Do You Know Your Money Personality?




Do You Know Your Money Personality?

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Getting to know your financial behaviors and why you spend (and save) the way you do is key to your overall financial health. 

Financial psychology — the study of what influences our financial behaviors — can tell us a lot about the “why” behind our financial decisions. Through that lens, we can see what our greatest strengths and weaknesses are, helping us make smarter money choices and reach our goals. 

To gain insight into what drives your financial choices, check out the money personality assessment through Enrich, Provident’s online financial wellness center. Developed by financial wellness experts and backed by behavioral economics, the money personality assessment can help you learn a lot about what makes you, you.

Your Emotions Type

The emotions you feel around money have a big impact on your financial decisions. 

Our emotional types typically fall into three camps:

  • Apprehensive
  • Cautious
  • Relaxed

Knowing which emotion type you are can give insight into both how you see money and how you manage it. For example, apprehensive emotional types are often anxious about money. They likely understand a lot about personal finance but may avoid the topic of money to reduce their anxiety. 

Once the money personality assessment identifies your emotional type, you’ll get recommended courses and action steps you can take today. For example, if you’re the apprehensive type, setting up a budget can help you feel more in control of your spending. 

Your Outlook Type 

How you see the world (and your bank account) can be a huge asset. 

Outlook types fall into three categories:

  • Optimistic 
  • Confident
  • Skeptical

Those with an optimistic outlook may have an easier time approaching challenging tasks like debt management or credit repair. But they may be caught off guard when things don’t go to plan. To balance things out, our financial wellness experts recommend considering all scenarios — including “worst case” options — and creating a backup plan for potential negative outcomes. 

Your Focus Type

In life, we all have a focus — a value or belief that makes it easier to get started, hold our attention, and stick through rough patches. That focus plays a part in your finances, too. 

Focus types fall into one of two groups:

  • Present focused
  • Future focused

When you’re present focused, for example, you tend to live for today, leaving the future open-ended. When it comes to your finances, that could lead to ignoring actions — like building an emergency fund — that could come in handy in the future. If you’re focused on the now, our experts recommend sitting down and brainstorming on future goals. Doing so will help you think of today, and tomorrow. 

Your Influence Type

We’re influenced by people and experiences all throughout our lives. Those influences play a part in all our decisions, including financial ones. How we’re influenced is also part of our personality. 

Influence types fall into:

  • Social
  • Independent 
  • Elusive 

For example, independent influence types aren’t generally influenced by others. Without the pressure to conform, they make their own decisions. On the one hand, this makes them great researchers, learning a lot about mastering their own finances. On the other, it may make them hesitant to give up control or seek advice from a financial expert. 

Independent influence types can embrace their true nature by spending more time learning how personal finance works. For example, independent folks may save money by researching insurance coverage levels and different providers, compared to a social influence type who is more willing to ask for recommendations. 

The Extras That Make You, You

We’re not just a collection of our past experiences and personality traits. The money personality assessment also looks at the bonus bit of your personality — how you like to approach day-to-day living.

Day-to-day outlook falls into:

  • Organized
  • Change-seeking
  • Fun-seeking

If you’re an organized type, you likely get a little spark of joy from tracking your spending or managing your family’s budget. On the flip side, you may sometimes find yourself focusing too hard on a potential financial outcome. Our experts recommend setting up safeguards for money matters you can’t control — like signing up for identity theft protection — to release some stress. 

Knowing the aspects of your money personality can help you make changes to how you approach personal finance. (And it can be fun, too!) Taking the money personality assessment through Enrich is free and only takes a few minutes to complete. 

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