If you are the kind of person who would like to track each penny invested from a lottery sum then you are a kind of controlling freak or a Fitbit financier. On the other hand, if the lottery sum lies in your bank account or drawer then you know that you are too afraid to make any financial decision and would fall under the category of Ostrich.
Both types are the result of anxiety. One type feels anxious until he/she is not diligently dealing with personal finance, whereas the ostrich is too anxious to deal with it and finds peace in indecisiveness. So your financial position to a great extent might be an outcome of your personality type. As per Myers Briggs, one can be a composition of many types in different proportions too. So during a particular phase of life, you might be more like one type of personality because something similar to what fuels that particular personality has happened to you.
A Fitbit financier is wary of its financial position because he/she might have lost control over other things in life. It is common to find people stuffing their mouth with food when they are tensed because when they lose control of one thing in life or things are not turning out to be the way they planned, they find comfort in being able to govern what goes into their mouth. Same applies here, checking financial apps and notifications, again and again, is a way of assuring that these things are under their supervision and he/she would know when they get out of track. As soon as it does, they are quick to make decisions.
To be able to make sound decisions, Fitbit financiers keep track of the financial world and are often most knowledgeable in their circle. This gives them confidence and feeds into their obsessive habit never allowing them to actually break the chain of anxiety and sadness. They need to understand that the financial world is as unpredictable as their life.
If surprises in life have brought them sadness, disappointments would be inevitable here too. Fitbit financiers are different from anxious investors who act swiftly to end up buying high and selling low. Psychologists recommend Fitbit financiers to see the bigger picture and look if they are able to meet their retirement goals. Excessive monitoring and ending up with surplus can be a problem too because this fund can further necessitate investing and tracking.
The ostrich prefers the work of decision making to pile up and never look at it hoping it to make a decision for itself. It does sound lazy but this might be a result of past decisions in life that have gone so wrong that one prefers not taking any decision. For this person, inactivity is the solution to problems because often problems have been the result of his/her actions. The Ostrich like an old investor dislikes change. This is pretty common in the world we live because most prefer getting their finances done from professionals. One reason is definitely lack of knowledge but even if it is easy to learn, outsourcing the task seems easier.
Seeing this behaviour, the UK government has mandated pension deduction until and unless they themselves choose to opt-out. This common psychological bias is the reason why the default or most generally used option is usually pre-marked so that it saves the trouble of choosing and prevents the ostriches from actually abandoning the service totally.
The Ostrich is like Phoebe from Friends who find extra money in their account trouble to deal with. Often the Ostrich type financiers are unaware of their bank balance and don’t get into transactions or buying until it becomes a necessity.
An ostrich is advised to take their head out of the sand and glance at their bank statements at least once in a week. They should slowly develop the habit of not ignoring the notifications otherwise the mere need of visiting their bank manager or signing an insurance paper would dread them for life. Because the ostrich might bury its head in the hope of not getting discovered but that sadly doesn’t change the lion’s dinner plans.
After reading about the types of personalities just choose the phrase that resonates most with you to know which category you belong to
I don’t like things that do not come with a remote. -Fitbit Financier
I don’t believe in things that exist because for me things only exist when I believe they do- The Ostrich/ The Avoider