Understanding the Mind of the Saver

A Picture in Your Mind’s Eye: How LMI Individuals See Money and Savings

D2D has begun the process of applying the ZMET research within the financial services industry, starting with credit unions. Over the summer and fall of 2007, D2D completed a review of credit union imagery and messaging related to savings account promotions. Our final sample includes 107 images from 22 credit unions.

The Mind of Low- to Moderate-Income Savers

The credit union industry and D2D Fund share a common interest: better understanding the mind-set of low- to moderate-income (LMI) consumers regarding personal finances and financial services. For credit unions, attracting LMI customers is important to their mission of “meeting the credit and savings needs of consumers, especially persons of modest means” and an important part of what distinguishes them from other depository institutions.

Understanding the Mind of the Saver

Influencing consumer behavior requires an understanding of consumers – how they think, feel and view the world of money and savings. With the help of a cutting-edge research tool, the Zaltman Metaphor Elicitation Technique (“ZMET”), D2D has begun probing the minds of lower income consumers in order to bring innovation to the marketing of savings. In addition, this research can help develop useful decision-making aids and appealing savings products. D2D intends to expand the use of the ZMET tool and marry the findings with existing quantitative market research.