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The Sorted Kiwi. The Effect of Identity on the Achievement of Financial Well Being in New Zealand Robyn Dupuis 2009 Ian Axford Fellow.

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Presentation on theme: "The Sorted Kiwi. The Effect of Identity on the Achievement of Financial Well Being in New Zealand Robyn Dupuis 2009 Ian Axford Fellow."— Presentation transcript:

1 The Sorted Kiwi. The Effect of Identity on the Achievement of Financial Well Being in New Zealand Robyn Dupuis 2009 Ian Axford Fellow

2 Factors Affecting Ones Sortedness Income Age Ethnicity Gender Availability of Trustworthy and Advantageous Financial Products Financial Knowledge Attitudes about Financial Management, Habits, Normalization of Behaviors among Family/Friends, Experience with Economic Events, Life Shocks, Existence of Support Networks…and Identity

3 The Identity Effect Asian- American Women Experiment & Others How Who You Are Impacts What You Do and Achieve Using Identity to Improve Outcomes What if there is no Choice between Identities? What if there is only ONE group identity available to work with?

4 Using Identity Strengths to Improve Outcomes Hypothesis: The outcomes of the salience of a group identity may be improved by highlighting and making more salient the underlying components of that identity which have norms supportive of the desired behaviour and performance.

5 Vision – Goal to Achieve New Zealanders are Sorted Target Population All New Zealanders Identify Desired Behaviour Sorted-Supportive Financial Management Group Identity Stereotypes Related to Behaviour/Performance Components of Group Identity Explore Behaviour Relationships Values, Folk Ideals, etc. Make Salient Supportive Identity Components Show how identity supports Behavior Evaluate Desired Behaviour Adoption & Progress of Vision Achievement Normalisation of Behaviour Identity & underlying components support desired attitudes and behaviours Vision – Goal is Achieved The Identity-Component Salience Model Populations Common Group Identity Kiwi identity

6 Applied to New Zealand Financial Well Being Vision: Financial Well Being for New Zealanders Target population of All New Zealanders Target Group Identity: Folk Kiwi identity Q: How can highlighting sorted-supportive components of the broadly appreciated folk Kiwi identity shift overall financial management stereotypes associated with being Kiwi in a positive direction to promote increased normalization of sorted behaviours and ultimately the achievement of the Retirement Commissions vision: New Zealanders are Financially Sorted?

7 Strength of a Group Identity-Based Approach An identity component-based approach may shift the current perception of: Through hard work, change, and sacrifice I can be sorted, to: As a Kiwi, being sorted is part of who I am. More likely to normalize behaviour in a sustainable way. Social Confirmation disseminates group identity based messages broadly

8 Execution of the Model Making the Sorted Kiwi Salient 1.What does being Kiwi say about New Zealanders abilities and inclinations to be Sorted? What are the common stereotypes? 2.Which Kiwi Identity Components are Sorted- Supportive? 3.How can Sorted-Supportive Components Be Made Salient?

9 Q: 1 What are the Kiwi Identity Sorted-Related Stereotypes? There is room for improvement in terms of what being Kiwi means to New Zealanders about their abilities, inclinations and likelihood to achieve financial well-being.

10 Financial Management: Not Sweet As Financial Management… Does not fit with ideal Kiwi life. Money is not supposed to be a priority. " Oh! But he was a tight-fisted hand at the grind- stone, Scrooge! a squeezing, wrenching, grasping, scraping, clutching, covetous, old sinner! Hard and sharp as flint, from which no steel had ever struck out generous fire; secret, and self-contained, and solitary as an oyster..." - A Christmas Carol

11 Money is Grubby. Historic economic events result in negative perceptions about money Anti-Capitalist, Anti-Profit Sentiments Big Business = Bad Dodgy/Shady Impressions Bernard Bernie Madoff

12 Massively Difficult/Impossible Financial Management: Requires Expert Help Complicated Someones Day Job Impossible - There isnt enough money to save and its not worth worrying about Being financially sorted and still being able to have fun are not compatible.

13 Government will Provide For some, this is true For others – New Zealand just not a scary place Stereotype Origins: NZ Super Other Social Welfare Supports

14 Kiwis are Bad Savers Savings not flash No culture of saving Why bother? Kiwis are unsophisticated, not money savvy and risk averse Stereotype/Myth Origins: Cant save, Instability of Retirement Policies = futility, Shell Be Right Philosophy, Government Supports NZ Government Financial Services Industry Is the Bad Saver myth True?

15 Q2: The Kiwiana Effect A Sorted Supportive Identity What components of the Kiwi identity, if highlighted and made more salient might contribute to a more positive Kiwi identity – effect on financial performance?

