A study by Allianz Life Insurance Co determined that women have five distinct financial personalities, each characterized by unique attitudes and behaviors toward money and power. The Allianz Women, Money, and Power Study examined women in a variety of stages of life, and took into consideration varying family dynamics. Here are the descriptions they developed based on the survey. Can you identify yourself in one of these financial personalities?
“FINANCIAL DREAMER: Intimidated by money and investing, you feel helpless and hope that someone else will help you take care of your financial problems. If in a relationship, you usually defer all financial matters to your partner. You have the most to gain by consulting with a professional.”¹
“Financial Avoider: You feel overwhelmed by all the financial choices available to you. A lack of financial knowledge keeps you from taking the necessary steps to resolve your financial problems. You know you would benefit by seeking the help of a financial professional. You just have trouble taking the first step.”
“FINANCIAL COLLABORATOR: You are extremely balanced in your life. When in a relationship, you are healthy, happy, and cooperative. You provide your family financial comfort and stability. You are confident with your ability to understand and resolve financial issues. However, you prefer not to be the primary decision-maker. Even though you may not always choose to be in the forefront, you and your partner share equally in all financial decisions and actions, including working with a financial professional.”
“FINANCIAL ANALYZER: You have a good understanding of household finances and take initiative in thoroughly researching investment opportunities and tracking financial results. You’re a comparison shopper, an avid saver, and rarely purchase something you can’t afford. Your behavior is reflective of an analytical and disciplined approach to making decisions. Chances are you’ve worked with a financial professional in the past. However, when selecting a financial professional, it’s important to you to work with someone who includes you and collaborates with you.”
“FINANCIAL INITIATOR: You are selfassured, empowered, and optimistic in most of your endeavors. Specifically, you’re extremely sophisticated in your financial knowledge and confident in your ability to make independent, informed financial decisions. You’re quite clear about your financial goals and typically know how to achieve them. You take the initiative to work with a financial professional you feel has the necessary industry experience and expertise to provide you exceptional advice and guidance.”
If you know you are an “avoider” or a “dreamer,” then it would be wise to get some help from someone who is not. But never turn over all your money decisions and control to anyone. Check in on your money, insurance needs, investments, and tax situation once in a while, just to say “hello” and assure yourself that everything is going along the way you want it to.
If you are a “collaborator,” you are probably keeping track of your financial situation on a regular basis, or at least your other person is sharing the basics with you. This person could be your spouse, partner, family member, friend, or a trusted financial advisor.
Make sure the other person understands that you do not want to be left out in the cold.
Financial “analyzers and initiators” are detail oriented people, so make sure you let your advisors know this about you. This will help them be better prepared with as much information as you need to make your decisions. You will want to work with professionals such as attorneys, CPAs, insurance agents, and investment advisors that will not be offended or intimidated by your questioning nature.
¹The Allianz Women, Money, and Power Study, 2006
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Sandy Derby, CFP®, ChFC TM LPL Financial Advisor, VP Southwest Michigan Region 5003 Century Ave Kalamazoo, MI 49006 269-459-0474