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CConfidentAAnxious PPrudentSSwift LLavishFFrugal

Your PoundWise Financial Personality Type: ASL

(Anxious, Swift, Lavish)

Your financial personality

You tend to have a more-apprehensive view of your financial decision making. People who share this view tend to rely more on external factors and on the opinions of others than on their own personal view. Apprehensive people sometimes believe that they are less fortunate than their peers and that the future will be uncertain for them.

Your answers also indicate that you may be a quick decision maker.  People who are swift decision makers often make choices based on intuition and like to “live in the moment” rather than be methodical. Swift decision makers are typically less concerned about consistency in their decisions, allowing the current situation and their preferences in the moment to guide their choices.

Finally, you appear to be more generous with your money and place a higher value on your time. Lavish individuals value quality products and experience and are usually comfortable paying for them. Lavish people tend also to be more generous and will be more likely to buy expensive gifts and to give money to charity.

How your personality affects your decision making

When making financial decisions, apprehensive people can find it more difficult to take risks and, as a result may hold too much of their money in cash or other low-risk investments. Similarly, apprehensive personality types are at greater risk of making financial decisions based on choices made by family and friends due to “fear of missing out.”

Swift individuals can be at risk of taking a short-term view when making financial decisions. This can cause them to save less money than their more-prudent peers due to their more-impulsive nature. Swift individuals also often make more trades in their investment accounts as they try to adapt their investments to follow trends they observe. These individuals can be overly-optimistic in their expectations.

Lavish individuals can run the risk of prioritizing near-term experiences over longer-term needs. People with lavish traits sometimes also have a difficult time prioritizing their own financial needs vs. providing support to others, which can cause strain on their financial security.

What types of relationships are best for your personality

It is important for individuals with apprehensive personalities to seek out resources and advisors who have a teaching mindset and who will spend time to help them to feel comfortable with their financial decisions. Apprehensive personality types should also consider systematic investing and saving programs so that they are less likely to be influenced by short-term fluctuations.

Swift decision makers should seek resources and advisors who can help them to maintain a longer-term view, while at the same time help them to see the near-term costs and benefits of their financial decisions.

Lavish individuals should seek advisors who can help them to create financial plans and budgets that are sufficiently-detailed, so that they can understand the tradeoffs between expenses in the short term and saving for the long term.