Purpose

Consumers’ lifestyle and financial decision-making affects their overall well-being. This paper aims to explore the factors that motivate consumers to pursue the goal of financial independence and retiring early (FIRE).

Design/methodology/approach

Qualitative netnography was used to analyze FIRE-related discussions by FIRE-specific online communities. The findings were triangulated using inputs from in-depth interviews with 13 financial advisors.

Findings

Using conservation of resources as a theoretical lens, two factors were found to be the primary motivators driving FIRE attitude and subsequent adoption of FIRE behavior – “escapism & freedom from the current workplace & life space” and “concern for physical & mental well-being.” Four factors were found to influence the adoption of FIRE attitude and behavior: “individual characteristics” [do-it-yourself (DIY) and proactive attitude, the capability of frugal living and ability to plan, track, and review], “well-paying job,” “support from spouse” and “resistance from social groups.”

Research limitations/implications

Due to the nature of netnography, demographic details of the sample cannot be completely ascertained.

Practical implications

The findings suggest marketing strategies primarily to wealth managers for: shifting to need-based segmentation of FIRE participants, modifying offerings to involve co-creation and low-touch products, innovating pricing models, increasing distribution reach through digitization and increasing sales and lead generation through engagement.

Originality/value

This is one of the first studies to explore the factors driving the adoption of FIRE by general FIRE consumers and presents a conceptual model.

中文翻译：

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探索财务独立之火提前退休（FIRE）：网络志方法

目的

消费者的生活方式和财务决策影响他们的整体福祉。本文旨在探讨激励消费者追求财务独立和提前退休（FIRE）目标的因素。

设计/方法论/途径

定性网络志用于分析 FIRE 特定在线社区与 FIRE 相关的讨论。调查结果是根据对 13 名财务顾问的深入访谈得出的。

发现

以节约资源为理论视角，我们发现有两个因素是推动 FIRE 态度和随后采取 FIRE 行为的主要动力——“逃避现实和摆脱当前工作场所和生活空间”和“对身心健康的关注”。 ”。研究发现有四个因素影响 FIRE 态度和行为的采用：“个人特征”[自己动手 (DIY) 和积极主动的态度、节俭生活的能力以及计划、跟踪和审查的能力]、“良好-有报酬的工作”、“配偶的支持”和“社会群体的抵制”。

研究局限性/影响

由于网络志的性质，样本的人口统计详细信息无法完全确定。

实际影响

研究结果建议主要针对财富管理机构的营销策略包括：转向基于需求的 FIRE 参与者细分、修改产品以涉及共同创造和低接触产品、创新定价模型、通过数字化扩大分销范围以及通过数字化增加销售和潜在客户开发。订婚。

原创性/价值

这是首批探索推动一般 FIRE 消费者采用 FIRE 的因素的研究之一，并提出了一个概念模型。