The Top 5 Financial or Business Publications & Resources Among Consumers

There are numerous financial/business publications, both print and digital, that consumers access for information on finances, investing, the economy, markets, budgeting, and many other topics. Understanding which sources of financial information upon which consumers rely is valuable for financial advisors, RIAs, wealth managers, and financial services companies, because it helps them anticipate what might be influencing clients' decisions and behaviors regarding finances and investing, but it also helps these stakeholders pinpoint the best media for reaching their audience as a component of a multi-channel marketing plan.

To help stakeholders in the financial advisory and services industries, Psympl conducted a national market research study (n = 3,000 respondents) with Ipsos to determine the top financial/business publications among consumers. The online survey asked,

Which of the following financial publications or information sources do you read regularly, whether in print or digital media (e.g., online)?

Respondents were given the following list of print and digital publications, which also included a radio show (Dave Ramsey) and an open-ended Other option, in which respondents were asked to specify their answer. This list is alphabetized for ease of reference:

Among the general population, ages 18+, the top publication is Forbes with 21% of respondents indicating that they read this publication regularly. The top 5 publications are, in order:

• Forbes 21%
• The Wall Street Journal 16%
• Bloomberg Businessweek 12%
• Fortune 12%
• CNNMoney 12%

Of note, nearly half - 48% - indicated that they don't read any of these publications regularly, and only 1% chose "Other." This indicates there is significant opportunity for these publications to expand their circulation.

That said, financial advisors may not consider "everyone over age 18" as their target. While consumers on the lower end of the socioeconomic spectrum may be Prime Prospects for some financial services, wealth managers primarily focus on clients with a minimum income and/or investable assets.

How do media consumption habits change along the socioeconomic spectrum?

Household Income  

Across ranges of income, Forbes and The Wall Street Journal rank #1 and #2, respectively, mirroring the general population. However, a greater percentage of people across higher income ranges read these publications regularly. Bloomberg Businessweek, CNNMoney, and Fortune jockey for the #3, #4, and #5 positions across the income ranges, but there are unique choices depending on income. Among consumers in households making:

• Less than $50K: #5 Entrepreneur - 8%
• $150K - $249K: #5 MarketWatch - 11%
• $250K+: #4 The Economist - 16%

Top 5 Publications by Household Income

Net Investable Assets

When looking at Net Investable Assets, there is a shift in the #1 position from Forbes to The Wall Street Journal among consumers with at least $1 million in investable assets. Similar to consumers with higher income ranges, a greater percentage of people with greater assets read these publications regularly. Again, Bloomberg Businessweek and CNNMoney are solidly in the mix, but there are some notable differences for consumers in some asset ranges.

For example, for those consumers with $5 million - $9.9 million in net assets, nearly 1 in 5 regularly read a financial blog by a credible and trusted financial expert. Differences among consumer with various ranges of assets include:

• $250K - $499K: #5 The Economist - 14%
• $5 million - $9.9 million: #4 Financial blog - 19%; #5 The Economist, Financial Times, and The Motley Fool - 17%
• $10 million+: #3 Harvard Business Review, The Economist - 14%

Top 5 Publications by Net Investable Assets

Net, the top publications read by consumers with higher socioeconomic status is fairly consistent with the general population, but a higher percentage of consumers with higher incomes or net assets read these publications. Moreover, the higher the income or net assets, the higher the likelihood that consumers regularly read at least one of the publications listed in the original table above.

For example, the percentage of respondents who answered, "None of these/I don't read financial publications regularly," varied widely across the socioeconomic spectrum:

• <$50K Household Income: 57%
• $250K+ Household Income: 43%
• <$250K Net Assets: 49%
• $10 million+ Net Assets: 30%

While consumers with higher wealth are more likely to regularly read financial/business publications, there is still a significant population of these consumers who do not read any of these publications, representing a growth opportunity for these media.

Another angle in analyzing readership is by using psychographics.

Psychographics

Psychographics pertain to people's attitudes, values, lifestyles, and personalities, which are core to their motivations and priorities. Psychographics help answer WHY people make decisions and behave the way they do.  Two people with similar income or net assets can still behave in very different ways, which is why such a high percentage of consumers across the socioeconomic spectrum do not currently read financial/business publications. Psychographics is an aspect of financial psychology that helps identify the triggers of such behaviors.

A primary objective of Psympl's national market research study was to develop a financial psychographic model to predict and explain people's approach to investing, financial services, the role of financial advisors, and engagement preferences with RIAs, wealth managers, and financial institutions. This psychographic model can also help explain financial/business publication readership.

Psympl identified five distinct financial psychographic segments, each with unique motivations and communication preferences:

There is little difference in average income and net assets among Segments 1, 2, and 3, but significant differences in the level of self-direction, independence, and propensity to research financial topics and investments.

Looking at the top 5 financial/business publications across these psychographic segments, Segment 2 stands out as the most likely to read these publications, followed by Segment 3. 

Segments 1 and 4 uniquely rank Dave Ramsey and The Motley Fool in their top 5, though this is among a relatively small percentage of these psychographic segments.

Top 5 Publications by Financial Psychographic Segment

There are also wide differences among the financial psychographic segments in terms of who does not regularly read any financial/business publications. While more than 80% of Segment 2 reads at least one financial/business publication, 80% of Segment 5 reads none of these publications. While Segment 1, on average, is as wealthy as Segments 2 and 3, the majority of Segment 1 does not read these publications.

Percentage of Financial Psychographic Segments Who Answered:

"None of these/I don't read financial publications regularly"

Psychographics may be a better predictor of readership than either household income or net investable assets. 

Psympl has developed the Motivation Decoder^TM to help financial advisory and services organizations (and financial publications) identify the psychographic profiles of financial consumers for enhanced targeting and engagement. Psympl is also working on a projection model to predict the financial psychographic segment for all adults ages 18+ in the United States for geotargeting Prime Prospect targets for print and digital advertising, social media, and outdoor advertising. This will also allow Psympl's customers to append their own client data, assigning psychographic segments without having to take the Motivation Decoder.

These are powerful capabilities for personalizing prospect and client engagement, appealing to their motivations, priorities, and personalities to activate desired behaviors. To learn more about Psympl's proprietary market research, please visit the Financial Data Sets page on the Psympl website.