What term is used for categories based on individuals' spending and saving habits?

The term that refers to categories based on individuals' spending and saving habits is "Money Personalities." This concept encapsulates the various ways people engage with their finances, identifying patterns in their behaviors, preferences, and attitudes toward money. By categorizing individuals into different money personality types, financial advisors and educators can provide personalized advice and strategies that resonate with those specific characteristics.

Understanding one's money personality allows individuals to recognize their strengths and weaknesses when it comes to managing their finances. For instance, a person who identifies as a 'spender' may need strategies to curb impulsive purchases, while a 'saver' may benefit from tips on investing or using savings wisely.

The other options, while related to financial management, focus on different aspects. Financial profiles refer to a comprehensive overview of a person's financial situation, including assets, liabilities, income, and expenses. Budget types can indicate different methods of budgeting like zero-based or 50/30/20, and wealth categories typically pertain to classifying individuals or households based on their net worth or income levels. Each of these has a distinct focus that does not specifically highlight the behavioral aspects related to spending and saving habits as effectively as money personalities do.