What's your savings personality?
Are you a struggler? Are you in
When it comes to money our personalities, specifically
our financial attitudes, can have a big influence.
There are the tightfisted folks who hate to spend
money on anything, and there are the ones who don't blink at blowing
$10 on a chocolate martini. There are people who start saving at
age 20 for retirement, and there are many who put off saving for
retirement until the kids are grown and the mortgage is paid.
A recent survey by the American Savings Education
Council and the Employee Benefit Research Institute says Americans
can pretty much be divided into five distinct groups when it comes
to finances and planning for retirement.
Here are the findings:
Planners (23 percent): These folks are disciplined
when it comes to saving and when taking financial risks. They
enjoy financial planning and believe anyone can have a comfortable
retirement if they just plan and save.
Savers (19 percent): They're careful with
their money and, like planners, are seldom set back by unexpected
events. But their risk-averse behavior makes them savers rather
Strugglers (18 percent): Although not generally
impulse shoppers, strugglers frequently suffer financial setbacks.
Many consider themselves disciplined savers, but the struggle
this involves makes them cautious with their savings.
Impulsives (24 percent): The impulsive types
believes a comfortable retirement is possible and many are willing
to take financial risks, but they are not disciplined savers.
Instead, they are prone to impulse buying and financial setbacks.
Deniers (15 percent): People in this group
dislike financial planning and seldom plan even for more immediate
financial concerns. Deniers do not feel a comfortable retirement
is within their reach.
-- Posted: April 29, 2002