What causes money hoarding?

Abstract. Compulsive hoarders feel emotional attachments to their money and possessions, making it difficult for them to spend or discard accumulated items. Traditionally, hoarding has been seen as a symptom of Obsessive Compulsive Disorder (OCD) or Obsessive Compulsive Personality Disorder (OCPD).

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Compulsive hoarders feel emotional attachments to their money and possessions, making it difficult for them to spend or discard accumulated items. Traditionally, hoarding has been seen as a symptom of Obsessive Compulsive Disorder (OCD) or Obsessive Compulsive Personality Disorder (OCPD). However, hoarding behavior can be a problem in its own right, without someone meeting the diagnostic criteria for OCD or OCPD. Despite being a mental health disorder that poses a serious public health problem, social costs to the public, and strain on families, there is little empirical work that has examined Hoarding Disorder (HD) from a financial perspective. As with other money disorders, for the compulsive hoarder, financial health and mental health symptoms are intertwined. This paper explores the financial psychology of HD and its implications for personal financial planning. Canale, A., & Klontz, B. (2013). Hoarding Disorder: It’s More Than Just an Obsession - Implications for Financial Therapists and Planners. Journal of Financial Therapy, 4 (2) 4. https://doi.org/10.4148/1944-9771.1053

References

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Gaston, R. L., Kiran-Imran, F., Hassiem, F., & Vaughan, J. (2009). Hoarding behaviour: Building up the ‘R factor’. Advances in Psychiatric Treatment, 15(5), 344-353. http://dx.doi.org/10.1192/apt.bp.107.005215 Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625-630. http://dx.doi.org/10.1023/A:1022994314982 Grisham, J. R., Frost, R. O., Steketee, G., Kim, H. J., & Hood, S. (2006). Age of onset of compulsive hoarding. Journal of Anxiety Disorders, 20(5), 675-686. http://dx.doi.org/10.1016/j.janxdis.2005.07.004 Iervolino, A., Perroud, N., Fullana, M., Guipponi, M., Cherkas, L., Collier, D., & Mataix-Cols, D. (2009). Prevalence and heritability of compulsive hoarding: A twin study. American Journal of Psychiatry, 166(10), 1156-1161. http://dx.doi.org/10.1176/appi.ajp.2009.08121789 James, W. (1890). The principles of psychology (Vol. 2). New York: Henry Holt and Co. Kershaw, S. (2008, September 24). How to treat a ‘money disorder’. New York Times, p. G1. Klein, M. (1957). Envy and gratitude: A study of unconscious forces. New York: Basic Books. Klontz, B. T., Bivens, A., Klontz, P., Wada, J., & Kahler, R. (2008). The treatment of disordered money behaviors: Results of an open clinical trial. Psychological Services, 5(3), 295-308. http://dx.doi.org/10.1037/1541-1559.5.3.295 Klontz, B. T., & Britt, S. L. (2012a). Financial trauma: Why the abandonment of buy-and-hold in favor of tactical asset management may be a symptom of posttraumatic stress. Journal of Financial Therapy, 3(2), 14-27. http://dx.doi.org/10.4148/jft.v3i2.1718 Klontz, B., & Britt, S. (2012b). How clients money scripts predict their financial behaviors. Journal of Financial Planning, 25(11) 33-43. Klontz, B. T., Britt, S. L., Archuleta, K. L., & Klontz, P. T. (2012). Disordered money behaviors: Development of the Klontz Money Behavior Inventory. Journal of Financial Therapy, 3(1), 17-42. http://dx.doi.org/10.4148/jft.v3i1.1485 Klontz, T., Kahler, R., & Klontz, B. (2008a). The financial wisdom of Ebenezer Scrooge: 5 principles to transform your relationship with money. Deerfield Beach, FL: Health Communications, Inc. Klontz, B., Kahler, R., & Klontz, T. (2008b). Facilitating financial health: Tools for financial planners, coaches and therapists. Cincinnati, OH: National Underwriter Company. Klontz, B., & Klontz, T. (2009). Mind over money: Overcoming the money disorders that threaten our financial health. New York, NY: Crown Business. Lea, S. E., & Webley, P. (2006). Money as tool, money as drug: The biological psychology of a strong incentive. Behavioral and Brain Sciences, 29(2), 161-175. http://dx.doi.org/10.1017/S0140525X06009046 LeBeau, R. T., Mischel, E., Simpson, H. B., Mataix-Cols, D., Phillips, K. A., Stein, D. J., & Craske, M. G. (2013). Preliminary assessment of obsessive-compulsive spectrum disorder scales for DSM-5. Journal of Obsessive-Compulsive and Related Disorders, 2, 114-118. http://dx.doi.org/10.1016/j.jocrd.2013.01.005 Lowrance, J. (2011). Dismantling the money taboo: Mental health professionals’ call to action. Clinical Psychologist, 1-24. Marx, K. (2010). The fetishism of commodities and the secret thereof. In Friedrich Engels (Ed.), Capital Volume 1: A critique of political economy (pp. 44-50). Retrieved from http://books.google.com/books?hl=en&lr=&id=8kj5DSkK8TEC&oi=fnd&pg=PA9&dq=the+fetishism+of+commodities+and+the+secret+thereof.+Capital:+A+critique+of+political+economy+(Vol.+1).&ots=vbR8aUkweb&sig=q56hNTUkQlh6jgDyGXmMvs9fH2s#v=onepage&q&f=false Mataix-Cols, D., Frost, R. O., Pertusa, A., Clark, L., Saxena, S., Leckman, J. F., Stein, D. J., Matsunaga, H., & Wilhelm, S. (2010). Hoarding disorder: A new diagnosis for DSM-V? Depression and Anxiety, 27(6), 556-572. http://dx.doi.org/10.1002/da.20693 Mataix-Cols, D., Marks, I. M., Griest, J. H., Kobak, K. A., & Baer, L. (2002). Obsessive compulsive symptom dimensions as predictors of compliance with and response to behavior therapy: Results from a controlled trial. Psychotherapy and Psychosomatics, 71(5), 255-262. http://dx.doi.org/10.1159/000064812 McKinnon, G., Smith, M. E., & Hunt, H. K. (1985). Hoarding behavior among consumers: Conceptualization and marketing implications. Journal of Marketing Science, 13(1-2), 340-351. http://dx.doi.org/10.1007/BF02729724 Merrill, D., & Reid, R. (1981). Personality styles and effective performance. Radnor, PA: Chilton. Mueller, A., Mitchell, J. E., Crosby, R. D., Glaesmer, H., & de Zwaan, M. (2009). The prevalence of compulsive hoarding and its association with compulsive buying in a German population-based sample. Behaviour Research and Therapy, 47(8), 705-709. http://dx.doi.org/10.1016/j.brat.2009.04.005

