Other parts of this series:
- Exploring the new money mindsets
- Exploring the “money mindsets”: Achievers seek control, prepare for the future
- Exploring the "money mindsets": Balancers work hard to stay on plan
- Exploring the "money mindsets": Experiencers live for today
- Exploring the “money mindsets”: Explorers are keeping the future open
We have been talking about ground-breaking new research from Accenture and Fjord, identifying four Money Mindsets and the behaviors and personality traits that characterize them. The third mindset is very different in nature than the Achievers and Balancers Mindsets we’ve looked at in previous posts. It is made up of Experiencers: people who define success by enjoying the present. Experiencers seek delight in how they choose to spend money and are optimistic about the future.
These individuals skew female, but show an even spread across ages and household types. Their incomes, however, tend to skew higher than those of other mindsets. As Experiencers see it, money is best when spent and experienced. Lifestyle will always come first, and they will do whatever it takes to maintain it. Experiencers believe that too much structure and thinking about money interferes with their lives; they think they will always have enough money and can bounce back from unexpected financial problems.
Experiencers put a high value on efficiency and convenience. They are quick to spend and quick to make decisions, but are not big on budgets or on careful analysis of their own finances. They don’t want budgets to constrain their lifestyles; rather, they are users of apps such as Uber that help them spend effectively and efficiently.
Immediacy and simplicity are key elements in helping Experiencers with their financial decisions. Banks have the opportunity to be proactive in helping Experiencers manage their finances if they can provide an immediate return and if they can be seen as withholding judgement on their financial lifestyles. Experiencers enjoy their money—to them, spending money is what makes the work worth it.
Is your organization working with Experiencers to help them find the fun in their money? What are you doing that has been successful? Please share your ideas and thoughts in the comments below and watch for my remaining post 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.