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Journal cover: International Journal of Bank Marketing

International Journal of Bank Marketing

ISSN: 0265-2323

Online from: 1983

Subject Area: Marketing

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Attitudes and behaviour in everyday finance: evidence from Switzerland

Document Information:
Title:Attitudes and behaviour in everyday finance: evidence from Switzerland
Author(s):Brigitte Fünfgeld, (ISB, University of Zurich, Zurich, Switzerland), Mei Wang, (Swiss Finance Institute, ISB, University of Zurich, Zurich, Switzerland)
Citation:Brigitte Fünfgeld, Mei Wang, (2009) "Attitudes and behaviour in everyday finance: evidence from Switzerland", International Journal of Bank Marketing, Vol. 27 Iss: 2, pp.108 - 128
Keywords:Cluster analysis, Factor analysis, Personal finance, Questionnaires, Savings, Switzerland
Article type:Research paper
DOI:10.1108/02652320910935607 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Acknowledgements:The authors would like to acknowledge the support of the University Research Priority Program “Finance and Financial Markets” of the University of Zurich and the National Centre of Competence in Research “Financial Valuation and Risk Management” (NCCR FINRISK), Project 3, “Evolution and Foundations of Financial Markets”. In addition, they would like to thank the Swiss financial company that provided them with client data and the anonymous referee for the helpful comments.

Purpose – In order to classify individuals based on their needs, this paper aims to consider both self-stated attitudes and behaviours in a comprehensive range of daily financial affairs. Furthermore, it aims to study the impacts of socio-demographic variables such as gender, age, and education.

Design/methodology/approach – A questionnaire was answered by 1,282 respondents in the German-speaking part of Switzerland. Factor analysis revealed five components. Based on these components a two-step cluster analysis (Ward and K-means analyses) identified distinct subgroups. Linear regressions were used to investigate the impacts of socio-demographic variables.

Findings – Factor analysis revealed five underlying dimensions of financial attitudes and behaviour: anxiety, interests in financial issues, decision styles, need for precautionary savings, and spending tendency. Cluster analysis segmented the respondents into five subgroups based on these dimensions with an ascending order of specific needs for financial products. Gender, age, and education were found to have significant impacts.

Research limitations/implications – Real consumption behaviour cannot be observed through the survey, which limits the external validity of the study.

Practical implications – The segmentation identifies different levels of financial competence and needs for financial products. It allows financial service providers to offer more effective advice and to meet customers on their own level to improve personal financial management.

Originality/value – Attitudes and behaviours in daily financial affairs are examined to reveal individuals' financial competence and consequential product needs. A heterogeneous sample covers a variety of demographic groups.

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