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What Is Your Money Personality Type?

What Is Your Money Personality Type?

March 21, 2023

Like almost everything else in life, your response to money is largely dictated by your personality. Your personality is mostly shaped by behaviors observed from individual life experiences, starting from a young age. How you behave when it comes to money and the decisions you make around it can greatly influence your financial situation.

Money personality types and their corresponding character traits have long been classified into various groups by a multitude of experts over the years. Here we have sectioned them into seven different types. Most people can identify with aspects of several of these money personality or style profiles, however, the key is to find the type that most closely matches your behavior, the majority of the time.

Understanding your money personality can be helpful in shaping your approach to spending, saving, and investing.


The Hoarder | Worrier

Money hoarders are typically very risk-averse. No matter how much money they may have, hoarders are typically constantly worried that they could lose it at any time and that they don’t have enough. Money equals security for this type, they worry about having enough funds if there was an emergency or if they will have what they need for retirement.

Working with an advisor can be helpful to this money type, as they can assist in identifying the right investment approach and level of risk that feels comfortable. Having a plan can help ease feelings of worry but also create greater opportunities to have their money “working” for them.


The Compulsive Saver

Like their money-hoarder friends, compulsive savers find security in the belief that saving money is the only way to actually feel secure in life. Compulsive savers are notorious for being frugal and endlessly stocking away money. Often times these individuals put money in savings with no actual financial end goal in mind. They regularly restrict spending on things they consider unnecessary or frivolous.

Financial goal setting and budgeting for items that aren’t “needs” but rather for enjoyment can be helpful to this money type.


The Compulsive Spender | Binger

As the compulsive saver’s archnemesis, the compulsive spender will go to extremes spending away their money and not necessarily on things that they need or ultimately like.

Since their spending is not premeditated but rather spontaneous, this person will often treat friends, family, or co-workers for no particular reason. They are viewed as generous but often they use their money to win over others. This money type also uses spending as a way to cope with feelings or escape from emotional distress.

One word, budget! This type can greatly benefit from a well-planned budget and a little self-awareness, especially in highly stressful or emotional times.


 The Compulsive Moneymaker | Accumulator

This money type knows the secret to happiness (or at least they believe it will bring happiness), earning more money! They can be workaholics, spending most of their time and energy trying to make as much money as possible. They take pleasure in receiving recognition and approval from others as a result of their financial success. Their main financial goal is accumulating as much money as possible.

Volunteering, scheduling a vacation or donating to a cherished cause can help this type to remember that life is about more than just money. They will have to be intentional about incorporating these types of experiences into their life, so they don’t neglect loved ones or other aspects of their lives.


The Gambler

Great risks and the promise of big rewards are what thrill the gambler. The gambler shares similar traits with compulsive moneymakers and compulsive spenders. They seek pleasure so a big reward can help them gain the gratification that they crave. This money type will often gamble with money as a means to escape boredom.

Setting a budget and creating financial safeguards can be helpful to this type, as well as, intentionally setting aside some of their money each month or paycheck before they pull the trigger on big financial decisions.


 The Money Monk

What is money? That is the question. Often indifferent, the money monk rarely gives a thought to money as they feel that it should have no bearing or influence on important life decisions. However, this type can have negative views about money, considering it to be corrupt or bad. Their greater purpose in life is not focused on money.

This type must be careful not to ignore money matters. These individuals can do well if they make it a habit to check in on their expenses. It’s very easy for unexpected financial surprises to pop up by not keeping tabs on their money.


The Free Spirit | Nomad

This money type identifies with several of the other money personalities and will flow in and out of them. Some may consider them financially “bipolar”. The free spirit on one hand can be very generous and then very stingy much like the hoarder on the other. They can loathe the idea of being a financial burden to someone but on the same token have zero whims about relying on others.

Detailing priorities and creating a budget to support them can be very useful to this money type. Even if they find themselves flowing from one type to the other, mindfully abiding by their budget can help to create restraint and keep them on track.

Understanding your money personality and the challenges that come with it can help you to improve your relationship with money and your overall financial well-being. Managing your money involves self-awareness; knowing where you stand will allow you to modify your behavior to better achieve your financial and life goals.