MicroSave, in collaboration with Ignacio Mas, recently conducted a large-scale two-country research study to understand the money management practices of the mass market. The project, originally conceptualised to discover metaphorical representation of household money management practices, exposed the fact that people's financial management styles are motivated by different mental models.
This research report discusses how behaviour is governed by perceptions and aspirations around financial goals, income patterns, and financial instruments. The paper ends with “ten governing rules” that the mass market segment considers intuitively when managing money.
These concepts can help in a wide range of product development and marketing and financial education approaches in the target segment.