The Five Money Personality Types


The Five Money Personality Types

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 By Bromwich+Smith Staff | 736 words | Reading Time: 3 minutes, 21 Seconds | Date: 2022/02/25

With the month of love and relationships coming to a close, let’s end off with breaking down the different money personality types that exist. A money personality type is the way you approach finances, and while you can have traits from each, we all have a dominating type that guides how we make our decisions.

Your money personality type plays a big role in all of your relationships; the one you have with yourself and the one that you have with others. It impacts your financial situation and how you approach making financial decisions. Everyone approaches money a bit differently. The lessons we receive about money start young and are carried through our lives, adapting to the situations we find ourselves in and by those who we surround ourselves with. How we behave with our money and the decisions we make, ultimately determines our financial wellbeing. 

So what is your money personality type? Below are the five most common types and how each one influences financial decision making.


Hey big spender, we’re looking at you! Spenders love to have the latest and greatest of everything, whether it's a new car, the latest iPhone, or brand-name clothing, they want it. People who fall into this personality type are not interested in bargain shopping or waiting before making a big purchase; they want it new and they want it now. They are comfortable spending money, don't fear debt, and often take big risks when investing. 


Savers are the exact opposite of spenders. They are mindful of how much things cost, whether it is the cost of leaving the fridge door open or deciding to purchase a new Spring wardrobe, they make their decision to spend carefully. They are not concerned with having the latest and greatest and choose to shop only when absolutely necessary. They can be viewed as being cheap, especially by the spenders, but they are unconcerned. They are conservative by nature and take minimal risks with their investments. Racking up credit card debt, or debt of any kind, is out of their comfort zone and as such, they rarely make purchases with a credit card.


Much like spenders, shoppers can’t resist spending money. They often develop a great emotional satisfaction from spending money and will frequently make purchases that they don’t really need. They are usually aware of their addiction and are even concerned about the debt that it creates in their lives. Unlike the spenders, they will look for bargains and are very happy when they find them. Their investing habits are varied, with some regularly investing in their RRSP plans and others viewing investing as something they will eventually get to.


This personality type is the most unaware of their spending habits and doesn’t take the time to keep tabs on where their money is going. Debtors generally spend more than they earn and subsequently find themselves deeply in debt. They don’t put much thought towards investing and can miss opportunities.


Investors are the final personality type and as their name suggests, they make their money work for them. They are deeply aware of money in general and they understand their own financial situation better than the other personality types. They are strategic and make careful decisions with their investments. They know when to take a risk to reach their goals and when to draw back.

If you find yourself stuck in one particular money personality type, you might not be making the most of your finances and missing opportunities to improve them. Start to look at your beliefs around money and how you approach it in everyday situations. Decide what you want to achieve and how you want money to show up in your life.

If you are facing debt stress and need help with your financial situation, seek help from a credible source as soon as possible. We’re here for you, and at Bromwich+Smith, we offer an initial free, no obligation, confidential consultation by phone 1-855-884-9243 or video. You can also request a call back at our contact us page. We have many resources available to you at which include our informative blogs, our budget planner and debt calculator. We also have partnered with Cacheflo who offers a free monthly webinar as part of their Financial Capability Series - register for the next webinar now!

Remember, your relationship with money can change, and so can your financial future. It’s never too late to conquer your debt and rebuild your worth. 


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