Can self-awareness help with your financial resolution for 2020?

Saving money is one of the most popular New Year’s resolutions among Britons, with 31% of people stating that they have resolved to save more money, according to research from YouGov. The study also revealed that three-quarters (75%) of people failed to meet some or all of their goals in 2019. However, to succeed in their financial resolutions, people need to be conscious of their personality type and understand where potential pitfalls may lie, says John Hackston, Head of Thought Leadership at The Myers-Briggs Company, a leading business psychology organisation.

Research from The Myers-Briggs Company shows that understanding your personality can give you a better chance of success when it comes to setting goals for the New Year. While there is no one personality type that is inherently better or worse, when it comes to managing personal finances, there are certain strengths and weaknesses for each personality type. 

For example, John Hackston notes that individuals who prefer Extraversion, those who gain their energy from interactions with the outside world, are more likely to be spontaneous and spend more on social activities. “It is therefore recommended that people with Extraversion preference should consider putting aside time to budget, with special attention paid to their social spending,” he commented.

“People who prefer Introversion, on the other hand, get their energy from their inner world of thoughts and feelings, and are more likely to over-analyse and put off making spending decisions. They may therefore benefit from consulting a trusted, outside resource, such as a financial planner.”

“Meanwhile, those with a Perceiving preference, who prefer not to make a decision until they need to, tend not to jump into decisions, meaning that they might miss out on valuable opportunities. To combat the difficulties in making firm commitments, start with small, measured steps. If the aim is to put more money into your savings, try committing to putting a small amount into your account each month and work from there.”

“Conversely, people with Judging preferences, those with an inclination for living a planned and organised life, are likely to be more task-oriented, which can lead them to make a decision before they have gathered all of the information that they need. In this case, getting a second opinion before making important financial decisions will make all the difference and ensures the plan is thoroughly thought-through.” 

Hackston concluded: “Most people are approaching their finances with very little feedback or information from others. Understanding our own personality type and preferences, and the areas which could use more focus and attention, can help us to establish the best money management strategy for ourselves."

 

About The Myers-Briggs Company 
In our fast-changing world, your edge lies in harnessing 100 percent of your talent – whether you’re at work, home, school, college, or anywhere in between. Your success and sense of fulfilment aren’t just about what you know and what you can do, they hinge on your relationships and interactions with others. The Myers-Briggs Company empowers individuals to be the best versions of themselves by enriching self-awareness and their understanding of others. We help organisations around the world improve teamwork and collaboration, develop inspirational leaders, foster diversity and solve their most complex people challenges. As a certified B Corp (and a registered California Benefit Corporation), The Myers-Briggs Company is a force for good. Our powerfully practical solutions are grounded in a deep understanding of the significant social and technological trends that affect people and organisations. With over 60 years in assessment development and publishing, and over 30 years of consultancy and training expertise, a global network of offices, partners and certified independent consultants in 115 countries, products in 29 languages, and experience working with 88 of the Fortune 100 companies, we’re ready to help you succeed.

   

Media Contacts:

Hiwot Wolde-Senbet, Flagship Consulting
Natasha Cobby, Flagship Consulting
Joe Morphet, Flagship Consulting
myers-briggs@flagshipconsulting.co.uk
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Petra Merne
The Myers-Briggs Company
PMerne@themyersbriggs.com
+44 1865 404584