I’m living for today!
Who are they?
In this mindset, people define success by enjoying the present. They seek delight in how they choose to spend money and are optimistic about the future.
- Key beliefs
- Money is best when spent and experienced
- Lifestyle will always come first, and they’ll do whatever it takes to maintain it
- Too much structure and thinking about money interferes with their lives
- They’ll always have enough money and are resilient in unexpected financial situations
- Efficiency and convenience are highly valued
- Key behaviors
- Don’t use budgets or any hard rules
- Willing to spend outside their means
- Save money through lowering the frequency of certain purchases
- Use automated or background tools
- Rationalize and justify behavior that might otherwise make them feel guilty
- Prone to splurging and rewarding themselves
Experiencers feel the most pressure to be people they aren’t when it comes to their money.
Experiencers “spend it” more than any other mindset. Money enables Experiencers and is meant to have immediate utility. Budgets? Effort? No thanks
Spending “free money”
I had a referral bonus for work that I didn’t put into budgeting because it’s basically free money, so I might as well enjoy it and I bought myself a bag.— Jessica D., 24
Buying what I want and ignoring guilt
Purchased an entire juice cleanse from a health food store. [It’s] super expensive, and I should be using my Vitamix instead of buying juices, but I’m too lazy.— Alice Z., 29
Avoiding budgets that inhibit my lifestyle
I don’t budget. It doesn’t interest me. It doesn’t come naturally to me… I know that if I really started budgeting, I would start realizing I need to spend even less than I am.— Erik C., 28
Banks have the opportunity to be pro-active in helping Experiencers to manage their finances, without judgment.
Money tools, like finances in general, are integrated into their life and lifestyle
Digital paying apps
Achievers had high analog tool use (eg. binders, folders, notebooks).
Lifestyle spending apps
Digital tools are put to use supporting Achievers specific and personal needs.
Immediacy and simplicity is key for helping Experiencers with their financial decisions.