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Daily Mail - money personalities

ended 13. October 2021

A journalist at the Daily Mail is seeking a financial expert/psychologist who can outline some of the different types of money personalities and provide advice on the best way they can save/manage money. Bit of an off-the-wall one this, so if you've got any thoughts or insights, jot them down. Deadline is ultra-tight so just a few sentences will do!
 



 

2 responses from the Newspage community

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Graeme Inglis
Director and Chartered Financial Planner at Poise Financial Planning
"Looking at the relationship between investment risk and a client's financial personality is key to making sure the correct investment strategy is adopted. Typical personality traits to be aware of are: Gain attraction - how driven are clients towards making money? Loss aversion - how worried do clients become when faced with a potential loss? Volatility anxiety - to what extent do the ups and downs of investments cause sleepless nights? Intervention risk - how likely is a client to intervene and terminate an investment if things do not go to plan? "We are all affected by these financial personality traits. However, through discussion the extent to which they drive our financial behaviour should be taken into account when investing money and any advice should be tailored to the individual's circumstances."
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Scott Gallacher
Director at Rowley Turton
"Your earliest experiences with money can be a huge influence on how successful you might be with money. If your earliest experiences are of a dysfunctional family with money, it is likely that you will always worry about money even if you are very wealthy. On the other hand, if your parents were wealthy but carefree with money you might be less concerned about money even if you aren't wealthy. You might have a 'don't worry something always turns up' attitude, which can be dangerous. The ability to live within your means but without worrying about things is perhaps the key to financial success."