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

Twelve-month study from Payoff, designed by the brain behind
eHarmony’s compatibility algorithm, now helping people achieve a more
balanced relationship with their money

COSTA MESA, Calif–(BUSINESS WIRE)–Payoff Inc. (https://www.payoff.com/),
the leading financial wellness company innovating 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 U.S. household carrying $15,762 in credit card debt in 2015*
and the country as a whole nearing $1 trillion in credit card debt this
year, the conclusions of the study provide a clear and needed path to
help Americans improve their relationship with money.


With the average U.S. household carrying $15,762 in credit card debt* in
2015, the analysis of the study provides a clear path to help Americans
improve their relationship with money. The Payoff Science team, a fusion
of clinical and research psychologists, psychometricians,
neuroscientists and data scientists, has identified 10 financial
personalities from the company’s patent-pending Financial
Personality Quiz
that, once understood, are shown to positively
impact people’s financial behavior and overall financial well-being. The
quiz builds on decades of scientifically-validated personality testing
and adds a previously unreported layer of the impact of financial
behaviors with money.

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

Highlights of the data analyzed from more than 50,000 completed
assessments in the 12-month study find:

  • Of the 10 personalities, the largest financial personality group in
    the U.S. (14.7 percent) is “The Storyteller” — consumers who are
    transparent about financial challenges and have a tendency to spend
    impulsively when out with friends
  • The smallest financial personality group in the U.S. (5.6 percent) is
    “The Ambassador” — consumers who always help others in dire financial
    straits and have high credit card debt related to peer pressure to
    spend more

“Based on our research, we know the current financial system doesn’t
work for the personalities of 4 out of 5 Americans – that’s an
incredible amount of people who are not wired to achieve financial
wellness and are stuck on a treadmill of debt,” said Scott Saunders,
Payoff CEO. “Our holistic approach starts with understanding
personality, followed by a loan to eliminate high interest-rate credit
card debt, and resets behavior change for long-term success. Leveraging
personalized solutions to nurture better financial behavior for each
financial personality we’ve identified, less than one quarter of one
percent of our members default on their loan payment – an incredible
testament that our approach is truly changing lives and society for the
better.”

Founded on the core insight that financial wellness is a learned
behavior, Payoff’s application of science and validated research has
proven to be powerfully predictive of financial outcomes across a wide
array of demographics. By leveraging each person’s unique behavioral
core, Payoff seeks to re-invent their members’ relationship with money
by reducing stress, changing habits and increasing financial wellness.

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

*according to a 2015 study by NerdWallet

About Payoff (www.payoff.com)

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

Contacts

for Payoff Inc.
Ronald Quintero, 323-761-6600
Ronald.Quintero@edelman.com