Money Smart Athlete Blog

Your money personality and how it affects your financial planning

Financial psychology is a science that comes to fill the gap between psychology and behavioral economics. But why should an athlete spend his or her precious free time to try and understand what such a scientific term has to do with? It probably doesn’t affect his/her busy everyday life at all, right? The reality is that the exact opposite is true, as advertisers and marketers use scientific research on this field to tempt us, consumers, to spend our money on their products and services. Well, if it has such a great effect on the way we spend our money, we definitely need to take some time to understand what it is all about.

All of us relate to money in a different way, things such as what money means to us and how we behave in situations that require us to take a financial decision define our relationship with money. This relationship could be called your “money personality” and affects our overall finances.

Our money-management habits tend to fit into four money personality categories. The four money personalities and their characteristics according to the “Success Resources” website ( are:

  1. Personality #1: The Hoarder – while others see money as a means to buy nice things, Hoarders see it as a means to obtain security. No matter how much money a hoarder has, he will always fear that one false move or unexpected disaster will make him poor. Beware though, saving too much may lead to a diminished quality of life!
  2. Personality #2: The Spender – Buying things is a common behavior that helps Spenders feel important, loved, and validated. Spenders’ inner voices tell them, “I deserve this: I won’t be denied anymore.” The biggest spenders are status seekers who equate extravagant possessions with self-worth. Whether or not they can afford it, that Ferrari makes them feel respected. Unfortunately, opting for style over financial substance may lead to critical financial mistakes!
  3. Personality #3: The Avoider – Avoiders are not comfortable with the subject of money due to their lack of interest or because they feel that there are other important issues. The Avoider takes a “see no evil, fear no evil” approach to manage their financial affairs. But by not staying informed about their finances, Avoiders are missing out on opportunities to set the foundation for a more financially secure future.
  4. Personality #4: The Money Monk – Handling money in any way makes a Money Monk feel like he is giving in to its seductive power. Often Money Monks were raised with deep religious or political convictions – their parents taught them that money is the root of evil, or that rich people are “capitalist pigs”.


Once you understand where your financial behavior is rooted you will be able to make changes and formulate a financial plan that is logical and based on a disciplined approach that is consistent, flexible to changing conditions and adheres to your goals and risk tolerance. You can also seek advice from a financial professional who will have the knowledge and experience required to help you adjust your financial plans to your money personality, comfort level and goals.

We are here to help you discover your money personality and achieve financial harmony. You may get in touch with us at [email protected]