Top dog or bear with a sore head – which financial animal are you?
05 March 2008
Callcredit introduces six new profiles to help consumers better understand their financial situation
With constant speculation around the impact of the credit crunch and growing consumer financial concerns, Callcredit has teamed with psychologist Professor Adrian Furnham of University College London to develop 'financial personality' classifications. The six categories aim to give consumers an insight into how their individual character traits affect their attitude to finance.
Whether you're a Magpie who is addicted to the 'quick hit' of credit; an Ostrich who buries their head in the sand and ignores their financial situation; a Squirrel who takes pride in saving money where it can; a Cheetah who takes a ruthless approach to finances; a Bear who saves one month then splurges on luxuries the next; or a Dog who is less inclined to switch from lender to lender, Callcredit is on hand to help consumers get a better understanding of their financial situation.
According to recent research by Callcredit, it was revealed that a staggering 16% of all adults are unable to say how much they owe.
Owen Roberts, Head of Callcredit Consumer commented:
"A worrying percentage of the population is unable to manage their debt levels effectively, so this exciting piece of psychological research is a positive step in the right direction to help consumers understand their financial standing and take more responsibility for their money.
The six animal personality types are designed to help consumers define their financial personality and learn which traits they need to tackle to take control of their money situation
Adrian Furnham, Professor of Psychology at UCL commented:
"I have done substantial research into people's financial habits and recognise the fact that a wide range of consumers are consciously unaware of their attitudes towards finances. I am a strong believer that if people understand the situation they're in, they are far more likely to tackle it. By coming up with a simple, yet effective categorisation of financial types and referring them to a concept that people can relate to, consumers are more likely to approach their finances head-on and get on top of their money worries."
ENDS
Callcredit's six financial profiles - which animal type are you?
The Magpie
The WAGS of the animal kingdom, magpies are addicted to the 'quick
hit' of credit. They are impulsive shoppers - maybe even
shopaholics - and rarely think long term. They may feel
disenchanted with their situation in life, no matter how well off
they are and turn to credit as a comforter. They spend more than
they earn and savings are the last thing on their mind, preferring
to adopt a 'live for the moment' attitude.
The Ostrich
While materialistic, the ostrich is not impulsive like the magpie.
Subconsciously, the ostrich knows it has not got a true grip on its
finances, but day to day chooses to bury its head in the sand, and
carry on spending (though not frivolously). The ostrich prefers to
rely on loans from family, friends and the bank rather than
acknowledge its worsening situation.
The Squirrel
The squirrel takes pride in saving money where it can. Thrifty by
nature it abhors waste and easy credit. The squirrel shops around
when it comes to finances, investing time to ensure that it gets
the best deals possible. Something of a credit pessimist, the
squirrel savings tend to be substantial and far outweigh any of the
other animals'.
The Cheetah
The 'rate tart' among creatures, the cheetah is a wily financial
animal. Always on the lookout for the next financial deal that will
save it money, the cheetah takes a ruthless approach to its
finances. The cheetah will have the occasional or frequent splurge,
but hates feeling ripped off and shops around for the most
advantageous rate, always trying to beat the system.
The Bear
The bear is a strong and powerful animal - it's a risk taker
preferring to speculate on the markets than take a longer term,
more secure route of a savings account. The bear can be
unpredictable in its habits, saving one month then splurging on
luxuries the next. Bears are high achievers with high standards
reflected in their spending habits. Their high powered jobs and
no-nonsense characteristics means they can afford these luxuries
for now, but may be unable to curtail their lifestyle should their
financial situation change. A leader and protector, the Bear likes
to feel in control even if this is not always the case.
The Dog
Sensible, trusting and faithful are the three main characteristics
of the dog. Less inclined to switch from lender to lender, the dog
appreciates good customer service and will reward its provider with
its loyalty. Many dogs use credit in their monthly cycle,
purchasing some things on credit one month but always paying it
back in full the next. Ultimately, the dog tries to live within its
means and will take its time weighing up big purchasing decisions,
often seeking advice from others.
About Callcredit:
• Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
• Callcredit check (www.callcreditcheck.com) is the consumer arm of credit reference agency Callcredit, providing consumers with instant online access to their credit report and services to help them monitor their credit status.
• Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
• Callcredit is one of six core businesses that form the Skipton
Information Group. The other five are:
• Database management company EuroDirect
• Market
analysis firm GMAP Consulting
• Online payment service provider, Legatio
• Scorecard development and
affordability assessment specialist DecisionMetrics
• Marketing services and database specialist, Broadsystem
Adrian Furnham
• Since October 1992, Adrian Furnham has been a Professor of
Psychology at University College London, UCL.
• Adrian is a member of the British Psychological Society, an
academic, a consultant on organisational behaviour, a writer and a
broadcaster.
• Adrian's main areas of interest are organisational psychology;
psychometrics, especially personality assessment; complementary
medicine; cross-cultural psychology, especially mental health and
migration; and economic socialisation
• For further information, please visit
http://www.psychol.ucl.ac.uk/people/profiles/furnham_adrian.htm
