Yellow Brick Road: Home
YBR

Guide to your money personality

Each of us has a different attitude to our personal wealth, from the Enthusiast to the Too Busy types. It impacts how involved you are with your money, how attainable your aspirations and where and what you do with your money. Throughout your lifetime, you may well move between money personality types.

Many types, in fact, are dominated by particular demographics. For example, Players are often white collar young men which Conversative DIYs are often retirees. Delegators are largely older women , while Avoiders are often younger women. Discover which of the personality types you fit into.

Enthusiast

You know you’re a financial Enthusiast if you:

  • consider yourself knowledgeable and you’re confident in your financial abilities

  • are highly engaged in your personal finances

  • value expertise, despite your own know-how (though you’d never outsource all of your wealth management)

  • expect to retire early

  • plan and monitor finances regularly

  • are comfortable with higher risk exposure

  • are confident about your financial future

  • have the following characteristics when it comes to money: stable, decisive, practical

  • are interested in the detail on your investments

Demographics: Enthusiasts makes up 14% of the adult population in Australia and holds 29% of Australia’s personal wealth. Enthusiasts are more often male (62%) and older, usually 55 years and over. In fact, 21% of the Enthusiasts in Australia are retired. This category has the highest income and net worth. It also has the highest percentage of self-employed (25%) represented. 53% of Enthusiasts have a financial planner right now. Enthusiasts are very likely to have shares, managed funds, property, business ownership, bonds, term deposits, pensions, SMSF and retail funds.

Delegator

You know you’re a dollar Delegator if you:

  • are not confident or knowledgeable about finances

  • find finances stressful

  • acknowledge the value of experts

  • accept the importance of having a plan

  • are risk averse

  • are agreeable, conscientious and considered

  • would seek advice on retirements planning

  • are relatively aware of your finances

  • are not a fan of managing your own money entirely on your own

 

Demographics: Delegators make up 19% of the adult population in Australia and hold 18% of Australia’s personal wealth. 48% of Delegators live in regional areas.They are more often women (55%) and over 55, with a high percentage of retirees represented. Delegator value expertise more than any other money type.

Avoider

You know you’re an Avoider if you:

  • don’t know much about your financial situation and frankly, you’d rather bury your head in the sand

  • the word “finances” makes you immediately anxious

  • are not interested in detailed information on money

  • are confident and knowledgeable about lot of things, but money is not one of them

  • have a personal loan

  • would say you’re disorganised, emotional and indecisive when it comes to your personal wealth

  • think you’re not wealthy or savvy enough to bother seeing a financial professional

  • would not be inclined to take risks with your money

  • can see the value in having experts deal with your money, but you’re not likely to seek them out

  • might get an expert involved when things get desperate, because there’s no way you feel equipped to tackle the problem on your own

 

Demographics: Your type makes up 22% of the adult population in Australia and holds only 9% of Australia’s personal wealth. Mostly female (65%) and likely under 40. Income average of $70k. Only 7% of this type of person have a financial planner right now. But 35% intend to see one in the next five years.

Do-it-yourself

You know you’re a Conservative DIY type if you:

  • really unlikely to use an “expert”, mostly because you’re inclined to want to handle it yourself without additional costs incurred

  • keep excellent records

  • consider yourself conservative with your finances

  • are aware of your financial situation and will research plenty before taking any actions on investments or changes

  • are confident you’ll achieve similar outcomes on your own as a financial planner could on your behalf

  • do not trust the financial planning industry or advisers

  • plan for your financial future and you revisit the plans regularly

  • are not interested in risky investments and you’re not seeking great returns on your investments

  • would say you’re: conscientious, stable and practical when it comes to money

 

Demographics: Conservative DIY types makes up 15% of the adult population in Australia and hold 20% of Australia’s personal wealth. Only 10% of Conservative DIYs have a financial planner but 32% rely on an accountant for advice. Only 22% are likely to see a planner in the future, the lowest percentage of any type. This type is made up of people mostly over 40 years old, and has more retired people in it than any other category (15%) and a high number of self-employed people (27%) too. This category is more likely than every other category to have term deposits, property investments, pensions and SMSF. Conservative DIYs usually have an average income but a high net worth.

Player

You know you’re a Player if you:

  • would describe yourself as spontaneous but stable and decisive with money

  • are aware of your financial situation

  • will happily make changes or investments without the help of experts

  • are okay with trying different tactics and taking a bit of risk, particularly through recommendations made by trusted friends and family in a solid financial position

  • enjoy the excitement of the share market and keep up to date with investments

  • are neutral in your feelings about financial advice and planners

  • like to live comfortably

  • have high interest savings, shares, and a mortgage

Demographics: Players make up 15% of the adult population in Australia and hold 13% of Australia’s personal wealth. Males dominate the Player category, making up 68%. Most Players are under 40 and work in upper white collar jobs. They earn the highest income of any category and live in metropolitan areas mostly (68%). More people in this type intend to see a financial planner in the next five years (51%).

Too busy

You know you’re a ‘better things to do’ Too Busy type if you:

  • like the idea of making big returns on your money (who doesn’t) but you’re not really focussed on putting a plan into action to make that happen

  • are pretty out of touch with your own finances, but you might try to sort things out on your own in desperate times

  • don’t have many shares or cash in managed funds

  • like the idea of retiring early

  • haven’t invested more into your super than the automatic deduction

  • are not loyal to professionals who don’t impress you.

  • can be disorganised and like to ‘live for now’ - YOLO, right?

  • are not a fan of getting financial professionals involved with your money right now. You might in a few years’ time.

  • don’t have income protection or life insurance.

  • prefer advice from professionals to be issue-specific not comprehensive and holistic

Demographic: The Too Busy type makes up 15% of the adult population in Australia and is made up of slightly more males than females. Your type holds 11% of Australia’s personal wealth. You’re likely under 40 years old with an good-average income and small net worth, as you haven’t actively invested in anything as yet.

Segmentation study conducted by The Customer Champion “Professional Planner Wealth Market Segmentation“ (2012).