16 Kiwi Identity Components What are called Pioneering Characteristics Quality of Life Priority (vs. $ accumulation focus) Tall Poppy Syndrome Shell Be Right attitude The Good Generous Kiwi Bloke Number 8 Wire & DIY Culture Punching Above our Weight

17 Key Components (cont.) Dont Tell Me What to do, Mate! attitude Love of Land & Go Outside & Play ethos Value Shifts Youth – Decreased independence? Increased consumerism? Effect of financial crisis? Different Values among different groups – age, ethnicities, education, income…

18 Benefits of being Last in the World Short History = Perseverance of Strong Pioneering Values – Practical/Pragmatic – Sensible/Grounded/ Down to Earth – Stoic/Strong – Determined/Tenacious – Responsible Sense of national identity quite consistent Some people began to suggest that the tough conditions of the New Zealand frontier and the bracing climate of the country were character forming. Some people began to suggest that the tough conditions of the New Zealand frontier and the bracing climate of the country were character forming. - Te Ara (1874 Sheep Farmers Camp)

19 Quality of Life Priority The Price of Living in Paradise Kiwi Ideal expectations about what is important doesnt require a preoccupation with money. Quality of Life values are down to Earth and sorted- supportive

20 Tall Poppy Syndrome Aversion to ostentation thwarts flash consumption Thwarts entrepreneurship? & holds people back? Stimies money talk? We dont care for loud, colourful flourishes of wealth.

21 Shell Be Right Is there any worth in worry? A Rule of Thumb Capitalizing on the positive confidence of Shell Be Right Ill get along better if I dont worry…sometimes I think worrying is a waste of time

22 Number 8 Fencing Wire & DIY The feeling that we can put it together in the back shed and it will come out right Kiwi Ingenuity. Adaptable, self-reliant, resourceful, make-do, naturally talented. Kiwis want to manage their own money. Strengths: make do sensibilities admired, confidence to do things themselves John Brittens Motorcycle

23 Go Outside & Play, Love of Land, Kiwis Save through Homes. Love of Land & Outdoors Key Value Homeownership & Property Ethos

24 Accountants Wear Shoes How Financial Management fits with Go Outside and Play High cost Kiwi-ize Financial Management

25 Q: 3 How can Sorted-Supportive Components Be Made Salient? Capitalize on Identity-Strengths to promote the idea of The Sorted Kiwi. – Test the Kiwi Identity Salience Effect on Financial Behavior and Performance – Test the component Salience Effect on Financial Behavior and Performance

26 Note: Retirement Commission Philosophy Retirement Commission has a Sorted Kiwi philosophy: If given appropriate financial management information, New Zealanders will act rationally and responsibly to achieve financial well-being. Could tell people why in a more obvious way. An identity approach would benefit from others in NZ having more confidence in Kiwi abilities.

27 Identity-Component Salience Model – 5 Strategies Identity Based Strategies to Lower Perceived Cost Highlight Identity Components Supportive of Behaviour Positive, strength-based messages Use Identity Ideal Representations Use People, Places and Things that are reflective of key values Highlight & Prove Identity – Behavior Connection Positive messages & success- demonstrating information Identity Based Strategies to Promote Benefits or Threats Unique Identity Based Messages i.e. appeal to unique key ideals, national pride, etc.

28 Highlight & Prove Identity Strengths Define Saving in a New Zealand, Inc. Way – Combat the Bad Saver Myth – Prove Sorted Kiwi connection Kiwis are Too Sensible for Problematic Debt Highlight Practical & Sensible Financial Management Strategies (vs. debt averse) Promote For the Greater Good Entrepreneurial Enthusiasm

29 Identity-Based Benefits & Threats Keep identity in mind with benefits and threats approach Lifestyles of the Rich and Famous not likely to resonate. NZ not a scary place - No Lions, Tigers and Bears.

30 Lower Perceived Cost Kiwi-ize Financial Management – show how financial management can fit within the ideal Kiwi life and can be: – Easy – Fun – or at least not horrid – Quick – Integrated into the ideal Kiwi lifestyle – Work with Financial Institutions to make basic financial management easy

31 Use Ideal Messengers Use popular messengers who epitomize the Kiwi ideal (or images) – All Blacks, other sports figures – Great outdoors, active lifestyles – People who have put NZ on the map, exhibited strength of will, independence, and self- assurance, etc…

32 Unique Identity Components Small country pride – small, but perfect First in the world – Nationalistic – KiwiBank Punching above weight, tall poppy, quality of life priority, No. 8 wire… key identity components in which Kiwis take price

33 Sum Up – Thoughts Highlight Key Appreciated S.S. Components/Characteristics of which Kiwis are Proud Highlight History of Sorted Behaviours – No Shell Be Right attitude about finances First in the World to be Sorted? Sorted as a Tool for Clever Kiwis

34 Questions & Whats Next

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