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ATTITUDES & PSYCHOGRAPHICS

In addition to the barriers to action we just mentioned, the concerns that people have and the ways that they choose to act on those concerns typically stem from underlying attitudes. The research shows that these attitudes have nothing much to do with personal wealth or gender. They just reflect differences in how people think about and respond to the world around them.

Two psychographic groups that cut across the age groups are risk- taking and control.

Risk-takers are obviously more willing to risk losing money to make money faster. They also view themselves, whether rightly or wrongly, as knowledgeable about financial matters. Budgeting is not something that risk-takers really think about. Risk-takers are roughly one-third of the population under age 50 and this drops to one-quarter afterwards. Men outnumber women by 3-to-2.

The Control-oriented group likes to keep control of their finances. The have a strong desire to stay out of debt and they aim to balance lifestyle with spending and debt. The proportion of ‘Controllers’ in the 20-34 age group is not dramatically different from those over 35 (36% versus 45%).

Two other psychographic groups are age-related. About half of the under-35 group are high ‘Comfort’. They are comfortable with their own financial practices. They have positive attitudes about saving, budgeting, avoiding debt and talking to an advisor.

Not surprisingly, just over one-third of the 35-and-over group have concerns with retirement income. They are not sure they can save enough money and they worry about their debt. This group is not sure they will ever fully retire. Some are embarrassed about talking

Age 20-34

50

23

27

Age 35+

55

21

24

Age 20-34

37

23

40

Age 35+

36

23

41

Regardless of attitudes and concerns, the research makes it clear that people need financial information when they make decisions. Finding information they can trust is one of the fundamental elements of their search. In our qualitative work, it was certainly clear that an organization like the Investor Education Fund can be a valued source of unbiased information that helps people get better information in a more timely manner.

to a financial advisor, although they probably need advice more than most others.

100%

Controller Attitudes

I budget so carefully that I knowexactly how much I spend and what I spend iton.

59

62

I know everything I need toknow about managing my money.

Age 20-34

18

25

Working, whether for pay oras a volunteer, is an important partof who I am

Age 35+

21

20

A balanced lifestyle is more important than making more money.

Disagree

Neutral

Agree

Age 35+

21

18

20

20

I do everything inmy power to stay outof debt

Age 20-34

57

0%

20%

40%

60%

59

80%

The Bondesbury Group

Investor Education Fund Comparative Review of Learning and Key Events for Age 20-34 and 35+

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