money modes we saw four distinct behaviours around how … · 2018-05-29 · mindset segmentation...
TRANSCRIPT
Mindset SegmentationDesigning the Financial Services of the future
We asked a broad variety ofconsumers three simple questions:
OUR RESEARCH
We saw four distinct behaviours aroundhow people engage with their money:
MONEY MODES
Di�erences in people’s approach to saving and spending ina more meaningful way than traditional demographics
In this mindset, people define success by budgeting for clear, often tangible goals.
This helps them feel in control and prepared for the future.
REACHING THE MINDSETS
Achievers
Explorers
Experiencers
Achievers
33% of millennials believe theywon’t need a bank in the next five years
WHAT’S HAPPENING
WhenHow
WhereWhen do you think about money?
How hard do you think about money?
Where do you think about money?
1 2 3 4Manage itMaking decisions on how
and when to spend, and how
and when to save
BudgetingLikely to adjust budgets based on
new situations and spending habits
SexSkews male
AgeSkews under 30
HouseholdEven spread
IncomeEven distribution
Track itKeeping an eye on income
and outgoings, savings pots
and debts
Get itEarning money through
work, cash back deals and
discount vouchers
Spend itUsing money to attain
or maintain the desired
lifestyle
HIGH STRUCTURE
“I follow the rules”LOW STRUCTURE
“I follow my instincts”
WIDE SCOPE
“I think about the bigger picture”
NARROW SCOPE
“I think about the present moment”
DOMINANT MONEY MODES
DOMINANT MONEY MODES
DOMINANT MONEY MODES
No bank!
Long termLong term is more important
than day to day expenses
In partnership with gravitytank. Qualitative research done in the USA. August 2015Copyright © 2016 Accenture All rights reserved.
Experiencers
Balancers
IndependenceIt means they can do what
they want in the future
E�ciencyE�ciency and convenience
are highly valued
Risk‐averseWhat they’re doing right now
a�ects their future
TrackingMonitoring finances gives them
power and control over their lives
In this mindset, people define success by getting the best deal in each transaction,
maximizing rewards and staying on their financial plan.
SexSkews female
AgeSkews under 30
HouseholdSkews with family
In this mindset, people define success by enjoying the present. They seek delight in
how they choose to spend money and are optimistic about the future.
AgeEven spread
HouseholdEven spread
IncomeSkews higher
In this mindset, people define success by saving money and making
trade o�s so they can be happy and live comfortably.
Explorers
IncomeEven distribution
SexSkews female
IncomeSkews higher
HouseholdSkews with family
AgeEven spread
SexEven spread
15%15%
27%43%
SpendingMoney is best when
spent and experienced
DecisionsRelies on gut checks
to make financial decisions
Read the full report at mindsets.fjordnet.com
I want to keep my future open
I’m living for today
I want to reach my goals
I want to get the best value I can
Balancers
OptimisticFeels empowered and
optimistic about future goals
Order and consistencyUncertainty and unexpected
expenses throw them o�
LifestyleIt’ll always comes first, and they’ll do
whatever it takes to maintain it
IntuitionRules and too much structure
inhibit a well cultivated intuition
DOMINANT MONEY MODES