We all have a “money story” – one that has defined our relationship with our finances. Whether you’re an expert at saving every penny or you find yourself avoiding your banking app, your relationship with money isn’t just about numbers—it’s about your mindset.

Moneybox’s recent research shows that most people worry about money: how best to save or invest it; who to turn to for help and support. Nearly everyone wants to be better informed so they can make better decisions.

A central question for psychologists is how, why, and when people’s money habits (beliefs, behaviours, and personalities) are developed. Here’s the thing: they’re formed early in life with many deep-seated beliefs tracing back to socialisation in the family – essentially what you’re taught by your parents.

Each family develops their own norms and behaviours about money: who controls the finances; when and how money is talked about; how it is distributed and spent. Sometimes one person manages everything – paying bills, investing, and giving others certain amounts when it’s needed. Some parents use money to educate their children through “pocket money” – teaching them how to be money-savvy, manage their own affairs, and grow into adults who are well informed and sensible with regard to their money.

Education, social class, and personal values can also dictate which system you adopt – and how it changes over time. Of course, the culture and generation you grow up in can have an impact too.

Your childhood experiences are formulated into a ‘money-gram’ (a telegram about money from your past). These might include things like “you can cheer yourself up by shopping”, “you shouldn’t talk about finances with anyone”, “being wealthy isn’t for people like you”. And, these early experiences can manifest in different ways later in adult life:

  • If money felt tight growing up, you might find it hard to spend even when you’re doing well.
  • If money talk was taboo or off-limits, you might feel embarrassed or overwhelmed by financial decisions today.
  • If money was used to demonstrate gratitude or pleasure, you might use money as a way to show love and appreciation.

By identifying these patterns, we can move from reactive habits to intentional choices.

Find your money archetype

Moneybox’s research in January 2026 analysed a sample of 2,000 Brits and identified six major archetypes.

Safety Seeker: Money stands for security. It’s an emotional lifejacket and a method that can be used to stave off worry. Having money makes you feel safe and able to deal with unexpected problems. A safety seeker is seen as careful, sensible, and are likely risk-averse. Although, they can sometimes become compulsive savers, fanatical collectors, and self-deniers.

People who fall into this group may have grown up in an environment where money was considered scarce. As a consequence they might struggle spending on non-essentials, having feelings of guilt when they do.

Anxious Avoider: Money is a topic that’s better left unspoken. Anxious Avoiders find it difficult thinking about how much money they have and tend to leave money affairs to others. While money talk is often difficult, they would like to be better informed.

These types often come from backgrounds where money was a taboo topic, or where it was discussed in private. Discussing their income, spending habits, or investments feels unacceptable. This lack of transparency could lead to conflict or cause them to miss out on opportunities to grow their money.

Affection Seeker: Money is love: it’s a way to express emotions and affection. Some who fall into this group may excessively spoil their children or spend lavishly in social situations – in some sense they are using  money to ‘buy’ love.

Affection seekers have often seen their parents behave like this. We know from the psychology of presents that it is the “thought behind” the gift – rather than the cost of the present – that makes it special.

Carefree Spender: Money provides freedom. Carefree spenders are often seen as generous and fun to be with – they live for today. Most don’t monitor how much they are spending on a regular basis. Although, they would be happy to learn how to manage their money better.

Many of these types grew up in a house where budgeting wasn’t discussed. You might’ve heard of them “splashing the cash”, suggesting there’s a direct relationship between money spent and a good time. Money is often “here today and gone tomorrow”

Hotshot Achiever: Money represents power. It can buy goods, services, respect, and loyalty. It’s seen as a source of achievement. People in this group believe that you can buy the things you want. If they don’t have much disposable income, these individuals can feel demoralised and helpless.

Hotshot achievers may have come from very successful family backgrounds where money was seen as a major source of achievement in and of itself.

Stockpile Investor: Money has the power to grow. Usually financially literate and interested in financial affairs. They are financial hobbyists who like paying attention to the markets and investing. They’re likely to discuss their investments and financial goals with loved ones, and value the company of people who share their interests.

Stockpile investors often come from families where money was openly discussed and debated. This may have started from a young age where some were encouraged to explore playful ways and games which involve trading or investing.

Re-wiring, changing and growing

Many people want to make better financial decisions – resulting in a need to evolve their habits.

There are a number of ways to do this but it all starts with understanding your type and looking at your fundamental beliefs to see what might be holding you back. If you’re a safety seeker, are you saving so much that you aren’t enjoying today? Or, perhaps you’re a carefree spender and spending so much today that you’re risking tomorrow?

The next step is to make some small but relevant changes to your behaviour and see what impact that has. It’s a bit like adopting a healthier lifestyle – you start by assessing your current situation and what you should do more and less of.

Here’s some helpful starting points:

  1. Monitor the “in and out”: Keep a money diary for two weeks. Seeing where your money actually goes can be a lightbulb moment.
  2. Set targets: Instead of saying “I’m going to be a master investor,” try “I’m going to invest small amounts at the end of each month.”
  3. Check in regularly: Change won’t happen overnight. Check in on your targets every month and you’ll be surprised how quickly positive habits start to form.

Rewiring your relationship with money isn’t about being perfect; it’s about being mindful. When you understand the “why” behind your spending and saving, you unlock the power to build the future you want.

Capital at risk. All investing should be long term. The value of your investments can go up and down, and you may get back less than you invest. 

We do not offer personal financial advice or make specific recommendations based on your individual circumstances. If needed, seek independent financial advice before making decisions regarding your financial goals.