What's Trending (Right Now!) in Personal Finance
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With millions of conversations taking place across the Internet… perhaps you’re wondering what people are talking about, and caring about most, (right now!) when it comes to personal finance. In this webinar, Karin Kane's COO, covers the latest top of mind topics across social and traditional media. From healthcare and minimum wage to saving for retirement and post-graduate concerns, this short overview has you covered. For more finance trends or to inquire about monthly Finance trend reports, contact sales@evolve24.com.
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What's Trending (Right Now!) in Personal Finance
- 1. Trends in Personal Finance Presenter: Karin Kane, Chief Operating Officer, evolve24 Karin is the COO of evolve24, an analytics firm that specializes in audience perception. Her career includes work at Sherpa Analytics, a big data analytics firm; Thomson Reuters, a media company; Georgeson, a financial consulting firm; and the Carson Group, a financial services firm. She holds an MBA from the Kellogg School of Management, Northwestern University, and a BS from the University of Notre Dame. Karin lives with her family in Chicago, Illinois. She has mostly learned to ignore dubious stock tips shared by friends and relatives.
- 2. Trends in Personal Finance May 2015
- 3. According to the Wall Street Journal: • Battles over money between couples are frequent and brutal (4/12/15) • College grads should plan for retirement NOW (5/7/15) • 66% of households headed by someone aged 65 to 74% are in debt (5/7/2015) • Nearly one in three Americans are behind on their student debt payments (4/14/2015) • Most people get an F on 529 Plan knowledge (05/19/15) evolve24 2015. All Rights Reserved. 2#e24Insights
- 4. But according to real people: • Healthcare awareness and disease prevention is the most important financial issue! • People are also worried about: – Saving money – Doing more for charity – Earning more money – And planning for college and post-college life evolve24 2015. All Rights Reserved. 3#e24Insights
- 5. HOW CAN THIS BE RIGHT? 4evolve24 2015. All Rights Reserved. #e24Insights
- 6. We are a big data analytics and insights company that measures audience perception, and uses that understanding to help our clients change behavior. 5evolve24 2015. All Rights Reserved. #e24Insights
- 7. In other words… We look at what people are actually talking about, not what we think they should be talking about! 6evolve24 2015. All Rights Reserved. #e24Insights
- 8. Broad Search returns MILLIONS of articles Here’s How: First, we search for personal finance conversations. evolve24 2015. All Rights Reserved. 7#e24Insights
- 9. Broad Search returns MILLIONS of articles Filter out the JUNK Insights Using a Big Data Approach Goodbye, junk! evolve24 2015. All Rights Reserved. 8#e24Insights
- 10. Broad Search returns MILLIONS of articles Filter out the JUNK Insights Using a Big Data Approach Goodbye, junk! Remove IRRELEVANT material Goodbye, nonsense! evolve24 2015. All Rights Reserved. 9#e24Insights
- 11. Broad Search returns MILLIONS of articles Filter out the JUNK Insights Using a Big Data Approach Goodbye, junk! Remove IRRELEVANT material Goodbye, nonsense! Then, we IDENTIFY TOPICS using a proprietary machine learning technique evolve24 2015. All Rights Reserved. 10
- 12. Insights Using a Big Data Approach This leaves us with clean, precise topics around what people are discussing. Our last step is to rank them in order of importance, by their ability to change behaviors. Goodbye, nonsense! 3 5 41 2 9 8 10 6 7 evolve24 2015. All Rights Reserved. 11#e24Insights
- 13. *** Each of these topics that we’re sharing is made up of hundreds of thousands (and for the first few, millions) of articles. We’ve examined the volume, impressions, share of voice, and sentiment for each one, and then looked at the topics within each topic to get a better sense of what the main sub-conversations are, or how it varies by audience group. We don’t show that data here, but it is available and you can contact us after this presentation if you’re interested. And full disclaimer: we are not investment professionals and this information should not be construed as offering investment advice. *** evolve24 2015. All Rights Reserved. 12#e24Insights
- 14. #1: Healthcare costs are a major concern. evolve24 2015. All Rights Reserved. “The lifetime cost to care for a child with autism is estimated to be as great as $2.4 million.” Carnegie Mellon University, April 1 Healthy eating really does give you more energy and saves you money. Eating out becomes money guzzling. Plus you pickup a good habit cooking 13 The best way to save money in your lifetime, is to eat healthy in your mealtimes. #e24Insights
- 15. #2. Trouble Saving Money is an issue for Everyone (but Millennials are most open about it). evolve24 2015. All Rights Reserved. "I was at Target earlier this week and they have so many cute items available right now! I picked up a few things that weren’t on sale and now I’m wishing that I had held out to take advantage of this promotion!” Shop Girl Daisy, April 3 “You ever bought something and regretted it after? And you were just like damn.. That was a lot of money wasted...” Twitter, April 2 14#e24Insights
- 16. #3. Most people would like to do more for charity. evolve24 2015. All Rights Reserved. i have no money im so sad i rlly want this not only bc of jack but the fact its for a good cause and i fully support We raised over $10,000 to support the Bullhead City/Laughlin @RelayForLife race on Saturday May 2. #visitlaughlin 15#e24Insights
