Do You Have a Money Attitude?

You're younger than 40 years old and are overwhelmed by the myriad financial questions you have. When you do make a choice, you doubt the wisdom of your ways. You, according to a survey by the Certified Financial Planner Board of Standards Inc., are a "worrier."

The CFP Board surveyed 1,000 upper-income consumers (with an average net worth of $562,000 and average household income of $106,000) to find out how they approach money matters. Respondents fell squarely into three attitude groups: "worriers," "independents," and "help wanteds."

The good news is that if you identify with the "worrier" profile above, you aren't suffering financial anxieties alone. Thirty-eight percent of upper-income consumers are worriers, too. They don't enjoy thinking about money issues, yet they act as their own primary financial advisors.

At the opposite end of the spectrum sit one-third of your smug buddies. They are quite confident in their money management skills. These "independents," according to the CFP Board, devote more time each month to financial matters than the average consumer. They are more likely to be male and consider their analytical skills superior to their friends and family, and they are most likely to own individual stocks.

Somewhere in the middle are the "help wanteds," in CFP Board parlance. They tend to be wealthier than their worried and independent counterparts and save and invest a greater percentage of their household income, but they aren't shy about seeking professional financial input when they feel they need it.

So, what should you do if you spot yourself somewhere on this spectrum? Vive la difference! Celebrate your financial self-awareness.

But also take a cue from peers in the other attitude groups. Sock away money like a "help wanted," devote more time to your finances as if you were an "independent," and give a Koosh Ball to your "worrier" friends to knead and offer them a hand in gaining the confidence to manage their finances.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 489912, ~/Articles/ArticleHandler.aspx, 4/17/2014 11:34:33 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement