Most people assume that if they’re struggling with money, it’s because they haven’t earned enough, failed to saved properly or are simply ‘bad with finances’.
But according to financial adviser, money educator and mother-of-three Canna Campbell, the answer is often far more nuanced.
The founder of SugarMammaTV believes that every person has a distinct ‘money personality’ that dictates a set of behaviours, beliefs and habits that shape the way they earn, spend, save and invest.
Canna urges that understanding which category you naturally fall into could explain why some financial goals feel effortless while others seem frustratingly out of reach.
‘Most people aren’t bad with money, they just approach it in a certain way,’ she told the Daily Mail.
She compares a money ‘personality’ to a financial star sign, explaining that it can provide powerful insight into the way people engage with their finances, both positively and negatively.
While most people will recognise one dominant style, Canna believes many fall somewhere between two categories and may even shift between personalities depending on the stage of life they’re in.
‘Personally, I do believe that you can be a hybrid of two and sometimes during certain chapters of our lives, we may drift into other personalities which we wouldn’t normally identify with,’ she explained.
According to financial adviser Canna Campbell (pictured) compares a money ‘personality’ to a financial star sign, explaining that it can provide powerful insight into the way people engage with their finances, both positively and negatively
The five money personalities
According to Canna, there are five broad money scopes, each with their own strengths and weaknesses.
At one end of the spectrum sits the ‘Avoidant’ – someone who is almost completely disengaged from their finances.
Bills, bank balances and superannuation are often pushed to the bottom of the to-do list, and important financial decisions are delayed until problems become too big to ignore.
‘The danger is that they get help too late,’ Canna explained.
Because issues are allowed to compound over time, avoidants are often the most vulnerable to debt and financial stress. However, she said even a small amount of financial education can make a dramatic difference and help them regain control quickly.
Then there is the ‘Optimiser’, someone who is disciplined, strategic and highly informed, but often paralysed by the desire to make the perfect decision.
These people spend hours researching investment options, comparing savings accounts and weighing up different scenarios. Yet, despite their good intentions, they can struggle to pull the trigger.
‘They can end up wasting time and missing out on opportunities,’ Canna said.
On the opposite end of the spectrum is the ‘YOLO’ (you only live once) personality, who focuses on living in the present and tends to assume that everything will somehow work out in the future.
‘They forget about their financial future and hang their cap in faith and hope,’ she said.
But despite their relaxed approach to money, Canna points out that these personalities are often among the happiest and most present.
The ‘Security Seeker’, meanwhile, is driven by stability and certainty.
These are the savers and budgeters who prefer to know exactly where every dollar is going and are naturally cautious when it comes to financial risk.
Their conservative approach can provide a strong sense of security, although being too focused on preservation can sometimes prevent them from taking opportunities that may help build wealth over the long term.
Finally comes what Canna affectionately refers to as the ‘dark horse’ – officially known as the ‘Quiet Accumulator’.
Methodical, educated and deeply committed to building wealth, these individuals often fly under the radar.
According to Canna, they are not interested in flashy displays of money or overnight success, but instead focus on consistent progress and long-term goals, however, that discipline can come with a downside.
‘They put a lot of pressure on themselves and can struggle to enjoy their money today.’
Interestingly, Canna believes this personality type is also the most successful when it comes to accumulating wealth, saying they are ‘motivated, focused and determined.’
‘They have clear financial goals, each with a deadline, they understand what they are doing and why. They also know the hard work is worth it, and are patient and committed to the long game.’
Why your childhood may still be shaping your finances
According to Canna, many of our attitudes towards money are formed long before we earn our first pay cheque.
‘Most people underestimate the impact, both good and bad, that our childhood experiences have in shaping our relationship with money,’ she explained.
Over the years, she has worked with clients who grew up in poverty or with parents who struggled with shopping addictions or gambling problems.
While those experiences can leave lasting scars, she believes they don’t have to define a person’s future.
Instead, many have used those difficult experiences as fuel to build healthier financial habits and create the kind of life they never had growing up.
‘They have used it as a powerful blessing for their growth, both personal and financially,’ she said.
According to Canna, many of our attitudes towards money are formed as children, but stresses they don’t have to define a person’s future
Can you change your money personality?
The good news, according to Canna, is that no money personality is fixed for life.
She believes true transformation starts with self-awareness and having an honest conversation with yourself about what you value and what kind of future you want to create.
‘This is where important shifts happen and you can take back control and reinvent yourself and redesign your future,’ she said.
‘When looking at your habits, mindsets and triggers, go deep, [and] lean into the vulnerability and look at what serves you or hinders you in building the life that you want and are worthy of.
‘It can be confronting and uncomfortable, but this is the deep work where the biggest and best transformations happen, with long-term results that are seriously inspiring.’
What happens when couples have opposite money personalities?
Financial differences are one of the most common causes of tension in relationships, but Canna insists they don’t have to become a source of conflict.
‘Understanding each other’s money personality is helpful, but what matters more is understanding how and why they are formed,’ she explained.
Through communication, openness and a willingness to discuss fears and vulnerabilities around money, couples can create a shared vision and build financial confidence together.
Financial differences are a common cause of tension in relationships, but Canna insists they don’t have to become a source of conflict. Regular communication and a willingness to discuss fears and vulnerabilities around money can create a shared vision and build financial confidence together
The simple habits everyone should adopt
Regardless of personality type, Canna said there are several habits that benefit everyone, but the the first should be setting a financial goal that genuinely excites you.
She also believes everyone should understand exactly where their money is going by creating a budget, even if it’s simply for clarity rather than restriction.
Once high-interest debt, such as credit cards and buy now, pay later balances, have been eliminated and emergency savings have been built, she also recommends directing money towards investing, superannuation or long-term savings.
‘Even the smallest changes when applied consistently can have an incredible impact over the long run.’
And while people often blame their circumstances, Canna believes most already know when their finances need attention.
Living pay cheque to pay cheque, carrying old credit card debt, having no emergency fund or not knowing where your superannuation is invested are all warning signs that shouldn’t be ignored.
‘Most of us know deep down if we could be doing more to improve our finances.’