- 17. #4. Earning more is important to most people – and talk is growing along with talk of increasing the minimum wage. evolve24 2015. All Rights Reserved. I'm just trying to make minimum wage and I'm honestly feeling so attacked right now I NEED TO EARN MORE MONEY WTH 16#e24Insights
- 18. #5. Grads – and their families – are planning for post-college life. It won’t be easy. evolve24 2015. All Rights Reserved. “One in three Americans required to pay down student debt is a month or more behind on payments http://on.wsj.com/1NDI8X5” Twitter, April 18 “Student loan companies will apply your payments to principal amount owed LAST, so that as much interest can accrue as possible.” 17#e24Insights
- 19. What Are Recent Graduates Talking About? We looked at all topics of conversation from recent graduates, and then ranked them across two metrics: volume and emotion (behavior change). Remember this is still personal finance conversations. evolve24 2015. All Rights Reserved. 18#e24Insights
- 20. What Are Recent Graduates Talking About? Highest volume conversations: 1. Life After College 2. Obama & Fed Interest Rates 3. Student Loan Help & Advice 4. Repayment Mistakes 5. Gainful Employment Restrictions (Loans) evolve24 2015. All Rights Reserved. 19#e24Insights
- 21. What Are Recent Graduates Talking About? Highest emotion conversations (most likely to change behavior): 1. After College Aspirations 2. Student Loan Debt for Young & Old 3. Young Adult (Financial) Planning 4. Colleges Offer Bonus For On Time Graduation 5. For-Profit Colleges Forced To Close evolve24 2015. All Rights Reserved. 20#e24Insights
- 22. It’s amazing what you can learn when you listen! 21evolve24 2015. All Rights Reserved. #e24Insights
- 23. But now: what do I do with this? 22evolve24 2015. All Rights Reserved. #e24Insights
- 24. So what can I do with these insights? •Improve content marketing evolve24 2015. All Rights Reserved. 23#e24Insights
- 25. So what can I do with these insights? •Inform your brand planning, strategy & creative work evolve24 2015. All Rights Reserved. 24#e24Insights
- 26. So what can I do with these insights? •Avoid emerging risks evolve24 2015. All Rights Reserved. 25#e24Insights
- 27. So what can I do with these insights? •Aid product development evolve24 2015. All Rights Reserved. 26#e24Insights
- 28. So what can I do with these insights? •Adapt market research evolve24 2015. All Rights Reserved. 27#e24Insights
- 29. Summary • This past month, by examining tens of millions of actual conversations, you can see that people are most concerned by: – Avoiding costly health issues – Saving money: ideally by not paying taxes, putting away for retirement, or paying student loan debt – Doing more for charity, in small ways – Earning more money (especially as the minimum wage increases) – And planning for college and post-college life • You can use these in a variety of ways, from informing your brand planning through avoiding emerging risks evolve24 2015. All Rights Reserved. 28#e24Insights
- 30. evolve24 2015. All Rights Reserved. 29#e24Insights
Editor's Notes
- Remember these are trends in personal finance, not in politics. People here are mostly talking about not getting sick so that they can save money, or how they care for their parents (Gen X and the younger Boomers), or how they care for their kids. Mostly, though, the focus is on staying healthy to save money. Despite quotes like this one about caring for a sick child, most people aren’t sure how to set aside enough to afford such health care, and they don’t.
- Why? Millennial mostly discuss fashion and beauty shopping. And interestingly, they are positive about NOT saving money here! With older audience groups, this is very different. GenX and much of the Baby Boomers tend to see saving money on fashion as sort of a game. They got the coupon, they got the sale. But Millennial – they don’t mind spending a little to be more cutting edge. Spending money on other things though – like taxes or education or even retirement – is much, much less popular.
- So they find small organizations that do fun things at small costs: races, food drives, planting seeds, buying a book from a local school, etc. They also see these as ways to get free stuff and have a good experience: free seeds or little trees in return for volunteering on Arbor day, for example.
- Talk isn’t limited to the burden of student loans alone, but also includes questions about general finance, car loans, and living expenses. News articles within this topic point to the increased popularity of prepaid debit cards. Examples of this include Tweets that note how interest is accrued on the loans in ways that are disadvantageous to payers,
- After College Aspirations – this topic is all about “what can” or “what will” happen after school, like, “I can’t wait to get a job and move out after college” it differs from “Life After College” in content and tone. Life after college is pretty much about how hard and difficult school is. Student Loan Debt for Young & Old – this topic is about varying ages in student debt, which includes parent loans, paying off long term student loans (like a 30 year consolidated loan). This is a very negative topic because it deals with loss, or payments Young adult planning – includes financial planning, like first time home buyers, expenses due to moving away from home (or out of the home), career planning, paying off debts, credit card advice, etc. For-Profit Colleges Forced To Close – in the last month scandal has forced some for-profit colleges, like Everest College, to close campuses.