Personal finance: Small group influences the masses

There's a group of consumers that have been identified by Mediamark Research & Intelligence as being key word-of-mouth influencers in the realm of personal finance.

by Helen Leggatt

Comprising around 25.4 million adults in the U.S., this group scores well above the national average for key financial and wealth indicators, despite earning just above the national household average.

Dubbed "Big Circle Influentials" this group is important to marketers in the personal finance industry in many respects. Not only do they advise family and friends, they also influence a much larger sphere of people they may never have met via social networks and viral activity.

On forums, in particular, it's easy to spot the influencers. Their advice is sought and taken as being sound, and they are often up front with their opinions.

It certainly appears that "Big Circle Influentials" know their onions, if their financial positions are anything to go by. According to MRI's financial word of mouth segmentation, compared to U.S. adults they are:

• 33% more likely to own a home valued at $500,000 or more
• 157% more likely to have made 10+ investment transactions in the last 12 months
• 109% more likely to have securities valued at $150,000 or more
• 30% more likely to own an IRA
• 20% more likely to own a 401K
• 44% more likely to seek financial planning counsel

Tags: Big Circle Influentials, forum, influencers, personal finance, social, viral, word-of-mouth