Personalities of Financial Products

Priya Raghubir, New York University, USA
Meir Statman, Santa Clara University, USA
Financial products, like most products, have utilitarian attributes and expressive attributes. This paper i) identifies eight self-expressive benefits of financial investing (feeling smart, honest, adventurous, connected, prestigious, powerful, hip, and having fun), ii) identifies the key personality constructs that distinguish between different financial products (Exciting, Boring, Intelligent, and Aesthetic); iii) designs a scale that can be used to examine perceptions of financial products and their self-expressive benefits; and iv) provides a multi-dimensional mapping of financial instruments (ranging from bank checking accounts to hedge funds) as a function of their self-expressive benefits and personalities.
[ to cite ]:
Priya Raghubir and Meir Statman (2010) ,"Personalities of Financial Products", in NA - Advances in Consumer Research Volume 37, eds. Margaret C. Campbell, Jeff Inman, and Rik Pieters, Duluth, MN : Association for Consumer Research, Pages: 166-169 .