Market Update – June 2018
Move beyond the career tournament to truly empowered leadership – Dr Cindy Pace

The World Cup shows both ‘spenders’ and ‘savers’ can win

Portugal's Cristiano Ronaldo in this year's FIFA World Cup.

Argentina … Fashion editor’s favourite.

Arguably the best two football players at this year’s FIFA World Cup are Lionel Messi of Argentina and Cristiano Ronaldo of Portugal.

While they both dominate their sport, there is a marked divergence in their personalities. Ronaldo is outgoing, vocal, charismatic and seems focused on his appearance, especially how he looks without a shirt. Messi appears to be a quiet, humble team player.

Whichever player you prefer or whose performance is judged to be the most impressive, it is clear that their personalities have shaped their on and off-field performance. Similarly, the way we manage money is strongly influenced by our inherent character traits. Generally, we all fall somewhere on the spender/saver dichotomy and in the same way that Messi and Ronaldo are both successful notwithstanding their opposing dispositions, both spenders and savers can be successful with money.

The saver

The saver gets a genuine rush from saving money and finds pride in getting something they want for less.

Savers are spreadsheet superheroes who love a budget and financial goals are a priority. Savers may find it difficult to spend money on themselves or loved ones when it comes to luxury items. Sometimes even practical gifts are a stretch. The list of “unnecessary expenses” for savers is a long one. When it comes to investing, the saver tends to be more concerned with future security, and how retirement goals are tracking, rather than liquidity. The odds are a saver will be a conservative, patient investor with an eye on long-term outcomes.

The spender

The spender believes money is to be enjoyed and this means spending up.

Portugal’s Cristiano Ronaldo in this year’s FIFA World Cup.

The spender loves to buy things for family and friends, getting a hit of joy from giving gifts, treating other people or helping out. Spenders embrace the moment and may find it difficult to prioritise life goals and put money aside for long-term financial goals or future oriented purchases. However, spenders are also more likely to have a higher risk tolerance, backing big ideas that can really pay off financially. Spenders are more likely to exploit opportunities that conservative savers would let pass them by.

You may recognise some of your own behaviours as a saver or spender type, but our money personalities aren’t always black and white. A financial personality quiz is a great way to dig deeper for more nuanced insights on the many facets which drive our responses to money. Here are a couple of quality, online tools which not only help you understand your innate wealth traits, but also provide tips on best managing the long-term financial impact of your financial behaviours.

The MoneyType assessment is a 40-question quiz crafted to give you an insightful look at the different characteristics of your money personality. The quiz will determine you are primarily one of five different money personalities: Independent, Nurturer, Producer, Epicure and Visionary. Unlike some other money tests, the results show your unique combination of all types. For example, 80 per cent producer, 10 per cent independent and so on and what the combination says about your overall money management style. The quiz was developed by Dr Jennifer Leigh Selig, a psychologist and expert in Jungian archetypes.

Life Sherpa’s 28 question money personality quiz was designed by Dr Kathleen Gurney, world-leading psychologist and author of Your Money Personality: What It Is and How You Can Profit from It. On completing the quiz you’ll receive a detailed report of the 13 key financial traits that make up your money personality and how to take advantage of these traits to make the most of your finances.

Whether you love the World Cup or could not care less, there is something to be learnt from the rise of the diametrically opposed stars of this year’s tournament. Both Messi and Ronaldo undoubtedly share drive, commitment and an incredible work ethic. But appreciating that there is no one personality type which preordains success and knowing how to harness your own innate strengths and best manage your weaknesses, is a great investment in your future prosperity.


Article by Catherine Robson. Published by The Sydney Morning Herald, June 21, 2018.