In previous posts we have discussed new Accenture and Fjord research on Money Mindsets and have introduced the four basic financial personalities the research has discovered.

In this post we will look more closely at the Balancers mindset. These are people who define success by getting the best deal in each transaction, maximizing rewards and staying on their financial plan so they don’t have to worry. Balancers skew female, under 30 and with a family, but are spread across all income levels. They are very risk-averse; they see what they are doing right now as affecting their future. To Balancers, all the little things matter, which is why it’s important to weigh and find the best value.

They need systems and structure to stay on track and they see monitoring finances as a way to gain power and control over their lives.

Balancers place a high value on order and consistency; uncertainty and unexpected expenses throw them off. They try to find the best deal and value for their efforts and are most likely to maximize credit card points and rewards. They track their finances—frequently and meticulously—using various tools and resources, and they spread expenses out and rely upon schedule-oriented trade-offs. When necessary, they compensate for other expenses and make in-the-moment trade-offs.

These savvy consumers are likely to invest time and effort in finding out whether banks’ services can improve their financial situation. They check account balances regularly and use deal apps such as Cartwheel, Shopkick and Groupon to stretch their budgets. Balancers are also avid users of digital budget tools such as Google Sheets, Excel and Mint.

When their bank “gets it right” by helping them stay on track, they are more likely than other mindsets to recommend that bank to their friends. By tracking and monitoring their finances and finding deals, Balancers can celebrate their own savvy without the anxiety of falling short.

is your organization working with Balancers to help them reach their financial goals? What are you doing that has been successful? Please share your ideas and thoughts in the comments below and watch for my remaining posts on the other Money Mindsets.

If you’d like to explore this research more, please look at the Accenture/Fjord report titled Mindset Segmentation: Human Insights for the Financial Services of the Future, which contains many useful insights into changing consumer behaviors and preferences. If you would like to explore the implications of this research in more detail, please contact me at requests.ADMS@accenture.com.

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