Are you more of a spender or more of a saver? When it comes to Gen Xers, we’re actually known for being both…which kind of explains why we’re also so confused about what we should be focused on financially.

According to a 2024 New York Life study, the average Gen X had $7,463.17 saved.

Credit Bureau Experian clocked the average Gen X was carrying $158,105 in debt.

The US Bureau of Labor Statistics found the average Gen X spent about $9,000 on entertainment, apparel and services, reading, alcoholic beverages and personal care products.

So looking at these numbers, you’d think, “So aren’t we all Savers, Spenders, Shoppers and Debtors?”

On paper, yes we all have to spend, shop, save and have debt. But figuring out a money personality brings you closer to your habits, not just what your financial statement looks like.

The point: If you understand your habits around money, you can both maximize the benefits and limit the obstacles, setting you up for more financial success.

Once you’ve taken our quiz, you can snag more details from the descriptions below.

Savers put away money endlessly, sometimes with no actual end goal in mind. They’re frugal, believing that having money is the best way to feel secure in life.

Savers don’t care about following trends, and get more satisfaction from seeing their account balance grow than from buying the latest gadget or glamour.

Savers are conservative by nature and don't take big risks with their investments.

They turn off the lights when leaving the room, close the refrigerator door quickly to keep it in the cold, shop only when necessary, and rarely make purchases with credit cards. They generally have no debts and may be viewed as cheapskates.

Pitfalls

Due to their conservative approach to money, Savers might miss out on opportunities to increase their net worth because they’re afraid of losing money. They also miss out on the pleasures that life has to offer, even if they can afford it. 

For example, they might choose to skip out on hobbies or activities that could bring them happiness and purpose if it requires them to spend money.

Spenders tend to drop money on things they want, but don’t need.

Cars, gadgets, clothes, etc.  People with a "spending" personality type usually want to make a statement with material things. As such, they aren't bargain hunters looking for good deals. Rather they spend impulsively or to deal with emotional distress.

Pitfalls

Spenders are comfortable with debt, and often take big risks when investing. In extreme cases, they spend more than they earn and can eventually go bankrupt.

Spending money brings Shoppers emotional joy. Even if they're buying things they don't need, they can't help but spend.

Usually, they’re conscious of their addictive habits and even worried about the debt it causes. They search for deals and are pleased when they do. Sometimes they use shopping as a way to deal with emotional distress or anxiety. 

Shoppers are varied in terms of investing. Some invest regularly through 401(k) plans and may even invest a portion of any sudden windfalls, while others see investing as something they will get to eventually.

Pitfalls

Shoppers, like Spenders, buy things they don't need. As a result, they may end up with a lot of possessions they may not use at all. A huge downside is that their credit balances can run up, thereby creating a huge load of debt for them. 

Debtors may be Shoppers or Spenders, but the major difference is they don't keep tabs on their finances. They don't go shopping to cheer themselves up and aren't trying to make a statement with their expenditures.

They simply don't spend much time thinking about their money and as a result, have very poor money management skills.

Pitfalls

Debtors typically:

Similarly to this, they frequently overlook utilizing the corporate match in their 401(k) plans.

Read the whole article, and the full details on all 5 Money Personalities👇