You live life in the moment and are all about enjoying it. You don’t want to spend a lot of time thinking about finances, but that doesn’t mean that you don’t care. You just want someone to help you figure out your financial plan and then you won’t have to worry about it. You value saving for the future and retirement, but you consider yourself a spender rather than a saver.
Focused on the present & living in the moment
Prefer to delegate finances
Able to splurge every now & then
You'd Rather Not Think About Finances
Your top motivation for finances is to be financially free, so you can continue enjoying life’s greatest moments. When it comes to your personal finances, you likely don’t follow a strict plan and your preference is to have someone trusted handle that part of your life for you. You’re focused on the living in the present, so while you care about finances, you don’t enjoy managing them or spending a lot of time dealing with them. You may consider yourself to be more of a spender, than a saver. However, you believe getting out of debt is just as important as paying for a vacation.
You Want a Financial Partner
If you have a relationship with a financial representative, you have probably delegated most of your financial duties to them — including portfolio allocation, investment decisions and finding appropriate products. It's likely that you found your financial representative through a referral.
Don’t worry if you don’t have a financial representative yet, about 6 in 10 of Joyful Spenders have yet to make that commitment. It seems like your top barrier to finding that perfect partner in finances is that you just don’t know where to begin. That seems to be a common theme among all segments. We get it, this subject can be a little overwhelming!
Your first thoughts everyday are about your next adventure because you're enjoying all that life has to offer. You’re also likely motivated to get your finances in order because, well, let’s face it, you want to splurge every now and then and feel okay about doing it. When choosing a financial institution, you are motivated to choose one that is secure and stable and helps you make good financial decisions. Having a hands-on financial representative who you can trust and will keep you updated is something you value.
Research study conducted in 2018 by Western & Southern Financial Group. Quantitative and qualitative study of financial attitudes of the U.S. within ages 25-70; $40K+ household income; and openness to financial products. Six categories emerged based upon cluster analysis of a variety of attitudes regarding financial motivations. An algorithm guides the placement of participants into a segment based upon answers to the key differentiating data points.
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