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On Boxing Day, Canadians flocked to malls like Alberta’s West Edmonton Mall and Ontario’s Eaton Centre, eager to snag post-holiday deals. While discounts drove much of the spending frenzy, according to financial expert Stephanie Holmes-Winton, it’s not just bargains that influence how Canadians part with their hard-earned cash.
In her book $pent, Holmes-Winton argues that personality traits play a big role in how we approach both spending and saving. These behaviors, she says, can have a significant impact on our financial well-being, especially when it comes to managing credit card debt.
Here’s why Holmes-Winton, founder of The Money Finder, a financial planning consultancy based in Nova Scotia, believes Canadians should pay closer attention to their money mindset.
Why Holmes-Winton Wrote $pent
CreditCards.com: Why did you write $pent, and what do you hope to achieve with it?
Stephanie Holmes-Winton: I wanted to show people that behavior is a key factor when it comes to money. Financial advice often focuses on numbers and guilt—whether it’s an article or a professional consultant, you can practically feel the finger-wagging. Many people think we should just “be more reasonable” with our money, but I believe our money mindset—the lens through which we see finances—drives our decisions. I wrote $pent to help people understand their mindset, not judge them, and show how it shapes their financial choices.
How Personality Affects Financial Decisions
CreditCards.com: How does personality influence finances?
Holmes-Winton: Your temperament plays a big role in the way you handle money. In $pent, I talk about seven primary money mindsets: The Brick Wall, the Bunker, the Justifier, the Dreamer, the Masquerader, the Under Cover Agent, and the Pollyanna. For instance, the Brick Wall tends to be cautious and controlled, researching financial decisions thoroughly before taking action. The Bunker craves security and avoids risk, often feeling most comfortable when they have a healthy savings cushion.
When Personality Hurts Your Finances
CreditCards.com: Can personality traits negatively impact finances?
Holmes-Winton: Absolutely. We aren’t taught “common sense” money management from a young age, so many of us rely on instinct, which is often linked to our money mindset. Unfortunately, instinct doesn’t always lead us in the right direction. Our financial personality, while trying to protect us, can sometimes cause problems. For example, someone who’s risk-averse might avoid necessary investments, or a spender might instinctively make purchases without considering the consequences.
How Personality Can Benefit Your Finances
CreditCards.com: Can understanding your personality help improve your financial habits?
Holmes-Winton: Definitely. When you know your money mindset, you can work with it instead of against it. Take the Brick Wall mindset—they’re great at researching but may procrastinate too much, missing out on good opportunities. By recognizing this, they can set deadlines for making decisions so they don’t stall too long. The Bunker, who is often driven by fear, can take a step back and consider the full picture before retreating to their “safe zone” and missing out on potential growth.
Changing Your Financial Personality
CreditCards.com: Can people change their personality to improve their financial habits?
Holmes-Winton: No, and that’s the whole point of $pent. You can’t change who you are, and trying to force it won’t work. Instead, the key is to understand your natural tendencies and learn to work with them. By recognizing both the strengths and weaknesses of your money mindset, you can set yourself up for success without trying to become someone you’re not.
Holmes-Winton’s approach focuses on understanding and embracing your financial personality, rather than trying to fight it. By being aware of your natural tendencies and managing them effectively, you can make better financial choices and set yourself up for long-term success—without all the guilt or finger-wagging!
