The Wall Street bank teamed up with Myers-Briggs to identify the personality profiles
Most of us fit into one of four ‘financial personalities’ which influence our money management decisions.
Working with renowned personality profilers the Myers-Briggs Company, Marcus by Goldman Sachs has created a quiz to help people identify which of the types they are to help them manage their finances in a way that works best for them.
BMO also recently launched a personality-based tool to help investors identify their ESG persona.
These tools may also help financial advisors deepen their understanding of how different clients see money management.
In the Goldman Sachs quiz, the four types are: Confident Money Manager, Short-Term Strategist, Value-Based Planner, and Laid-Back Balancer.
As the name suggests, the confident money manager is assured in their financial capabilities and is most likely to have a long-term plan and stick to it.
These people may utilize tools such as spreadsheets and apps to help them manage their finances and tend to favour traditional long-term investments rather than more risky bets such as cryptocurrencies.
Short-term strategists are still interested in their finances and are generally confident in their abilities. But they like to remain flexible and typically focus on what they want tomorrow rather than long-term goals such as retirement.
Those who need more help
The other two personality types could probably use more help.
Value-based planners are more focused on the long-term but are less interested in financial planning than confident and short-term types. They should be among the best clients for financial advisors as they want to see growth in their finances but without taking a day-to-day interest.
Finally, the laid-back balancers also lack a daily focus on finances and are generally less interested in pursuing long-term goals. Instead, they are more likely to see money as a tool to be used rather than building wealth for the sake of it.
Take the quiz at: https://www.marcus.com/us/en/resources/personal-finance/discover-your-financial-personality