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Muroff, J., Bratiotis, C., & Steketee, G. (2011). Treatment for hoarding behaviors: A review of the evidence. Clinical Social Work Journal, 39(4), 406-423. http://dx.doi.org/10.1007/s10615-010-0311-4 Muroff, J., Steketee, G., Bratiotis, C., & Ross, A. (2012). Group cognitive and behavioral therapy and bibliotherapy for hoarding: A pilot trial. Depression and Anxiety, 29(7), 597-604. http://dx.doi.org/10.1002/da.21923 Muroff, J., Steketee, G., Himle, J., & Frost, R. (2010). Delivery of internet treatment for compulsive hoarding (D.I.T.C.H.). Behavior Research and Therapy, 48(1), 79-85. http://dx.doi.org/10.1016/j.brat.2009.09.006 National Institute of Mental Health (2010). The numbers count: Mental disorders in America. Retrieved from http://www.nimh.nih.gov/health/publications/the-numbers-count-mental-disorders-in-america/index.shtml Neustadt, I. (2011). Do religious beliefs explain preferences for income redistribution? Experimental evidence. CESifo Economics Studies, 57(4), 623-652. http://dx.doi.org/10.1093/cesifo/ifr002 Neziroglu, F., Bubrick, J., & Yaryura-Tobias, J. A. (2004). Overcoming compulsive hoarding. Oakland, CA: New Harbringer Publications, Inc. Nordsletten, A. E., Monzani, B., Fernández de la Cruz, L., Iervolino, A. C., Fullana, M. A., Harris, J., Rijsdijk, F., & Mataix-Cols, D. (2013). Overlap and specificity of genetic and environmental influences on excessive acquisition and difficulties discarding possessions: Implications for hoarding disorder. American Journal of Medical Genetics Part B: Neuropsychiatric Genetics, 162(4), 380-387. http://dx.doi.org/10.1002/ajmg.b.32149 Pekareva-Kochergina, A., & Frost, R. O. (2009, November). The effects of biblio-based self help program for compulsive hoarding. Paper presented at the Annual Meeting of the Association of Behavioral and Cognitive Therapies, New York. Pollin, R. (2012). The great US liquidity trap of 2009-2011: Are we stuck pushing on strings? Review of Keynesian Economics, 1, 55-76. http://dx.doi.org/10.4337/roke.2012.01.04 Samuels, J. F., Bienvenu, O. J., Grados, M. A., Cullen, B., Riddle, M. A., Liang, K. Y., Eaton W. W., & Nestadt, G. (2008). Prevalence and correlates of hoarding behavior in a community-based sample. Behaviour Research and Therapy, 46(7), 836-844. http://dx.doi.org/10.1016/j.brat.2008.04.004 Saxena, S., Brody, A. L., Maidment, K. M., & Baxter, L. R. (2007). Journal of Psychiatric Research, 41(6), 481-487. http://dx.doi.org/10.1016/j.jpsychires.2006.05.001 Sherry, D. F. (1985). Food storage by birds and mammals. Advances in the Study of Behavior, 15, 153-188.

Slater, P. E. (1980). Wealth Addiction. New York: Dutton.

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