Getting to grips with your money mindset

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In the second of our two-part series on financial wellbeing, Fanny Snaith explores the different types of money mindset. We also take a look at the common money problems we’re facing in the UK.


In the UK, the average total debt per household (including mortgages) is currently at 112% of average earnings. This is a figure that has increased over recent years, rather than decreased. Additionally:

  • There are 12.8 million households with either no savings or less than £1500 in savings. (Moneycharity.org)
  • 39% of adults don’t feel comfortable managing their money (FCA, 2017)
  • 89% of employers agree that financial concerns have an impact on employee performance in the workplace (FCA, 2017)

These statistics demonstrate that a large proportion of the population faces challenges with finances. In order to manage their money better, they need to make changes in their approach to it.

Understanding your money mindset

Understanding your money mindset enables you to take the first step in making a change. Harbouring negative emotions around money will prevent you from picking up the relatively simple practical skills required to make a change. From chartered accountants and IFAs to high level professionals, nobody can escape being held back financially when the mindset is not engaged congruently with money management. Through money coaching, Fanny’s mission is to get her students interested in building a solid financial foundation in order to make a change.


Read more: Take the first step to becoming financially centred >


What are the different types of money mindset?

In total, there are ten different types of money mindset. Below we explore the characteristics and attributes of the three most common.

The Innocent is the money child.  Happy-go-lucky externally; fearful and anxious internally.  Seeks rescue, is non-confrontational, indecisive and feels powerless. Money coaching will help them to find their own power. It can help them to learn to find safety in the knowledge of their own capabilities.

The Fool is restless and undisciplined. Financially irresponsible and overly generous whilst optimistic. Looking for a windfall, takes financial shortcuts. Lives in the moment and unattached to future outcome. Learning to slow down, pay more attention and learn a good financial decision-making process will help them to smooth their rollercoaster approach to finances.

The Victim is prone to blaming others. They live in the past and are financially irresponsible.  Feels angry and resentful and is often highly emotional. Unforgiving and feeling powerless, the Victim is often prone to addiction of any kind, such as spending, alcohol, drugs etc. They seek rescue and often live out a self-fulfilling prophecy. The Victim will have suffered, but the big track change for them is to understand and heal from their past.  Their main fear is betrayal; however, ironically, Victims don’t see that their biggest betrayer is themselves.

What’s your money mindset?

Take this short quiz to find out (this is best done on a laptop or computer).

Get in touch to book a group workshop or one-to-one consultations with Fanny Snaith via the Urban for Business platform.


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