Mental health and finance combine to motivate younger consumers
Implications - Younger consumers who are just starting to consider their financial goals often find the money management process daunting and stressful. To alleviate this, the finance world is becoming more mindful of mental health and the need for holistic motivation. This shows a more sensitive, informed approach to a youth demographic who is delaying traditional milestones.
Workshop Question - How can you help ease the stresses of the youth demographic?
Trend Themes
1. Behavioural Economics-based Platform - The advent of behavioural economics-based platforms such as stickK uses the principles of loss aversion to help users achieve their financial goals and create commitment contracts backed up by monetary value.
2. Holistic Personalization in Finance - The finance world is becoming more mindful of mental health and the need for holistic personalization to motivate young consumers to manage their finances effectively.
3. Gym-style Financial Services - 'The Financial Gym' uses the gym model approach to develop personal finance plans and motivate individuals to handle their money intelligently.
Industry Implications
1. Finance - Holistic personalization in finance is becoming more mindful of mental health and the need for financial management to motivate young consumers.
2. Education - Behavioural economics-based platforms like stickK have the potential to be incorporated into educational programs and curriculums to teach students about financial management and motivate achievement of personal goals.
3. Technology - Technology is becoming more involved in finance, providing apps like ShowUpToIt to help users set and achieve their financial goals through GPS, and financial institutions like Alpha Bank providing expansive mobile services for consumers.
4 Featured, 36 Examples:
28,835 Total Clicks
Date Range:
Jan 17 — Aug 18
Trending:
Untested
Consumer Insight Topics:
