Recent research has identified five distinct money personalities that shape our spending habits and financial decisions.
The enterpriser is a financially confident planner who values self-control and making money work for them, but they may struggle with materialism.
Minimalists prioritize a simpler life, are frugal, and confident in their saving ability, but they may miss out on higher investment returns due to their aversion to financial risks.
Socialites are outgoing risk takers who enjoy spending money and living in the moment, but they may be prone to overspending and accumulating consumer debt.
The contemporary personality lacks confidence in financial matters, engages in impulsive spending, but aims to increase financial resilience by paying off debt and building an emergency savings fund.
Realists are future-focused and conservative with money, although they lack confidence in managing their finances. They may benefit from automation of bill payments and savings.
Understanding your money personality can help you identify your strengths and weaknesses when it comes to financial decision making.
The money personality quiz provided by Sorted can assist you in gaining insights into your financial behaviors and improve your financial resiliency.
Financial literacy alone is not enough to effectively manage money; personality traits, values, and attitudes also play a significant role.
Knowing your money personality can empower you to make better financial decisions, save effectively, and enhance your overall financial well-being.