When it comes to money, are you a big spender or a fearful saver? Do you give away all your money or ignore financial demands until they become urgent?
After decades of focus on financial literacy, it has become clear there is more to how we manage our money than access to information. Now new research has identified five distinct money personalities that drive how we spend.
Commissioned by Te Ara Ahunga Ora (Retirement Commission) for their free, independent personal finance site Sorted, our study included an extensive review of the research on personality traits, values and attitudes. We then created an online survey, completed by nearly 500 New Zealanders, exploring how people engaged with their money.
The research findings form the backbone of a new online money personality quiz designed to help people understand their money personality and inform their financial decisions and behaviour.
With New Zealand officially in a recession, it has never been more important to understand money management. Despite our best intentions, we often struggle to make “good” financial decisions consistently – including saving enough, using debt wisely, and staying on top of insurance policies and KiwiSaver.