Money makes people angry

The bad, bad money

The issue of money is particularly scary to women

In a gender comparison, it becomes clear that women are significantly more likely to have negative thoughts about money and finances than men. While men think much more often of money positively than negatively (difference: 15 percentage points), women almost as often think negatively as positively of the topic (difference: 3 percentage points).

Negative thoughts about money increase with age

A look at the different age groups shows that negative attitudes towards money and finances increase steadily up to the age of 59. Between the ages of 50 and 59, almost as many people think negatively as positively of the subject. From the age of 60, thoughts change and people think more positively than negatively about the topic significantly more often (difference: 17 percentage points).

Direct bank customers think much more positively than savings bank customers

Major differences are revealed when analyzing the main bank connections of the respondents. By far the most positive things to think about money and personal finances are direct bank customers (25 percentage points more often positive than negative). This group is followed by cooperative bank customers (difference: 17 percentage points) and large bank customers (difference: 15 percentage points). For savings bank customers, the topic is more often negative (32 percent) than positive (28 percent).

Consequences for the acquisition

For financial advisors, these findings have two implications in connection with the topic of acquisition: On the one hand, it is obviously more promising for them to address direct bank customers and to convince them of their service. On the other hand, they should be prepared, especially when talking to savings bank customers, to positively occupy the topic of money and personal finances in order to create a better basis for advice and deals.

One approach for this can be not to explain the various investment opportunities and return prospects directly in the consultation, but to ask about the meaning and personal goals and put them in the foreground. “Possession of money increases satisfaction in some cases. However, dealing with the topic itself rarely creates a positive atmosphere, ”says Peter Mannott, Team Manager Custom Research at YouGov. “For young consumers in particular, money is primarily a means to an end. When it comes to communication, the financial companies should put the direct approach to the topic of money and personal finances in the background and focus more on the purpose pursued, ”says Mannott.

About the survey

For the study, 2,212 people aged 18 and over were questioned representative of the population from November 5 to 8 and from November 30 to December 4, 2018 using standardized online interviews.

The complete analysis as a download.