Survey shows different financial personalities

That couple in the furniture store arguing over whether to buy a new lounge suite are just different "financial personality types", according to a survey.

Analysis of a Bank of New Zealand survey of 500 New Zealanders aged 18 and over found kiwis generally fall into four distinct groups in their attitudes to money.
"Heartlanders", who make up 43 per cent of the population, are steady and reliable types who invest carefully, prefer not to be in debt and use their money to provide for their families.

The next two biggest groups are "fun lovers" and "strategists", who make up a little under a quarter of the population each.

Fun lovers live for today, see money as providing freedom and enjoyment and are less likely to do any research before making a major purchase. They are more likely to be younger professionals.

Strategists are the opposite, thoroughly researching their latest purchase, planning their financial future carefully and rarely spending more than they can afford. They are ambitious and forward-thinking.

Lastly are "go-getters", around 13 per cent of the population, who are most likely to respect wealthy people, have great business ideas they put into action and love new things. They are most likely to be men who live in Auckland.

The partner lobbying for the furniture suite was probably a fun lover and the one cautioning against blowing the budget a strategist, said BNZ spokesman Blair Vernon.

"There's no reason why people of different financial personality types can't get along," he said.

"But it's helpful to recognise and understand your own attitudes to money and wealth and those of the important people in your life."

Mr Vernon said the survey results could dispel a few regional stereotypes, and possibly create some new ones.

"Aucklanders say they are excited by money and wealth and they are apparently astute about debt. Wellingtonians say that making money is a burden and they are unimpressed by wealth. Those from Canterbury say they are conservative, but are willing take on debt if it can help achieve goals," Mr Vernon said.

Aucklanders say they plan their financial affairs, and tend to make their own decisions on money matters. In keeping with Auckland being the financial centre of the country, the region's residents are impressed by wealth and the success of others.

Aucklanders say they are debt-averse, and show the most discipline in the management of their credit cards, with 59 per cent of Aucklanders always paying their credit card off in full each month.

Wellingtonians are apparently the least likely to take advice on money matters. They say they are unimpressed by wealth and accordingly pay the least attention to business news. Wellingtonians are more likely to buy on credit and worry about it later, with 37 per cent of those surveyed saying they sometimes do not pay their credit card off in full each month.

The UMR poll also found a majority of kiwis believed they were financially conservative, with 79 per cent saying they thoroughly researched new purchases and 60 per cent saying they would prefer to be debt-free.

But 55 per cent would rather watch television or take exercise than go over financial records while 10 per cent said a visit to the dentist was preferable to sorting out their finances.

Half of those surveyed said they barely looked at bank statements while 2 per cent threw them out unopened.

At least 11 per cent of people had little or no idea how much they had in their bank account.

A majority, 71 per cent, said they didn't take advice on money matters.

New Zealand Federation of Family Budgeting Services chief executive, Raewyn Fox, said New Zealanders might be fooling themselves when it came to believing they were cautious about getting into debt.

"I think we're a lot less conservative about debt than we used to be," she said.