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Mindset Segmentation
The document presents research on consumer behaviors regarding money management, identifying four distinct money mindsets: Achievers, Explorers, Experiencers, and Balancers. It highlights how these mindsets influence individuals' approaches to saving, spending, and financial planning, revealing that many millennials expect a future without traditional banking. The study emphasizes the importance of understanding these mindsets to design better financial services that align with consumer needs and preferences.
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Mindset Segmentation
- 1. Mindset Segmentation Designing theFinancial Services of the future We asked a broad variety of consumers three simple questions: OUR RESEARCH We saw four distinct behaviours around how people engage with their money: MONEY MODES Differences in people’s approach to saving and spending in a 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 they won’t need a bank in the next five years WHAT’S HAPPENING When How WhereWhen do you think about money? How hard do you think about money? Where do you think about money? 1 2 3 4Manage it Making decisions on how and when to spend, and how and when to save Budgeting Likely to adjust budgets based on new situations and spending habits Sex Skews male Age Skews under 30 Household Even spread Income Even distribution Track it Keeping an eye on income and outgoings, savings pots and debts Get it Earning money through work, cash back deals and discount vouchers Spend it Using 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 term Long term is more important than day to day expenses In partnership with gravitytank. Qualitative research done in the USA. August 2015 Copyright © 2016 Accenture All rights reserved. Experiencers Balancers Independence It means they can do what they want in the future Efficiency Efficiency and convenience are highly valued Risk‐averse What they’re doing right now affects their future Tracking Monitoring 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. Sex Skews female Age Skews under 30 Household Skews 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. Age Even spread Household Even spread Income Skews higher In this mindset, people define success by saving money and making trade offs so they can be happy and live comfortably. Explorers Income Even distribution Sex Skews female Income Skews higher Household Skews with family Age Even spread Sex Even spread 15%15% 27%43% Spending Money is best when spent and experienced Decisions Relies 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 Optimistic Feels empowered and optimistic about future goals Order and consistency Uncertainty and unexpected expenses throw them off Lifestyle It’ll always comes first, and they’ll do whatever it takes to maintain it Intuition Rules and too much structure inhibit a well cultivated intuition DOMINANT MONEY MODES