Whats your money Personality?

Everyone has their own individual money personality which is learned behaviour over years of watching people throughout your life; like parents, teachers, mentors, business managers etc. Financial psychologist Dr Brad Klontz believes your thoughts about money play a big role in your overall financial health, and understanding this can be the key to achieving financial success. He places people into one of four different money psychology groups:

Money Avoidant

If you relate to the following statements about money:

  1. I don’t deserve a lot of money when others have less
    than me
  2. Rich people are greedy
  3. It is not okay to have more than you need
  4. People get rich by taking advantage of others

Money avoiders give money away in an unconscious effort to have as little as possible, ignore bank statements, struggle sticking to a budget and are at risk of overspending and hoarding.

Tips for money avoiders
• Organise a monthly meeting to look at your finances
• Generate a list of ideas regarding how having money is good for you and others
• Set budget goals and reward yourself

Money Status Seekers

If you can relate to the following statements about money:

  1. I will not buy something unless it’s new
  2. Your self-worth equals your net-worth
  3. Poor people are lazy
  4. If something is not considered the ‘best’ it is not worth buying

These people can have a tendency to overspend on things to raise their “social status”. If asked how much they earn they will usually inflate the figure.

Tips for money seekers
• Slow down and think about purchases and why you’re buying an item
• Make time to discuss monthly spending with loved ones and a trusted advisor
• Strive to be emotionally, physically and financially healthy – look for joy in everyday moments

Money Worshippers

If you relate to the following statements about money:

  1. More money will make you happier
  2. You can never have enough money
  3. Money could solve all my problems, no matter how big or small
  4. Money buys freedom

Money worshippers often overspend or overwork in an effort to find happiness or a sense of fulfilment. They are more likely to have lower income, credit card debt, spend compulsively, hoard possessions and put work ahead of everything in their lives. Can be on a treadmill for buying the latest thing which does not fundamentally change what’s happening on the inside to give them the feeling of happiness that they’re seeking.

Tips for money worshippers
• Put time between your impulse to buy something and purchasing
• Make time for yourself and the people you love
• Give – it feels good to give to others and giving should be budgeted for

Money Vigilant

If you relate to the following statements about money:

  1. It is important to save for a rainy day
  2. You should always look for the best deal, even if it takes time
  3. If you can’t pay cash for something, you should not buy it
  4. I would be a nervous wreck if I did not have an emergency fund

Often frugal, more likely to tell people they make less than they actually do. The money vigilant are often alert, watchful, believe it’s important to save and are less likely to buy on credit.

Tips for money vigilant
• Have fun – set a fun-money budget for a holiday or new toy
• Spend money on something that is useful and practical to reward yourself
• Have a trusted partner or advisor – someone who can provide insight

Like anything in life, being more aware is the first step. If you can see yourself in one of these categories, why don’t you give the tips a try and see if you feel the difference!


By Sarah Matzouranis – Crown Wealth Coach

*Comparison rates are calculated on the basis of secured credit of $150,000 over a 25 year term. Please note this comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.