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Hearts & Wallets is the resource for retail investor data and insights, combining a consumer marketing framework with financial services operating experience. The company is a catalyst for consumer-driven innovation in retail investing and saving. 

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Money Movement

Tap into Consumer Motivations to Drive Trial and Transfers - a Quantitative Report

Report Overview

The Report on Money Movement: Tap into Consumer Motivations to Drive Trial and Transfers provides actionable analysis and greater visibility into transaction dynamics both at their origin and destination for a full picture of opportunity and potential threats. The report covers new deposits in new accounts, cashouts, transfers and rollovers.

Money Movement is drawn from the latest fielding of the Hearts & Wallets Investor Quantitative™ Database (IQ™ Database), recognized as the largest single dataset on U.S. retail consumer attitudes, behaviors and buying patterns, with over 45,000 U.S. households.

Select Key Findings

  • “To simplify my finances” is the No. 1 reason for money movement. The how of simplification varies based on the complexity of the consumer’s financial needs.
  • Consumers ages 39 and younger are the most likely to move money – 8 percentage points or more ahead of other lifestages.
  • Put life events in context as a trigger: half of consumers who had a major life event in the past 3 years were not involved in money movement. 

How This Report Helps

Marketing, product and advice/digital design professionals will benefit from the actionable data and insights in this report to:

  • Identify consumer groups and messaging for new deposits, which are a key driver of money movement.
  • Craft differentiated messaging based transaction size and underlying consumer motivations.
  • Understand the powerful motivation of simplification for effective messaging, trial and retention.

About the Hearts & Wallets Investor Quantitative™ Database

The Hearts & Wallets Investor Quantitative™ Database (IQDB) is the comprehensive resource for understanding and analyzing behaviors and attitudes of retail savers and investors. With over 1,600 fields and derived variables, the breadth and depth of topics covered is designed with decades of hands-on experience in the marketing, product, service and research functions it serves. The database covers consumers of all age and wealth segments, with over 5,000 annual responses to an online survey fielded mid-year since 2010. The large sample size of over 45,000 U.S. households permits sizing and profiling of virtually any demographic, behavioral or attitudinal definition for consumer groups. Its national weighting methodology allows for comparisons across years and customer/shareholder bases of leading firms. 

“Rarely does any content that I’ve read over the years reach the level of sophistication and credibility that Hearts & Wallets produces.”    

– Consumer Insights Professional, major diversified financial services firm  

Executive Summary

Methodology

4-6

Key Findings & Implications, Favorite Statistics, Related Research

8-12

One in 4 is considering moving money next year; most common transaction is funding a new account with a new deposit.

Consumer Households Involved in Money Movement, National, by Transaction Status, by Transaction Type

13-14

Distribution of Number of Transactions in Households, By Investable Assets

15

Transaction Amounts and Average Transaction Size, by Transaction Type

16-17

“To simplify my finances” is the #1 factor motivating money movement, although motivations vary by transaction size.

Involvement and Incidence in Any Money Movement, By Life Events, By Household Type

18-19

Motivation Factors - All Transactions Types, National, by Transaction Size, by Year

20-21,23

Average Count of Motivating Factors: All Transactions Types

22

Transactions today are more likely to involve trial of new providers than in the past.

Transactions, by New or Existing Relationship

24-25

Transaction Size, by Relationship Status

26

Motivation of Decision, by All Transaction Types, by Transaction Type=New Account Funded with New Deposit, by Trial=“New”

27-29

Young consumers are the most active participants in money movement.

Consumer Households ”Done” or Considering Any Money Movement, By Investable Assets, by Lifestage

30-31

Distribution of Number of “Done” Transactions in All Households: By Lifestage

32

Consumer Households Involved in Money Movement, by Activity Level, by Transaction Type, by Lifestage

33

Most consumers are uncomfortable leaving money in a previous employer’s retirement plan. “To simplify my finances” and “better retirement planning” are the main rollover motivators.

Crosstab Analyses for Attitude: “I am comfortable leaving money in a retirement plan sponsored by a company where I no longer work”

34-36

Motivation of Decision: by Rollover, by Relationship, by Year

37-38

Rollover Destination: Internal, External or New Employer-Sponsored Retirement Plan (“ESRP”)

39

Transaction Size: by Rollover

40

Rollover Destination and Motivation of Decision: by Size of Rollover

41-42

Appendix

Terminology & Definitions, Sample Sizes

43-47

This new 48-page report features 33 data-intensive exhibits.

Get the Money Movement Report! Contact us for pricing options to order.


About Hearts & Wallets

Hearts & Wallets is the resource for retail investor data and insights, combining a consumer marketing framework with financial services operating experience. The company is a catalyst for consumer-driven innovation in retail investing and saving. 

Visit: www.heartsandwallets.com/about 

Call now 800-930-0966 x1

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