While previous versions of the Money Habitudes cards were designed to be simple and easy to read, the biggest change in this new version is its rigorously improved readability. Now the 54 short statements are all written at or below a fifth-grade reading level (using the well known Flesch-Kincaid Grade Level formula).
"One of the strengths of the Money Habitudes cards is that they seem so simple but have so much depth. A great deal of research went into creating a tool that is actually quite complex, versatile and has so many dimensions–but can also feel fun and accessible to almost anyone," said Syble Solomon, the president of LifeWise Strategies and the creator of Money Habitudes.
A number of other subtle, but important technical changes were made in response to research done at Utah State University on the validity of the statements. Although the original cards scored well, the revised statements make it a stronger instrument which is also easier to answer and sort. The original format of the Money Habitudes cards was retained in response to reports from the field which consistently affirm its effectiveness. Identifying both the advantages and the challenges of each pattern of financial habits and attitudes–often called money personalities–
In addition, the new version has updated graphics and the names of the six Money Habitudes (money personality types) have also been standardized. The adult Money Habitudes now have the same names with the other versions for young adults and teens: Planning, Carefree, Security, Giving, Status, and Spontaneous.
Overall, the new version makes for a faster, clearer activity. It also makes the cards easier to use with low-literacy audiences while not diminishing high-literacy users' experiences. Money Habitudes cards are used with clients across the financial and educational spectrums. They are used by financial planners and couples therapists as well as by marriage educators and a great variety of financial education and asset building organizations including budgeting and credit classes, prison reentry programs, the military, banks and credit unions, housing agencies and bankruptcy educators. The cards are used with individuals, couples and groups and may be employed as an icebreaker, conversation starter and standalone activity or as a complementary module alongside other financial literacy, marriage and relationship, and career programs.
About LifeWise Strategies and Money Habitudes
Founded by Syble Solomon, LifeWise Strategies produces Money Habitudes in versions for adults, young adults, teens and Spanish-speakers. Solomon was named Educator of the Year by the Association for Financial Counseling and Planning Education. She also received the Smart Marriages Impact Award from the Coalition for Marriage, Family and Couples Education. In 2011, Money Habitudes was chosen as a personal finance selection of the month by The Washington Post's financial columnist Michelle Singletary. LifeWise Strategies also publishes a variety of guides and financial curricula materials that complement the Money Habitudes cards. The teen curriculum, "Money Habitudes: How To Be Rich in Life & Love," co-developed with the Dibble Institute, won a 2012 Excellence in Financial Literacy Education (EIFLE) Award from the Institute for Financial Literacy. Solomon speaks regularly on the psychology of money and money personality and is the author of Inspired Savings, a motivational money management calendar-book, and she is the co-author of Bringing Money Into the Conversation: