It’s more important than ever for people to review their relationship with money in 2023, especially with the cost of living continuing to rise. Personality can influence spending and saving habits, so having a good understanding of this could help Britons get on top of their finances in 2023.
A useful money tool has been designed in collaboration with a financial therapist to enable consumers to educate themselves on their attitude towards money.
Aqua’s Money Personality tool could help people overcome obstacles and make stronger financial decisions in the years ahead.
Sharvan Selvam, commercial director of Aqua, said: “Understanding your money personality can have several positive effects on your relationship with money, particularly the way you approach building better credit in this difficult financial climate.
“Taking our quiz and understanding the worries and motivations associated with your personality will help you manage your financial situation and continue your journey of building a strong credit score.”
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The second personality type is spenders – these people find joy in spending money, they’re unlikely to budget or plan their finances and they’re not strangers to overspending.
Their spending habits are typically predicated on boosting self-esteem, and they’re likely to accumulate debt as a result so their credit history can suffer.
Planners, on the other hand, are experts in creating strategies for their money. They’re in complete control of their finances and think carefully about every purchase they make, rarely taking risks and always spending sensibly.
While they might focus too much on their financial worth, they typically have a strong credit score as a result.
Worriers have an anxious relationship with money, they strive to feel in control of their finances and struggle with spending decisions as a result.
Though they usually stay on top of their spending, their worrying is often unproductive and they overcomplicate decision-making processes out of fear they’d regret spending the money.
Avoiders would rather do anything but think or talk about money because it gives them too much anxiety. They rarely check their accounts and may miss opportunities for better deals, saving, and investing as a result.
Their credit score may suffer from their lack of account monitoring, and they’re likely to use a higher percentage of their credit limit.
Thrill-seekers take a lot of chances with money and gain a sense of prestige from the rush of making high-risk investments.
These personality types are good at thinking on their feet with money and tend to make impulsive purchases.
However, they struggle with planning and making financial decisions and these behaviours can result in a volatile credit picture.
To learn more about the different money personalities people can take the quiz here.