Your Attitude Towards Money

Financial attitude represents the evaluation and response of an individual toward money and financial matters. Individuals' attitude toward money is a function of their personality that can be heavily influenced by social expectations, demographic factors, economic circumstances, and the educational system as well.

Our attitudes to money and spending are very important when it comes to managing our finances. These attitudes often develop when we are young, and the consequences of spending or saving are not that important. But as adults we need to be more responsible in handling our finances and develop a positive attitude to money matters.

Just as there are different personality types in terms of outlook and attitude to life, there are also different financial personalities. Your financial personality affects your attitude to money. It is most likely to be based on your beliefs and background. There are six basic financial personalities. See if you recognise yours among them.

The first step on the path to financial success is accepting responsibility. You are in control of your financial future, and every choice you make can have an impact. No matter your age or education, you need to be in control of your financial matters.

Ask yourself these questions:

• Are you conducting your own financial administration?
• Are you in charge or have equal input in paying your bills and managing your finances?
• Are you doing thorough research before making a big purchasing decision (a car or computer)?

You can only be fully aware of your responsibilities and obligations if you are involved from the start. It is okay to ask for help, but you should be the one owning up to the decisions and actions.