What is your financial personality!

Created by Frank Conway

Are you more of a spender than saver?

Or, are you confident you can master the financial system all on your own?

Or do you feel the entire financial system is rigged? That there is no point in saving, or investing or even trying to learn how it all works?

At MoneyWhizz, we have identified five key financial personalities. Discover where you fit in. Doing so can help you understand any hidden financial biases… and even help you take steps to place your financial wellbeing on a solid footing.

About the personalities

Peacock

These personalities enjoy the finer things life has to offer and value projecting an image of success to the world. 

It is crucial they remember to save for future needs. This will be important for their financial wellbeing too! It is never too early to start a habit of saving a little extra each month for future spending needs.

Lone Wolf

Lone Wolves place great value on putting their money to work. And they also enjoy making their financial decisions independently. When they meet with a financial adviser, it is mainly to confirm what they already know. It is less about learning new information. 

But beware! Lone Wolves can be vulnerable to their own confidence. When it comes to investing, they can be at risk of limited and even minimal diversification. If markets become turbulent, their investments are exposed to a fall in value. To be adequately diversified, they need to spread their investment risk. They should work with investment experts as the need arises.

Ostrich

Ostriches are more likely to avoid complex financial decisions and complicated financial planning. They are fearful of leaving their financial comfort zone. While this can be understandable, it can leave them exposed. 

It is important they avoid leaving future financial needs to luck or faith. 

They should not be fearful of seeking out expert advice on those areas of personal finance that matter. This includes planning for the future and applying for relevant tax refunds. It also encompasses saving towards a future retirement and getting all of the relevant tax relief available.

Squirrel

To Squirrels, money signifies financial security. They enjoy bargain hunting and have a healthy attitude to saving money. 

Yet, it is important they fully understand the negative impact inflation will have on the value of money over time. Leaving money on a low-yield deposit account erodes the value of money.

They should not be fearful of exploring diversified investment options to protect against the negative impact of inflation. 

Black Cat

For the Black Cat, life challenges can offer a view of money that is protective, and fearful. Past events have left their finances depleted and monthly bank balances can be exhausted more often than not.

For future financial wellbeing, it is important to put a financial plan in place. And where necessary, seek out expert support and guidance.