If you're a man, you know that your testosterone can be blamed for just about anything. Or so it seems. Studies and reports have shown that testosterone can be blamed for men being overly aggressive (no surprise there) and for hasty and poor decision-making . Testosterone has also been linked to an increased risk of prostate cancer, and if you're thinking that maybe you'd be better off without testosterone, think again. If you have too little, that raises your odds that you'll eventually develop sleep apnea and become obese.

The latest study shows that testosterone has an effect on how men spend money . In fact, if you have a lot of testosterone and not much of an ego, there's a greater chance that you are going to take a financial risk.

[See: How to Save $1 Million by Retirement .]

That's according to a new study that will be appearing in the March 2018 issue of "Personality and Individual Differences," a peer-reviewed academic journal and the official journal of the International Society for the Study of Individual Differences. The four authors are Eric Stenstrom, an assistant professor in the department of marketing at the Farmer School of Business at Miami University in Oxford, Ohio; Jonathan Kunstman, an assistant professor of social psychology at Miami University; John Dinsmore, an assistant professor of marketing at Wright State University in Dayton, Ohio; and Kathleen Vohs, a marketing professor at the University of Minnesota in Minneapolis.

In their study, 104 men were measured for their level of narcissism using an established scale. They were also randomly assigned to sort either a wad of cash – 80 $20 bills ($1,600) – or 80 slips of paper in the shape of a bill.

The testosterone levels were measured before and after the exposure to the money and the paper.

The men were then asked to make 10 choices between two lottery options to see if money exposure and changes in testosterone might lead to changes in risk preferences.

As noted, the narcissists took far fewer financial risks than the non-narcissists.

What does this mean for you?

Stenstrom offers some thoughts for any men wondering if they should be more careful when they handle large sums of money. Women, unfortunately, weren't studied. Stenstrom says that there has been some research done that suggests testosterone increases can lead to greater risk-taking among women, so it's possible women could be affected just as men are. At some point, he says, it would be interesting to test and see if women's testosterone levels are affected by cold hard cash in the same way that some men's levels are.

[See: 11 Ways to Save Time and Money .]

The biology behind this study. What happens when non-narcissistic men handle large sums of money at, say, a casino when they're gambling? Their testosterone levels spike, and as noted, testosterone has been linked to aggression and poor decision-making.

But why do testosterone levels spike for men without much of an ego who come in contact with a lot of cash, and they don't if you're a narcissist?

Much of it has to do with a growing body of evidence showing that our biology is sensitive to changes in social status , according to Stenstrom.

"For instance, a lot of research has found that people's testosterone levels are associated with status and dominance," he says. "This has also been found in many other animals. Testosterone levels tend to increase in response to winning competitions like soccer and video games . In our studies, we think that when non-narcissistic people hold large amounts of cash, it makes them feel very rich. They experience the money as a biological boost in status, thereby leading to an increase in testosterone levels."

But the narcissist?

"We found that narcissists might be perceiving the $1,600 in cash as a threat to their self-esteem, to their status. Narcissists tend to have inflated, yet very fragile, egos. While they have a higher need to be perceived as high status and be admired by those around them, they're actually very insecure, status-wise," Stenstrom says.

Because many narcissists may not feel that they deserve a high sum of money – remember, they are very insecure – that may prevent them from experiencing the boost in status and testosterone that the non-narcissists experience.

"However, if narcissists held large amounts of cash that actually belonged to them, we might see a large boost in testosterone and risk-taking," Stenstrom says. "More research is warranted to better understand exactly what is going on here and why."

[See: 12 Ways to Save Money at Home .]

What you may want to do, if you're a non-narcissist. As with any information you get about how something may affect you, you want to use common sense and not jump to any conclusions. If you know you aren't a narcissist, it isn't as if you should decide that you can't be trusted to make financial decisions. Still, Stenstrom has a recommendation for you.

"People who think that they are not narcissistic who wish to avoid making risky financial gambles should avoid handling large amounts of cash," he says.

In other words, keep this study in mind if you're heading to Las Vegas for a weekend, or if you plan on visiting a local casino.

But at the same time, Stenstrom says that if you're not a narcissist, you may be able to use the study's findings to help you take a financial risk. Because not all financial risks are bad.

"If someone is trying to muster up the bravery needed to take a risk they think will be beneficial to their lives, like leaving a steady job to follow their passion and start a new venture, then holding large amounts of cash might be a way to boost their testosterone levels and take the leap," he says.

Still, overall, Stenstrom says that he hopes the research will help discover how to curb unwanted risk-taking . But until that happens, some men have a ready excuse if they don't want to accept blame for losing everything at a casino, purchasing a sports car that they can't afford or for sinking a lot of money in bitcoin, only to see its value plummet. "It isn't my fault," you can say. "It's all of my testosterone."

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