Did you know there’s ongoing research dedicated to figuring out the different money personalities of individuals? The goal of studying personalities as they relate to money is to enable businesses to create methods to target these various behaviors.

In recent years, groups of behavioral specialists and economists have also worked hard to try to explain how people make money based decisions, for better or worse.

Most experts who study money personalities identify these main categories:

  1. Spenders
  2. Savers
  3. Risk Takers
  4. Security Seekers
  5. Flyers

Not all, but some experts add the fifth category called “Flyers”, we’ll get to that in a moment. The first four money personalities are the most prevalent and it’s important understand these personalities as they relate to money. When it comes to “Flyers”, some may associate with that personality as well as another.


This money personality is pretty easy to identify in people. Spenders, presumably, can’t hold on to a penny. When money comes to them, spenders find a way to dispose of it. That’s not to say that some spenders aren’t also able to manage money well and save effectively.

However, they love spending and achieve a “high” when they take an item to the counter to pay for it. A financial planner can assist a spender in guiding their habits toward more productive methods of money management and smarter spending.


A saver is the opposite of the spender. The saver is an individual who gets a penny and stashes it away for the proverbial rainy day. Whether this behavior comes from some past trauma or fear of not having enough, savers often hate shopping and spending even if it’s for things that they need. Suffice it to say, there are some savers who are also generous in their own right and are able to maintain balance in their use of money. Just because you are a saver, doesn’t mean you won’t prioritize saving before spending in all cases. But more than likely that will be the norm.

Risk Takers

Some individuals are prone to take chances with money. This personality type will gamble with money regardless of how much they do or don’t have. These people are different from spenders in that they often take unnecessary chances hoping for great results. Some investors (and certainly heavy gamblers) may fall into the category as risk-takers. If there’s a challenge or interesting opportunity these folks can’t help but go after it.

There’s less chance that a risk taker will ever develop balance in their money spending habits. It’s also unlikely that they will create a plan of action that is doable given their propensity to jump at any opportunity without considering the risk. Do you or someone you know always seem to be intrigued by different get-rich-quick schemes?

Security Seekers

The security seeker, as opposed to the risk taker, is usually scared to take a chance with their money. However, this does not mean that they are savers. The perspective of a security seeker is that money is something that will provide them a safe landing place.

Therefore, they may perceive a need to make more money. This drive shifts their focus from saving and spending more effectively to an effort to create a more secure future. A financial advisor may assist a security seeker, when assisting with creating the soft landing that they desire, through balanced money management habits.


Flyers are people who don’t care about or think very seriously about money. Having money is not relevant to a flyer. It doesn’t occur to them to consider personal habits and behaviors and how they might impact financial goals or aspirations. One would hope that, at some point in life, this type would realize the importance of having some kind of plan to manage finances.

The Bottom Line

Having a single mindset of one money personality or another may render individuals unsuccessful. Each personality prevents an individual from attaining money goals over a lifetime. Finding a way to balance the four (or five) money personalities described here gives you the best chance of success in your personal money management journey.