Accenture and Fjord conducted research into changing consumer attitudes and behaviors by asking three simple questions: 1) When do you think about money? 2) Where do you think about money? 3) How hard do you think about money? Responses revealed four basic Money Mindsets: • Achievers – defining success by budgeting for clear, tangible goals • Balancers – defining success by getting the best deal in each transaction • Experiencers – spending and enjoying the present • Explorers – saving money and making trade offs An understanding of how these different personality types think about their finances can help banks develop services and products that become invaluable features of daily life.

1. Mindset Segmentation
Designing the Financial 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