n Acta Commercii - Segmentation analysis of financial savings markets through the lens of psycho-demographics : original research

Volume 16, Issue 1
  • ISSN : 2413-1903
  • E-ISSN: 1684-1999



This study seeks to contribute to the discourse of financial savings market segmentation. The study explores different segments of savers on the basis of demographic and psychographic characteristics that are unique to each segment relying on the perspectives of a sample of consumers of financial saving programmes.

Principles of perceptual mapping were used to analyse 33 semi-structured interviews that gathered data on the participants' psychographic make-up such as personal values, motives for saving, attitudes towards savings and perceived conditions of savings.
Eight distinct segments emerged on each psychographic characteristic based on the participants' demographics of income, gender and age. However, only five were sizeable enough to be interpreted, being three segments from the males' category and two from the females' category. The three segments that emerged within the male category are young low-income earners (YoLI), young high-income earners (YoHI) and old high-income earners (OHI) while the two female segments include YoLI and OHI. The most sizeable segment of savers in both gender-based categories is one of old adults who have a high income. These segments vary in terms of values, motives and perceptions.
The study suggests that a multi-dimensional approach of segmenting financial savings markets is more effective, as neither the demographic nor the psychographic segmentation can fully describe the saving behaviour of consumers.
The findings of the present study provide strategic communication implications for financial institutions for the respective segments.

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