Exploring money personalities: a fresh approach to financial wellbeing

22 March 2024

As part of UCL’s National Student Money Week, the Money Charity led a workshop delving into the intricacies of personal finance and how students can navigate their paths to financial wellbeing. History student Edward Disken shares what he learned.

close up of hands holding a credit card and typing into a laptop

"What’s your money personality?"

This was the central question at the workshop hosted by The Money Charity’s Rebecca Mable. Over one hour, students were given tried-and-tested trappings of student financial advice – budgeting, evaluating options and managing credit. However, the session delved deeper into why we spend the way we do and how these habits affect our financial wellbeing. Shunning catch-all, judgemental prescriptions about how students spend money and instead recognising diverse needs, attendees were left with a more flexible and applicable approach to improving finances.

The session started off with an interactive quiz: a simple set of questions aimed at identifying our 'money personalities' – our individual attitudes towards money and spending. The questions probed our knowledge of our personal finances, spending habits and our level of concern about them.

The different responses separated us into three categories:

those who counted and coveted their money
those who had a decent understanding of their habits and boundaries
those who preferred to spend regardless of their bank account balance.

Most responses from students fell into the first two. The quiz was, in part, a diagnostic tool - it’s hard to argue that careless spending is compatible with financial prudence – but it became apparent that it was more than that. Following the quiz, attendees were reminded that excessive frugality isn’t always necessary or appropriate, as everyone has their unique wants and needs. You can improve your ‘money personality’, but there is no singular approach or destination for achieving good financial wellbeing.

One of the workshop's most important contributions was the recognition that our spending habits don’t appear from thin air; they stem from our environment, past experiences and personal circumstances.

Everyone’s circumstances are different

Some attendees might have been keenly aware of their financial situation from a young age, while others may have never broached the topic. Financial support could come from various sources such as parents, bursaries, or part-time jobs, or some might rely solely on a maintenance loan. You might have a particular personality that encourages fast, impulsive spending, or one that makes you stop and reconsider even low-cost purchases. You might have personal needs, such as travel costs or dietary requirements, that require you to spend more money than the average student. Or, you might be able to save by commuting to UCL from home.

All of the above factors affect your money personality, meaning everyone has unique challenges to navigate, and various strategies to learn to achieve financial wellbeing.

Top tips to improve your spending habits

Don’t think that you can’t improve

Everyone has their own money personality and their own needs. Take some time to think about what yours are, and what strategy you can use to overcome your own challenges; one method might not work for everyone.

Ask for help

UCL provides a variety of resources that will help you improve your spending, as does The Money Charity. There are also a variety of comparison websites are available to get the most out of what you have. If you’re struggling, ask for help.

Keep a budget

Maintaining a weekly, monthly or termly budget sheet is useful to anyone, however much its contents are affected by your money personality. To get started, the Money Charity has a free online budget builder tool.

It's personal

It would be impossible to expect a one-hour session to completely shift the outlook of its audience. Nevertheless, by introducing the concept of 'money personalities,' the workshop undoubtedly offered a fresh perspective on money management for students. While at university, where financial advice can easily become background noise, the session stood out with its engaging presentation and interactive approach.

Rather than presenting itself as a one-size-fits-all solution to all our money problems, or patronising those with less frugal habits, the workshop recognized the personal nature of finance. It acknowledged that nobody understands our situations better than ourselves, and provided some practical tools for self-improvement. By emphasizing respect and understanding, it proved to be a highly successful workshop, leaving its attendees with much to think about.
So, if you're seeking ways to enhance your financial wellbeing, perhaps start by asking yourself, "What's my money personality?"