We all have certain beliefs and behaviours that guide us in our choices in life, whether that is in respect of the food we eat, how we live, the way in which we work or bring up children, our political views etc, so it stands to reason that these personality traits cross over to our financial identities.
Although the financial services industry tends to pigeon hole people into various categories such as balanced investors, retirees, young married, cautious types and more, I believe that there is a whole other set of identities that relate to how we run our financial lives.
You may have heard people claim that they are a ‘spendthrift’ or that they are ‘saver’ but I think it is a little more complex. In reality we rarely have such black and white styles of money management.
There have been a number of studies with authors listing up to 20 different personality types but I have narrowed it down to seven which I think cover most of us.