Why Financial Personality Matters More Than You Think

We, as social beings, are obsessed with personality tests. We enjoy reading in depth analysis of our character, seeking advice on how we should handle certain aspects of our life like relationships and career, and to see that we’re not alone in this wide world. Personality tests help most of us navigate through life smoothly as well as help aid us in our character growth. 

This applies to financial personalities, as well.

Financial personalities is as self explanatory in its title. It’s how your personality traits affect how you manage your finances, your beliefs about money, and your financial goals. Much like the usual personality tests, it’s important we know what our financial personality are so we can navigate our finances better.

You probably have a rough idea of what your financial personality is. Perhaps you’re aware that you’re a bit more cautious with your spending compared to your peers, or maybe you’re on the other end of the spectrum (your wallet never stays full for a long time). That’s good! That’s the first step to great money management; if you’re somewhat aware of how you handle your money, positive change is on the horizon. You just need to take the rest of the steps.

If you haven’t, don’t sweat it. Financial personality quizzes are abundant on the Internet but provided below are ones I’ve personally taken and enjoyed. 

The MoneyType Personality Test

First, let’s take a look at MoneyType. MoneyType is a quiz that helps women identify their money personality. The personalities are divided into five – the Epicure, the Independent, the Nurturer, the Visionary, and the Producer.  

Download a PDF version of it HERE

Basically, the Epicure women loves money and loves spending it especially on materialistic items, services, and experiences. The Independent values freedom thus sees money as a tool to achieve it, often in adventures or experiences. The Nurturer uses money to help others, while the Visionary women sees money as a tool for self-expression. And the Producer is consistently working hard to gain more coins in their pockets through many means, preferring to splurge less and save more. What I enjoyed the most from this money personality test is that once you’ve received your results, they also recommend what you can do to improve your financial management better as well as show how much of each category you are.

The Six Personality Types Test

Next is the Six Financial Personality Types, a shorter and more general test.

Image credits from here

The six financial personality types includes the Social Value Spender, who loves to splurge on themselves or their loved ones as a means to make themselves happier. The second personality type is the Cash Splasher, someone who loves to spoil others, and the third is the Hoarder, which is the complete opposite of a spender – they prefer to save most of their money as a security means. There is also the Ostrich, someone who refuses to acknowledge or organize their finances. And the other two personality types are the Fitbit Financier, someone who craves control with their money, and the Anxious Investor, those who are committed and addicted to investing. This particular test is fun and also provides advice and tips for improvement.

The Myers-Brigg Personality Test

You can also refer to your Myers-Brigg type to understand your financial personality better. For example, an INFJ uses their money to please either themselves or other people. The Player, the ESTP, are impulsive and carefree with their finances. And an  INTJ prefers to plan their long-term financial goals. A more in depth analysis of Myers-Brigg types and their finances will be coming soon, however, so do look out for that!

In conclusion

Majority of these financial personality tests have one end goal in mind. Their aim is to help you understand your personality better and how it influences your attitude and behaviour towards money. Once we understand ourselves better, the better we handle our finances.

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