New Study Reveals Key to Eliminating Americans’ Debt by Understanding Consumer Behavior

COSTA MESA, Calif.–()–Payoff Inc. (https://www.payoff.com/), the leading financial wellness company that innovates at the intersection of psychology and finance, today announced the results of a 12-month study analyzing how personality interacts with financial decision-making. Designed by a team of scientists led by Dr. Galen Buckwalter, inventor of the algorithm powering relationship success at eHarmony, the study systematically explores how Americans interact with money. With the average US household carrying $15,762 in credit card debt in 2015*
and with the country as a whole nearing $1 trillion in credit card debt this year, the study’s findings provide a clear and much-needed pathway to help Americans improve their relationship with money.

With the average American household having credit card debt of $15,762* in 2015, the study’s analysis provides a clear path to help Americans improve their relationship with money. The Payoff Science team, an amalgamation of clinical and research psychologists, psychometricians, neuroscientists and data scientists, has identified 10 financial personalities among the patent-pending companies Financial Personality Questionnaire which, when understood, have a positive impact on people’s financial behavior and overall financial well-being. The quiz draws on decades of scientifically validated personality tests and adds a never-before-seen layer of how financial behaviors impact money.

“In simple terms, understanding human behavior with love or with money starts with understanding our personality – who we are and how we deal with the stresses and anxieties of life,” said Dr. Galen Buckwalter, Scientific Director of Payoff. “Given our psychological makeup, it’s no wonder so many people struggle with debt and financial anxiety. The Payoff Financial Personality Quiz results provide a roadmap to help change financial behaviors and retrain the brain to think differently about money, debt, and savings.

Highlights of data analyzed from over 50,000 assessments completed in the 12-month study reveal:

  • Of the 10 personalities, the largest group of financial personalities in the United States (14.7%) are “The Storyteller” – consumers who are transparent about financial challenges and tend to spend impulsively when dating. friends

  • The smallest group of financial personalities in the United States (5.6%) are “The Ambassador” – consumers who always help others in financial difficulty and who have high credit card debt linked to peer pressure to spend more

“Based on our research, we know that the current financial system is not working for the personalities of 4 out of 5 Americans – that’s an incredible number of people who are not wired to achieve financial well-being and who are stuck on a treadmill of debt,” said Scott Saunders, CEO of Payoff. “Our holistic approach begins with understanding personality, followed by a loan to eliminate high-interest credit card debt, and reset behavior change for long-term success. By leveraging solutions tailored to foster better financial behavior for every financial personality we identified, less than a quarter of one percent of our members default on their loan – incredible testimony that our approach is truly changing lives and society for the better .

Founded on the fundamental idea that financial well-being is a learned behavior, the application of science and research validated by Payoff has been shown to be powerfully predictive of financial outcomes across a wide range of demographics. By tapping into each person’s unique behavioral core, Payoff seeks to reinvent its members’ relationship with money by reducing stress, changing habits and increasing financial well-being.

To take the Financial Personality Questionnaire and disclose your financial behavior, please visit: https://www.payoff.com/quiz. And for more information on Payoff, please visit: payoff.com.

*according to a study carried out in 2015 by NerdWallet

About Payment (payoff.com)

Payoff, Inc. is a financial wellness company that applies science, psychology and technology to help members reinvent their relationship with money, accelerating their journey to financial wellness. Payoff empowers members through an integrated set of products and services that includes a loan to refinance credit card debt, support from dedicated members, access to ongoing education, and the consistent application of psychometric research and of psychology to drive positive and lasting behavior change along the way to financial well-being. Payoff’s board of directors includes Joe Saunders (former CEO of Visa), Arianna Huffington (founder of the Huffington Post), Mohamed El-Erian (former CEO of Pimco), Sean Park (founder of Anthemis Group) and Jim Lane (former partner of Goldman Sachs).

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