I Took A Money Personality Test and This Is What I Learned

Lately, I’ve been thinking a lot about money. Frankly, who hasn’t? The spiraling economy, stimulus check wishful thinking, unemployment, and foreclosure rates have many of us, globally, going grayer at the mere thought of money. And yet some of us, despite the chaos surrounding us, are less frazzled by the mention of dollars and cents. I wondered if one’s money mindset had as much (or even more) to do with their sense of calm and security than their actual financial status. So I took a money personality test and this is what I discovered.

Financial literacy in action or inaction

Financial literacy is as important as having a stellar vocabulary and knowing how to conjugate verbs. It’s the language that we all speak whether we realize it or not. Financial literacy or fluency can certainly vary, but having knowledge and understanding of the basics can go a long way and be the necessary prompt for further conversation and learning. Whether you apply your knowledge and understanding to create a budget, legally deducting your teeny tiny home’s office space, or investing in Poshmark, minutes after it goes public (not I), is more of a reflection of your financial values than your fiscal ease.

Don’t believe me? In October 2020, UBS, (UBS Group AG) a Swiss multinational investment bank and financial services company, shared their findings of millennial women’s application of their financial literacy. Much to the surprise and horror of many feminists, the data was like a snapshot of the 1950’s.

As reported in the New York Times, 76 percent of millennials (ages 24 to 39) said, financial participation was not essential, for financial equality, compared with 89 percent of boomers (ages 56 to 74). Translation: an alarming majority of millennial Boss Girl women surrendered financial authority over to their husbands/partners.

“There’s a complacency that the world is equal, we’ve got it made, we can do anything we want, we’re going to have awesome partners who will be our equals,” one woman offered.

Why is it a big deal? Maybe for that 76%, handing over economic agency within their intimate relationships is comparable to hiring a nanny to look after their children, or a housekeeper to make their bed. No big deal, really.

In some cases, these women, who are women with money — top earners, CEOs, financially successful in their own right who are fully aware and accountable for their company’s bottom line are perhaps clueless about their own. They may have little say in the household budget, which school their children attend, or how much gets contributed to various savings funds.

What good is it to negotiate a salary or even know how to max out your 401K if you aren’t following through with managing it? Ultimately, your financial choices, action or inaction, depends on what you value about being financially literate. Perhaps those high achieving millennial women ironically, value “being taken care of” or not being responsible for everything. We’d have to ask them.

Value mindset matters

Back to this Money Personality Test. Olivia Mellan’s 20-question Money Harmony Quiz was a relatively painless assessment to determine which of five major money personality types most closely matched my own tendencies: Hoarder, Spender, Money Monk, Avoider, or Amasser. This wasn’t rocket science and like many financial coaching or wealth coach guru disclaimers, it was to be taken with a grain of salt. The questions surveyed how I would respond to a $20k windfall, if I took pride in budgeting, what my primary financial goals were, etc. As it turns out, I’m a money Amasser and Hoarder (tied results).

What does that mean? Well, as an Amasser, I am “happiest when you have large amounts of money at your disposal to spend, to save, and/or to invest.”. Amen to that! It should be noted that “large amounts” are relative and context is key — $100 on Etsy or buying penny stock can go way further than at a downtown sample sale or contributing to a SEP-IRA account. While as an amasser, having money in my pocket is supposed to give me a confidence boost and a sense of prestige, I’m more like the millionaire next door than a jet setter. I do like (love) making my own financial decisions and have made reading and educating myself a part of my professional and personal wellness routine.

As Hoarder, I like to keep my coin. If you had an 8-year old with a doll and 5-Surprise fetish, you’d know as fast as the money comes, it can go and you might want to keep your earnings longer than a 2 minute toy commercial. Of course what came to mind was hoarding shows where folks have stacks of old newspapers, garbage, and laundry littered throughout their homes. A disrespect of money was my interpretation of this money personality.

Fortunately, Mellan’s characterization was less offensive. “If you tend to be a hoarder, you like to save money. You also like to prioritize your financial goals. You probably have a budget and may enjoy the processes of making up a budget and reviewing it periodically.” How did she know about my 88-lined excel sheet mapping every dollar’s journey into and out of various accounts? Who knows how much they spent on beauty supplies or cat food so far this month? I do.

Hoarders struggle with spending their money, especially on consumer wants. While I may not want to shell out money for the latest tech toy, I’m the first one to have a stockpile of fancy Italian soaps, sleep on 600 thread count Egyptian cotton sheets, invest in a beautiful black sheath dress, or enroll my daughter in ballet, karate, and a STEM class for girls. Note, I generally make these high brow purchases when on sale. There are mindfulness and consciousness in my spending that makes sense for me and my family.

Money mindsets are born out of value reflection, not external advise

This test neither illuminated nor validated what I already knew to be true for me and my money perspective.

My values — security, independence, agency, making educationed decisions, consumer consciousness, and mindful indulgences.

These values align with my goals — earn as much as possible doing work I love and that has a positive social impact, live well but not above my means, put people first, before money and things, spend, share, save and invest strategically.

My tactics, or approach in practice is to take ownership over my financial literacy, be accountable for my financial and work/income-related decisions, involve my daughter in exploring how we use our funds, and ultimately be a model for her a kind of wealth and independence that may be quiet but is pretty powerful and empowering

This financial test taught me about myself and what I value. It gave me a glimpse into my approach to money goals and management and it was free (frugal ways are inherent qualities of both amassers and hoarders).

Simply put, your feelings and mindset about money will have an influence on your bank account(s).

While I don’t mean to diss the money coach industry, I do frown at the idea of our money mindsets being born out of external guidance be they financial advisors or youtubers. Mindsets and values, even financial ones, are deeply personal. While they may go against the grain of popular culture, even seem provincial and counterproductive, they are our own, and only we can change them. If we so choose.

Lisa waxes philosophical about all issues pertaining to women and their pursuits of happiness, abundance, and equity in our cities. What does financial literacy mean to you?