New quiz looks at how behaviour affects spending habits

By earthnews
1 year Ago

New quiz looks at how behaviour affects spending habits

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Photo: RNZ / Rebekah Parsons-King

A first-of-its-kind study looking at the financial personalities of New Zealanders indicates older generations are more conservative with their money and younger people are more likely to take financial risks and share their wealth.

Independent money guide Sorted used research from AUT’s business school to launch the Money Personality Quiz, to look at how a person’s behaviour affected their spending.

The university surveyed 500 people and identified five money personality types: The enterprisers, the minimalists, the socialites, the contemporaries and the realists.

The personalities were associated with different behaviours around money – people who were minimalists were naturally frugal and conservative with risk, while those that identified as socialites tended to be more outgoing.

AUT senior lecturer Dr Ayesha Scott hoped the tool would help people to notice their financial habits.

“If we understand our own personality traits, we are better placed to devise strategies that accentuate our positives and minimise our negatives,” she said.

“Sorted’s Money Personality Quiz can help people get a better idea of what they need to do to build financial resilience and security.”

Scott emphasised that there was not an ideal personality type.

“There are no good or bad money personalities – each one has strengths and weaknesses.”

Jo Gamble, the research lead at Te Ara Ahunga Ora Retirement Commission which runs Sorted, said it was a priority to make the quiz easy to engage with.

“We were focused on getting the quiz down to the fewest number of questions and possible personalities, while ensuring the outcomes remained valid,” she said.

“We ended up with a great result – through 17 questions users can get a clear picture of their money personality.

“The quiz can be done start to finish in five minutes.”