers several key topics. You will learn the concept of “money scripts”—childhood-learned patterns that automatically steer financial decisions. Techniques for identifying your own cognitive biases will be discussed, such as the endowment effect, loss aversion, and the sunk cost fallacy. A dedicated section focuses on emotional triggers: anxiety during big purchases, shame due to insufficient income, and guilt for spending on yourself. You will learn to distinguish constructive and destructive attitudes, for example, “money is evil” or “rich people are greedy,” and work through them using structured exercises. The course also examines strategies for setting financial goals that take individual psychological traits into account, as well as methods for reducing impulsive spending.

The course methodology is based on the principles of cognitive behavioral therapy and mindfulness practices. Each module includes diagnostic tests to assess current patterns, written assignments for reflection, and specific algorithms for changing ineffective habits. Special attention is given to working with internal resistance: typical mistakes are analyzed, such as trying to change behavior abruptly without considering the emotional context or ignoring the role of the environment in financial decisions.

The course is intended for professionals working with finance (financial consultants, accountants, investment managers), psychologists, and coaches who want to expand their competencies in financial psychology, as well as for entrepreneurs and owners of small businesses who face irrational decisions in managing personal and corporate finances. The materials will be useful for people who already have basic knowledge of budgeting and saving but want to understand the reasons behind their financial difficulties.

Upon completion of the course, you will have the terminology and conceptual framework to analyze your own money behavior, be able to identify automatic reactions and distortions that affect your financial decisions. You will receive a set of tools to correct destructive attitudes and approach budgeting and goal-setting more consciously.