Strapped: Who’s Experiencing a Personal-Finance Crisis and How

Learn who's living paycheck to paycheck, why, and how -- the drivers, situations, and emotions. Understand the opportunity to address and help consumers solve for these stressors and pain-points.

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100% funded

10% for you,
10% for your friend

About

Estimates range that anywhere from 50-70% of Americans live paycheck to paycheck. Most don’t have enough savings for a $400 emergency. This ambitious project will examine who these consumers are and how they make decisions when margins are so tight. You’ll gain a deep understanding of how the overall P2P group and its various segments navigate their financial lives, make plans for the future, experience emergencies, and pursue happiness.

You’ll learn the associated drivers, situations, and emotions for those living paycheck to paycheck. The opportunity for brands is to address and help consumers solve for these stressors and pain points through innovation and messaging.

Objectives

  • Understand the biggest pain-points for those living paycheck-to-paycheck (P2P) in order to develop products and strategies to meet their needs
  • Discover how living P2P impacts consumer decisions including brand choice
  • Identify the information sources -- and their influence -- those living P2P use to learn about products and services
  • Deeply understand the emotional journal of living P2P and how relationships and future outlook are impacted
  • Determine where there are unmet needs and how brands can best connect with those living P2P

Why?

Yes, most US consumers are living in a fragile P2P state. Yet, the sheer size of this market demands an understanding of the segments that comprise it. This original work will reveal the powerful behaviors, beliefs, attitudes, and lifestyles that group individuals into discreet segments. We'll size, define, and richly profile each segment not only in terms of demographics and socioeconomics, but also by the powerful emotional triggers that determine their financial futures.

Methodology: Qualitative/Quantitative

Qualitative Design

Number of research sessions (or interviews) by specific approach:

5-days of questioning and exercises

Qualitative Research Target

Gender: 50% Male, 50% Female

Geography: US Only; Approximates national population distribution

Additional Geographic Information:

Conducted on Aha qualitative platform, recruiting 60 respondents nationally including ~12 who are Spanish-language dominant

Additional Geographic Information:

Conducted on Aha qualitative platform, recruiting 60 respondents nationally including ~12 who are Spanish-language dominant

Quantitative Design

Number of Interviews: 3000

Interview Length: 20 minutes

Statistical Analysis:

Cluster Ensemble segmentation:

• Integrates functional and emotional variables, applying algorithms to each set of survey variables
• Uses an iterative process to examine all interactions among behavioral (self-reported), attitudinal, and demographic metrics
• Provides a powerful, holistic view, allowing for a deep understanding of the financial anxiety felt by each segment; with meaningful implications for brands

Sample Source:

Dynata

Allows for behavioral-data appends:

• Modeled credit score
• Automotive data
• Insurance data
• Home ownership data
• Financial Lifestage modeling

Quantitative Research Target

Gender: 50% Male, 50% Female

Ethnicity: Approximates national population distribution

Ages: 21 to 64

Additional Demographic Screening:

Quantitative Sample: 125 augmented interviews among Spanish-dominant Hispanics (conducted offline; in central location facilities) segmented based on level of acculturation

Geography: US Only; Approximates national population distribution

Deliverables

Deliverable Overview:

• In-depth report, covering quantitative findings, behavioral profiling, and qualitative insights

• Strategic eBook, conveying key insights that set the stage for the full story of each of the five Life Shifts

• Art-directed by Pangborn Design

• Exclusive portal to all deliverables on the KnowledgeHound data-visualization platform

• Presentation: In-person or via video conference

Reporting: Formal Report

Presentation: Both web-based and in-person

Timing: 18 weeks from funding to delivery of final report

Supplier

Company: RTi

Previous Projects: 2

Rating:

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